Abstract
Porter noted that "the reason why firms succeed or fail is perhaps the central question in strategy". We would argue that corporate bankruptcy is a particularly important context for examining strategic management. Do board composition and board leadership structure impact firm bankruptcy? The two most accurate aspects of corporate governance which impact firm bankruptcy are the composition of the board of directors (independent vs. interdependent) and the board leadership structure (CEO vs. board chairperson position). There should be greater proportions of independent directors, and one person should not occupy the positions of CEO and board chairperson. We can enlist some conditions for an efficient board of directors.
