بقای شرکت پس از ورشکستگی
ترجمه نشده

بقای شرکت پس از ورشکستگی

عنوان فارسی مقاله: تبدیل بدهی به سهام در سازماندهی مجدد ورشکستگی و بقای شرکت پس از ورشکستگی
عنوان انگلیسی مقاله: Debt-to-equity conversion in bankruptcy reorganization and post-bankruptcy firm survival
مجله/کنفرانس: بررسی بین المللی حقوق و اقتصاد – International Review of Law and Economics
رشته های تحصیلی مرتبط: اقتصاد، مدیریت
گرایش های تحصیلی مرتبط: اقتصاد مالی، مدیریت مالی
کلمات کلیدی فارسی: ورشکستگی شرکت، تبدیل بدهی به سهام، سازماندهی مجدد مالی، بقای شرکت
کلمات کلیدی انگلیسی: Corporate bankruptcy، Debt-to-equity conversion، Financial reorganization، Firm survival
نوع نگارش مقاله: مقاله پژوهشی (Research Article)
نمایه: Scopus – Master Journals List – JCR
شناسه دیجیتال (DOI): https://doi.org/10.1016/j.irle.2019.105878
دانشگاه: Faculty of Economics, University of Ljubljana, 1000 Ljubljana, Slovenia
ناشر: الزویر - Elsevier
نوع ارائه مقاله: ژورنال
نوع مقاله: ISI
سال انتشار مقاله: 2020
ایمپکت فاکتور: 0.612 در سال 2019
شاخص H_index: 38 در سال 2020
شاخص SJR: 0.514 در سال 2019
شناسه ISSN: 0144-8188
شاخص Quartile (چارک): Q1 در سال 2019
فرمت مقاله انگلیسی: PDF
تعداد صفحات مقاله انگلیسی: 13
وضعیت ترجمه: ترجمه نشده است
قیمت مقاله انگلیسی: رایگان
آیا این مقاله بیس است: بله
آیا این مقاله مدل مفهومی دارد: ندارد
آیا این مقاله پرسشنامه دارد: ندارد
آیا این مقاله متغیر دارد: دارد
کد محصول: E15017
رفرنس: دارای رفرنس در داخل متن و انتهای مقاله
فهرست انگلیسی مطالب

Abstract


JEL classification


۱٫ Introduction


۲٫ Corporate bankruptcy reorganization and debt-to-equity conversion in Slovenia


۳٫ Data


۴٫ Empirical methodology and results


۵٫ Conclusion


Declaration of Competing Interest


Acknowledgments


Appendix A.


References

نمونه متن انگلیسی مقاله

Abstract


Debt-to-equity conversion is a commonly used legal tool for financial restructuring of ailing businesses, yet systematic evidence on the consequences of debt-to-equity conversion for firm outcomes is scarce. Drawing on a novel dataset of bankruptcy reorganizations from Slovenia and exploiting variation in the incidence of debt-to-equity conversion across firms, we provide the first empirical analysis of the role of debt-to-equity conversion in bankruptcy reorganization as a determinant of post-bankruptcy firm survival. To address endogeneity concerns, we use a plethora of controls and fixed effects, quantify the sensitivity of our estimates to selection on unobservables, and rely on instrumental variable methods. We find that debt-to-equity conversion is robustly negatively associated with prospects of post-bankruptcy firm failure. Our findings provide a novel input into ongoing debates about the appropriate design of corporate bankruptcy institutions.


Introduction


Debt-to-equity conversion (DEC, in short) is a frequently utilized legal tool for alleviation of financial distress of firms nearing or experiencing insolvency (see, e.g., Chatterji and Hedges, 2001; Gilson et al., 1990; Gilson, 1990; James, 1995). From the creditors’ standpoint, DEC is often an attractive mode of debtor’s financial restructuring. Without DEC, creditors can often hope to recover only a small fraction of their claims. By reducing the company’s overall debt burden, DEC increases the prospects of claim recovery, even for creditors who choose not to take part in DEC. DEC further allows creditors to obtain control over the ailing business. DEC thereby provides creditors with the upside that the business will recover and that the value of their equity will grow. Institutionally, DEC can take place either during out-of-court financial restructuring or, when enabled by the legislative framework, within in-court bankruptcy reorganization proceedings. Empirical evidence on the effect of DEC on the performance of financially restructured business, however, is scant. Especially little is known about the consequences of bankruptcy-based DEC for post-bankruptcy firm outcomes. The corresponding lack of empirical evidence is unsettling because DEC has been routinely considered, or even advocated, as a mechanism of corporate bankruptcy resolution (Claessens et al., 2001; Hart, 2006; Laryea, 2010; Eric´ and Stosiˇ c, ´ ۲۰۱۵). In theory, DEC is expected to aid post-bankruptcy firm performance for two primary reasons. By lessening the debtor’s debt burden without an accompanying decrease in the firm’s assets, DEC instantaneously strengthens the firm’s balance sheet. An improved debt-to-equity ratio in turn enhances the firm’s borrowing position as well as the firm’s status vis-à-vis the customers, suppliers, and other business partners. In addition, by changing the firm’s ownership structure, DEC holds potential to improve decision-making at a critical juncture for the struggling business. Yet at the same time, DEC is not a guarantee that the business will succeed ex post. The firm’s new owners (creditors who opted for DEC) may come in conflict with the old owners or management, or continue to repeat errors that possibly contributed to the firm’s pre-bankruptcy turmoil.

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