Societal trust and corporate bankruptcy

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Stability Pub Date : 2024-07-03 DOI:10.1016/j.jfs.2024.101296

Anand Jha , Renee Oyotode-Adebile , Zubair Ali Raja

引用次数: 0

Abstract

We find that societal trust—the extent to which residents of a country trust others—is associated with a more efficient bankruptcy process. Bankruptcy resolutions are faster, efficient outcomes are more likely, and the value lost during the bankruptcy process is lower in countries with higher societal trust. This effect of societal trust on the efficiency of the bankruptcy process is more pronounced in countries with low-income per capita, and in corrupt countries. Our results are derived from the analysis of survey data concerning the outcomes of a hypothetical firm's bankruptcy in 99 countries from 2004 to 2020, a dataset also utilized by Djankov et al. (2008).

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社会信任与公司破产

我们发现，社会信任--一国居民对他人的信任程度--与更高效的破产程序相关。在社会信任度较高的国家，破产解决的速度更快，更有可能产生高效的结果，破产过程中损失的价值也更低。社会信任对破产程序效率的这种影响在人均收入低的国家和腐败国家更为明显。我们的结果来自对 2004 年至 2020 年 99 个国家假设公司破产结果的调查数据分析，Djankov 等人（2008 年）也使用了这一数据集。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Financial Stability Multiple-

CiteScore

7.70

自引率

9.30%

发文量

审稿时长

34 days

期刊介绍： The Journal of Financial Stability provides an international forum for rigorous theoretical and empirical macro and micro economic and financial analysis of the causes, management, resolution and preventions of financial crises, including banking, securities market, payments and currency crises. The primary focus is on applied research that would be useful in affecting public policy with respect to financial stability. Thus, the Journal seeks to promote interaction among researchers, policy-makers and practitioners to identify potential risks to financial stability and develop means for preventing, mitigating or managing these risks both within and across countries.