Vulnerability To The Financial Crisis: The Roles Of Firm- And Country-Level Governance Mechanisms In Europe

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Executive Summary

The authors examine the combined effects of firm- and country-level governance mechanisms on firm performance during the recent financial crisis for a large sample of 1157 firms from 21 European countries. They analyze whether better developed legal institutions at the country level and with better corporate governance at the firm level leads to better firm performance during crisis periods, thus testing the assumption that good corporate governance matters most during times of distress. Moreover, they also examine the question of whether firm-level corporate governance mechanisms and country-level institutions interact with each other.

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