金融破产成本的决定因素:来自国际数据的新证据

Julio Pindado, Luis Fernandes Rodrigues, Chabela de la Torre
{"title":"金融破产成本的决定因素:来自国际数据的新证据","authors":"Julio Pindado, Luis Fernandes Rodrigues, Chabela de la Torre","doi":"10.2139/ssrn.528082","DOIUrl":null,"url":null,"abstract":"This study examines the determinants of financial insolvency costs, by making use of a more accurate indicator of the probability of insolvency and considering the effect of institutional differences on these costs. We find that insolvency costs are positively related to the probability of financial insolvency, and negatively related to leverage and the holding of liquid assets. Insolvency costs increase with underinvestment processes, which in turn emerge as a consequence of the high probability of financial insolvency. Employment reductions are also a widespread practice for reacting to the crisis, even though the effect of this policy on insolvency costs depends on institutional differences. Finally, the sensitivity of insolvency costs to the probability of financial insolvency, leverage and the holding of liquid assets depends on the institutional context as well.","PeriodicalId":149679,"journal":{"name":"Frontiers in Finance & Economics","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2004-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"2","resultStr":"{\"title\":\"Determinants of Financial Insolvency Costs: New Evidence from International Data\",\"authors\":\"Julio Pindado, Luis Fernandes Rodrigues, Chabela de la Torre\",\"doi\":\"10.2139/ssrn.528082\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"This study examines the determinants of financial insolvency costs, by making use of a more accurate indicator of the probability of insolvency and considering the effect of institutional differences on these costs. We find that insolvency costs are positively related to the probability of financial insolvency, and negatively related to leverage and the holding of liquid assets. Insolvency costs increase with underinvestment processes, which in turn emerge as a consequence of the high probability of financial insolvency. Employment reductions are also a widespread practice for reacting to the crisis, even though the effect of this policy on insolvency costs depends on institutional differences. Finally, the sensitivity of insolvency costs to the probability of financial insolvency, leverage and the holding of liquid assets depends on the institutional context as well.\",\"PeriodicalId\":149679,\"journal\":{\"name\":\"Frontiers in Finance & Economics\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2004-03-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"2\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Frontiers in Finance & Economics\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.528082\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Frontiers in Finance & Economics","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.528082","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 2

摘要

本研究通过使用更准确的破产概率指标和考虑制度差异对这些成本的影响,考察了财务破产成本的决定因素。我们发现破产成本与财务破产概率呈正相关,与杠杆率和流动资产持有负相关。破产成本随着投资不足的过程而增加,而投资不足的过程又由于高概率的财务破产而出现。裁员也是应对危机的一种普遍做法,尽管这一政策对破产成本的影响取决于制度差异。最后,破产成本对财务破产概率、杠杆率和持有流动资产的敏感性也取决于制度背景。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
查看原文
分享 分享
微信好友 朋友圈 QQ好友 复制链接
本刊更多论文
Determinants of Financial Insolvency Costs: New Evidence from International Data
This study examines the determinants of financial insolvency costs, by making use of a more accurate indicator of the probability of insolvency and considering the effect of institutional differences on these costs. We find that insolvency costs are positively related to the probability of financial insolvency, and negatively related to leverage and the holding of liquid assets. Insolvency costs increase with underinvestment processes, which in turn emerge as a consequence of the high probability of financial insolvency. Employment reductions are also a widespread practice for reacting to the crisis, even though the effect of this policy on insolvency costs depends on institutional differences. Finally, the sensitivity of insolvency costs to the probability of financial insolvency, leverage and the holding of liquid assets depends on the institutional context as well.
求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
自引率
0.00%
发文量
0
期刊最新文献
A Case for Europe: The Relationship between Sovereign CDs and Stock Indexes Characteristics of Japan’s Commodities Index and its Correlation with Stock Index CAPM and Capital Budgeting: Present versus Future, Equilibrium versus Disequilibrium, Decision versus Valuation Building Balanced Scorecard in a Complex Form of Enterprise with Various Effective Managerial Tools and Performance Strategies: The Case of Gas Corporation S.A., in Greece The Banking Firm: The Role of Signaling with Collaterals
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
已复制链接
已复制链接
快去分享给好友吧!
我知道了
×
扫码分享
扫码分享
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1