학술논문
The Influence of Managerial Incentives and a Firm's Multinationality on Corporate Reorganization
이용수 6
- 영문명
- 발행기관
- People & Global Business Association
- 저자명
- Dong Kyoon Kim Inam Song Manfen W Chen
- 간행물 정보
- 『Global Business and Finance Review』Vol.14 No.1, 65~76쪽, 전체 12쪽
- 주제분류
- 경제경영 > 경영학
- 파일형태
- 발행일자
- 2009.06.30
4,240원
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이 학술논문 정보는 (주)교보문고와 각 발행기관 사이에 저작물 이용 계약이 체결된 것으로, 교보문고를 통해 제공되고 있습니다.
국문 초록
영문 초록
This study investigates the influence of two factors - managerial incentives and multinationality - on financially distressed firms' choice between the two options in debt resolution: file for Chapter 11 or seek private workout solutions. Prior literature examines the influence of creditors' holdout problems in distressed firms' choice of debt resolution. However, the previous studies have not examined other important factors related to a firm's choice of a debt restructuring method, namely, managerial incentives and multinationality. By using samples of 124 voluntary Chapter 11 firms and 98 private workout firms in the period of 1993 through 2003, this study shows that managers do affect the incidence of Chapter 11 filing when there is a conflict between equityholders and creditors and that distressed firms are more likely to restructure their debt privately with creditors when there is an increased level of multinationality. Consistent with prior literature, this study confirms that the choice of resolution methods depends on the extent of creditors' holdout problems and the level of a firm's economic distress.
목차
Abstract
Ⅰ. Introduction
Ⅱ. The Influence of Managerial Incentives and Multinationality on the Resolution of Financial Distress: Chapter 11 Filing vs. Private Renegotiation
Ⅲ. Multinationality and Choice between Chapter 11 and a Private Workout
Ⅳ. Empirical Analysis
Ⅴ. Conclusion
References
Biographies
키워드
해당간행물 수록 논문
- The Influence of Managerial Incentives and a Firm's Multinationality on Corporate Reorganization
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