SMEs filing for bankruptcy in Spain: The best of luck!

IF 3.8 4区 管理学 Q2 BUSINESS Brq-Business Research Quarterly Pub Date : 2023-02-17 DOI:10.1177/23409444231152962
F. J. Sánchez-Vidal, José Horacio García Marí, Antonia Madrid‐Guijarro
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引用次数: 2

Abstract

The aim of this work is to analyze the factors that help companies avoid liquidation following the spirit of the Spanish insolvency law. This work focuses on the phase starting when companies file for bankruptcy and ending with the completion of the common phase. We apply the agency theory to explain how insolvency administrators and court characteristics influence the outcome of the bankruptcy process (liquidation or reorganization). We analyze unique accounting data from 2,627 companies that filed for bankruptcy during the period 2008–2014. The findings reveal the significant roles played by the liquidation trustee, Big 4 administrators, and higher remunerations, along with the type of court in charge. Processes are more likely to result in reorganization if they are handled by specialized courts, managed by the Big 4, and if the insolvency administrator has longer experience in bankruptcy filing and receives a higher remuneration. These findings have important implications for all the agents involved. It is necessary to rationalize the filing process, foment better training for insolvency administrators, provide courts with more funds, and create more specialized courts. The principal contribution of this article is to examine the role played by insolvency administrators and the courts, and their influence on the outcome of the insolvency process. JEL CLASSIFICATION C35; D21; D22; G33; G38
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西班牙中小企业申请破产:祝你好运!
这项工作的目的是分析帮助公司避免清算遵循西班牙破产法的精神的因素。这项工作侧重于从公司申请破产开始到公共阶段完成结束的阶段。我们运用代理理论来解释破产管理人和法院特征如何影响破产程序的结果(清算或重组)。我们分析了2008-2014年期间申请破产的2,627家公司的独特会计数据。调查结果揭示了清算受托人、四大破产管理人、更高的薪酬以及负责的法院类型所起的重要作用。如果破产程序由“四大”管理的专门法庭处理,并且破产管理人在破产申请方面有较长的经验,并且获得较高的报酬,则更有可能导致重组。这些发现对所有相关药物都具有重要意义。有必要使破产申请程序合理化,加强对破产管理人的培训,为法院提供更多资金,并设立更专门的法院。本文的主要贡献是研究破产管理人和法院所发挥的作用,以及它们对破产程序结果的影响。凝胶分类c35;D21;D22摊位;G33;G38
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来源期刊
CiteScore
7.50
自引率
6.90%
发文量
14
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