Success or failure? Managerial ability and firm emergence from Chapter 11 bankruptcy proceedings

Article

Zikri, Miftah, Shams, Syed, Rashid, Afzalur and Minnick, Kristina. 2025. "Success or failure? Managerial ability and firm emergence from Chapter 11 bankruptcy proceedings ." Journal of Financial Research. https://doi.org/10.1111/jfir.70023
Article Title

Success or failure? Managerial ability and firm emergence from Chapter 11 bankruptcy proceedings

ERA Journal ID19572
Article CategoryArticle
AuthorsZikri, Miftah, Shams, Syed, Rashid, Afzalur and Minnick, Kristina
Journal TitleJournal of Financial Research
Number of Pages41
Year2025
PublisherJohn Wiley & Sons
Place of PublicationUnited States
ISSN0270-2592
1475-6803
Digital Object Identifier (DOI)https://doi.org/10.1111/jfir.70023
Web Address (URL)https://onlinelibrary.wiley.com/doi/10.1111/jfir.70023
Abstract

This study investigates the impact of managerial ability on the likelihood of firms emerging from Chapter 11 bankruptcy. Drawing on a sample of 1,054 U.S. bankrupt firms, we uncover a counterintuitive dynamic: firms led by high-ability managers are significantly less likely to emerge successfully. This finding persists even after controlling for firm characteristics, governance mechanisms, macroeconomic conditions, regulatory events, and emergence characteristics. Further analyses indicate that the CEO's expertise is crucial in increasing the likelihood of firm emergence, rather than managerial ability alone. We also find that firms retaining incumbent managers with low but ostensibly “non-replaceable” ability consistently fail to restructure effectively. In contrast, introducing new managers with early replacement can mitigate the likelihood of the firm emerging from bankruptcy. Overall, our results highlight the complex and context-dependent influence of managerial ability during financial distress, revealing the success and failure of bankrupt firms in the bankruptcy Chapter 11 recovery process.

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ANZSRC Field of Research 2020350299. Banking, finance and investment not elsewhere classified
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Byline AffiliationsSouthern Cross Institute, Australia
School of Business
Bentley University, United States
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Binti Ju Ahmad, Nurulyasmin, Rashid, Afzalur and Gow, Jeff. 2017. "Board meeting frequency and corporate social responsibility (CSR) reporting: evidence from Malaysia." Corporate Board: role, duties and composition. 13 (1-1), pp. 87-99. https://doi.org/10.22495/cbv13i1c1art3
Socially responsible firms and mergers and acquisitions performance: Australian evidence
Krishnamurti, Chandrasekhar, Shams, Syed, Pensiero, Domenico and Velayutham, Eswaran. 2019. "Socially responsible firms and mergers and acquisitions performance: Australian evidence." Pacific-Basin Finance Journal. 57, pp. 1-16. https://doi.org/10.1016/j.pacfin.2019.101193
Merger and acquisition research in the Asia-Pacific region: A review of the evidence and future directions
Faff, Robert, Prasadh, Shyaam and Shams, Syed. 2019. "Merger and acquisition research in the Asia-Pacific region: A review of the evidence and future directions." Research in International Business and Finance. 50, pp. 267-278. https://doi.org/10.1016/j.ribaf.2019.06.002
Competition in the acquisition market and acquirers' long-run performance
Shams, Syed and Gunasekarage, Abeyratna. 2019. "Competition in the acquisition market and acquirers' long-run performance." International Finance. 22, pp. 399-421. https://doi.org/10.1111/infi.12339
Managerial acquisitiveness and corporate tax avoidance
Gul, Ferdinand A., Khedmati, Mehdi and Shams, Syed M. M.. 2020. "Managerial acquisitiveness and corporate tax avoidance." Pacific-Basin Finance Journal. 64. https://doi.org/10.1016/j.pacfin.2018.08.010
Renewable and non-renewable energy use and its relationship with economic growth in Myanmar
Ahmed, Shakoor, Alam, Khorshed, Sohag, Kazi, Gow, Jeff, Rashid, Afzalur and Akter, Mohsina. 2019. "Renewable and non-renewable energy use and its relationship with economic growth in Myanmar." Environmental Science and Pollution Research. 26 (22), pp. 22812-22825. https://doi.org/10.1007/s11356-019-05491-6
Militarisation, energy consumption, CO2 emissions and economic growth in Myanmar
Ahmed, Shakoor, Alam, Khorshed, Rashid, Afzalur and Gow, Jeff. 2020. "Militarisation, energy consumption, CO2 emissions and economic growth in Myanmar." Defence and Peace Economics. 31 (6), pp. 615-641. https://doi.org/10.1080/10242694.2018.1560566
Developing a generic review framework to assure capstone quality
Hammer, Sara, Abawi, Lindy, Gibbings, Peter, Jones, Hazel, Redmond, Petrea and Shams, Syed. 2018. "Developing a generic review framework to assure capstone quality." Higher Education Research and Development. 37 (4), pp. 730-743. https://doi.org/10.1080/07294360.2018.1453787
Corporate social responsibility and corruption risk: a global perspective
Krishnamurti, Chandrasekhar, Shams, Syed and Velayutham, Eswaran. 2018. "Corporate social responsibility and corruption risk: a global perspective." Journal of Contemporary Accounting and Economics. 14 (1), pp. 1-21. https://doi.org/10.1016/j.jcae.2018.02.002
Managerial ownership and agency cost: evidence from Bangladesh
Rashid, Afzalur. 2016. "Managerial ownership and agency cost: evidence from Bangladesh." Journal of Business Ethics. 137 (3), pp. 609-621. https://doi.org/10.1007/s10551-015-2570-z
The influence of ownership structures and board practices on corporate social disclosures in a developing country
Rashid, Afzalur and Lodh, Sudhir. 2008. "The influence of ownership structures and board practices on corporate social disclosures in a developing country." British Accounting Association Annual Conference (2008). London, United Kingdom 15 - 16 Sep 2008
CEO duality and corporate social responsibility reporting: evidence from Malaysia
Binti Ju Ahmad, Nurulyasmin, Rashid, Afzalur and Gow, Jeff. 2017. "CEO duality and corporate social responsibility reporting: evidence from Malaysia." Corporate Ownership and Control. 14 (2), pp. 69-81. https://doi.org/10.22495/cocv14i2art7
The influence of corporate governance reforms and firm performance: evidence from emerging economics
Hossain, Amzad and Rashid, Afzalur. 2009. "The influence of corporate governance reforms and firm performance: evidence from emerging economics." American Canadian Conference for Academic Disciplines 2009. Toronto, Canada 25 - 28 May 2009 Canada.
Information content of directors' trading around acquisitions
Shams, Syed M. M., Duong, Huu Nhan and Singh, Harminder. 2016. "Information content of directors' trading around acquisitions." Pacific-Basin Finance Journal. 38, pp. 177-193. https://doi.org/10.1016/j.pacfin.2016.04.004
News announcement effects of compliance with section 404 of SOX: evidence from non-accelerated filers
Khedmati, Mehdi, Navissi, Farshid, Shams, Syed and Vinkler, Daniel. 2015. "News announcement effects of compliance with section 404 of SOX: evidence from non-accelerated filers." Journal of Contemporary Accounting and Economics. 11 (3), pp. 231-244. https://doi.org/10.1016/j.jcae.2015.07.003
Target’s organisational form and returns to Australian bidders in cross-border acquisitions
Colombage, Sisira R. N., Gunasekarage, Abeyratna and Shams, Syed M. M.. 2014. "Target’s organisational form and returns to Australian bidders in cross-border acquisitions." Accounting and Finance. 54 (4), pp. 1063-1091. https://doi.org/10.1111/acfi.12031
Operating performance following corporate acquisitions: does the organisational form of the target matter?
Shams, Syed M. M. and Gunasekarage, Abeyratna. 2016. "Operating performance following corporate acquisitions: does the organisational form of the target matter?" Journal of Contemporary Accounting and Economics. 12, pp. 1-14. https://doi.org/10.1016/j.jcae.2016.02.001
Private public distinction of the target and the long run operating performance of acquirers
Shams, Syed M. M. and Gunasekarage, Abeyratna. 2016. "Private public distinction of the target and the long run operating performance of acquirers." Pacific Accounting Review. 28 (1), pp. 38-58. https://doi.org/10.1108/PAR-02-2014-0004
Does the organisational form of the target influence market reaction to acquisition announcements? Australian evidence
Shams, Syed M.M., Gunasekarage, Abeyratna and Colombage, Sisira R. N.. 2013. "Does the organisational form of the target influence market reaction to acquisition announcements? Australian evidence." Pacific-Basin Finance Journal. 24, pp. 89-108. https://doi.org/10.1016/j.pacfin.2013.04.002
Revisiting agency theory: evidence of board independence and agency cost from Bangladesh
Rashid, Afzalur. 2015. "Revisiting agency theory: evidence of board independence and agency cost from Bangladesh." Journal of Business Ethics. 130 (1), pp. 181-198. https://doi.org/10.1007/s10551-014-2211-y
The influence of stakeholder power on corporate social responsibility: evidence from a relationship-based economy
Rashid, Afzalur. 2015. "The influence of stakeholder power on corporate social responsibility: evidence from a relationship-based economy." Social Responsibility Journal. 11 (2), pp. 270-289. https://doi.org/10.1108/SRJ-09-2013-0109
Corporate intellectual capital reporting in Bangladesh
Rashid, Afzalur. 2013. "Corporate intellectual capital reporting in Bangladesh." International Journal of Learning and Intellectual Capital. 10 (2), pp. 107-121. https://doi.org/10.1504/IJLIC.2013.052909
Corporate governance, executive pay and firm performance: evidence from Bangladesh
Rashid, Afzalur. 2013. "Corporate governance, executive pay and firm performance: evidence from Bangladesh." International Journal of Management. 30 (2), pp. 556-575.
CEO duality and agency cost: evidence from Bangladesh
Rashid, Afzalur. 2013. "CEO duality and agency cost: evidence from Bangladesh." Journal of Management and Governance. 17 (4), pp. 989-1008. https://doi.org/10.1007/s10997-012-9213-x
Corporate governance, ownership structure and firm performance: evidence from an emerging economy
Rashid, Afzalur. 2012. "Corporate governance, ownership structure and firm performance: evidence from an emerging economy." Corporate Ownership and Control. 9 (4), pp. 441-455.
Reply to 'Response: board composition and firm performance: evidence from Bangladesh - a sceptical view'
Rashid, Afzalur, De Zoysa, Anura, Lodh, Sudhir and Rudkin, Kathy. 2012. "Reply to 'Response: board composition and firm performance: evidence from Bangladesh - a sceptical view'." Australasian Accounting Business and Finance Journal. 6 (3), pp. 121-131.
Corporate governance in Bangladesh: a quest for the accountability or legitimacy crisis?
Rashid, Afzalur. 2011. "Corporate governance in Bangladesh: a quest for the accountability or legitimacy crisis?" Devi, S. Susela and Hooper, Keith (ed.) Accounting in Asia. United Kingdom. Emerald. pp. 1-34
Largest blockholding and firm performance: evidence from an emerging economy
Rashid, Afzalur. 2011. "Largest blockholding and firm performance: evidence from an emerging economy." International Research Journal of Finance and Economics.
Board composition, board leadership structure and firm performance: evidence from Bangladesh
Rashid, Afzalur. 2009. "Board composition, board leadership structure and firm performance: evidence from Bangladesh." Segel, Naomi (ed.) 2009 Accounting and Finance Association of Australia and New Zealand Conference (2009 AFAANZ). Adelaide, Australia 05 - 07 Jul 2010 Melbourne, Australia. Accounting & Finance Association of Australia and New Zealand.
Corporate capital structure and firm performance: evidence from Bangladesh
Rashid, Afzalur and Hoque, Ariful. 2011. "Corporate capital structure and firm performance: evidence from Bangladesh." Academy of Taiwan Business Management Review. 7 (2), pp. 59-72.
Corporate capital structure and firm performance: evidence from a developing country
Rashid, Afzalur. 2008. "Corporate capital structure and firm performance: evidence from a developing country." American Accounting Association Annual Meeting 2008. Anaheim, United States 03 - 06 Aug 2008
Corporate governance in Bangladesh: an overview
Rashid, Afzalur, De Zoysa, Anura and Rudkin, Kathy. 2007. "Corporate governance in Bangladesh: an overview." 19th Asian-Pacific Conference on International Accounting Issues. Kuala Lumpur, Malaysia 11 - 13 Nov 2007 Fresno, CA, United States.
Board leadership structure and firm performance: an examination of resource dependence role
Rashid, Afzalur. 2011. "Board leadership structure and firm performance: an examination of resource dependence role." Corporate Board: role, duties and composition. 7 (1), pp. 7-23.
CEO duality and firm performance: evidence from a developing country
Rashid, Afzalur. 2010. "CEO duality and firm performance: evidence from a developing country." Corporate Ownership and Control. 8 (1), pp. 163-175.
The influence of ownership structures and board practices on corporate social disclosures in Bangladesh
Rashid, Afzalur and Lodh, Sudhir. 2009. "The influence of ownership structures and board practices on corporate social disclosures in Bangladesh." Tsamenyi, Matthew and Uddin, Shahzad (ed.) Research in accounting in emerging economies. Bingley, United Kingdom. Emerald. pp. 211-237
Dividend policy and stock price volatility: evidence from Bangladesh
Rashid, Afzalur and Rahman, A. Z. M. Anisur. 2008. "Dividend policy and stock price volatility: evidence from Bangladesh." Journal of Applied Business and Economics. 8 (4), pp. 71-81.
Corporate intellectual capital disclosure in a non-mandatory disclosure regime
Rashid, Afzalur. 2010. "Corporate intellectual capital disclosure in a non-mandatory disclosure regime." Guthrie, James (ed.) 6th Asia Pacific Interdisciplinary Research in Accounting Conference (APIRA 2010). Sydney, Australia 12 - 13 Jul 2010 Sydney, Australia.
Board composition and firm performance: evidence from Bangladesh
Rashid, Afzalur, De Zoysa, Anura, Lodh, Sudhir and Rudkin, Kathy. 2010. "Board composition and firm performance: evidence from Bangladesh." Australasian Accounting Business and Finance Journal. 4 (1), pp. 76-95.