• 1 Introduction
  • 2 Theory and propositions
  • 2.1 Theory on distress, ownership, and management turnover
  • 2.2 Propositions
  • 3 Data and measurement
  • 3.1 Sampling procedure
  • 3.2 Sample characteristics
  • 3.3 Measurement issues
  • 4 Empirical results
  • 4.1 Descriptive evidence
  • 4.2 Evidence from panel regressions
  • 5 Summary and conclusions
  • Appendices
  • 1. Summary of variable definitions and data sources
  • 2. Correlation matrices for independent variables
  • 3. Supplementary panel regressions
  • Bibliography