However, appointing an insider CEO and increasing the number of board committee members can boost the chances of survival, researchers claim.

The findings come from an analysis, co-authored by Dr Sanjukta Brahma of Glasgow Caledonian University, of FTSE 350 companies during the 2007-2009 crash.

Data, published in the journal The International Review of Financial Analysis, shows 80% of surviving firms were headed by a chief executive promoted from within the organisation.

The UK Corporate Governance Code (UK CGC) is a code, not a law, and follows a comply or explain policy.

Dr Brahma, senior lecturer in Financial Services at Glasgow Caledonian, said: “Firms that survived during the crisis period were significantly less compliant with the UK CGC than those that failed.

“The findings indicate the existence of insider CEOs and a higher number of board committees in organisations increase the chances of survival during an economic downturn.

“The benefits associated with an insider CEO could result from the knowledge, expertise and ownership stake they have acquired over the years, which help these firms to operate in and manage a period of financial crisis.”