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The Value of Integrity: The Impact of Management Integrity on Corporate Financial Distress

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  • Mo Yang
  • Sishi Yue
  • Dayong Dong

Abstract

Using data on Chinese A-share listed firms from 2012 to 2022, we examine the impact of management integrity on corporate financial distress. Our findings reveal a significant negative association between management integrity and financial distress, highlighting the crucial role of management integrity in mitigating financial distress. This effect is particularly pronounced among non-state-owned firms, firms operating in regions with inadequate legal systems, and firms with good corporate governance. Moreover, we demonstrate that management integrity directly contributes to a decrease in capital costs, thereby reducing corporate financial distress.

Suggested Citation

  • Mo Yang & Sishi Yue & Dayong Dong, 2025. "The Value of Integrity: The Impact of Management Integrity on Corporate Financial Distress," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 61(3), pages 627-640, February.
    • Handle: RePEc:mes:emfitr:v:61:y:2025:i:3:p:627-640
    DOI: 10.1080/1540496X.2024.2392773
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