Corporate governance and incidences of listing suspension by the JSE Securities Exchange of South Africa: An empirical analysis

摘要: Abstract We examine the association between corporate governance structures and incidences of listing suspension from JSE Securities Exchange South Africa. Using a matched-pairs research design, we compare 81 firms suspended 1999 2005 to an equal number control matched in terms time, size industry. Employing conditional logistic model, find that likelihood is higher with smaller proportion non-executive directors, without audit committee, greater block-share ownership gearing (i.e. leverage). Further analysis splitting into institutional non-institutional investors provides mixed results. While positive investors, observe no investors. No detected for board size, role duality, directors' share ownership, auditor quality return on assets. Given paucity studies examining stock exchanges mechanisms, these findings contribute literature. Additionally, dearth developing countries suggests our have important implications policy makers as they endeavor improve governance.