Survival tactics for distressed firms in emerging markets

IF 4.9 2区管理学 Q1 MANAGEMENT

Asia Pacific Journal of Management Pub Date : 2023-02-24 DOI:10.1007/s10490-023-09873-w

Kun Jiang, Susheng Wang

引用次数: 0

Abstract

Understanding how firms cope with economic crises is of great importance, particularly in this period of rising interest rates coupled with a severe pandemic crisis. This study conducts an empirical analysis of firms in distress based on a large firm-level panel dataset containing detailed micro-level information on Chinese manufacturing firms. We study economic distress rather than financial distress. Moreover, we identify survival tactics adopted by distressed firms and the factors driving their choice of tactics. We show that three particular survival tactics help distressed firms recover, namely, reliance on fixed assets, reliance on intangible assets, and cost reduction. Furthermore, we show the critical role of institutional development in emerging economies, where institutions include product markets, financial markets, and legal institutions.

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新兴市场中陷入困境企业的生存策略

了解企业如何应对经济危机具有重要意义，尤其是在当前利率不断上升并伴随着严重的大流行病危机的时期。本研究基于包含中国制造业企业详细微观信息的大型企业级面板数据集，对陷入困境的企业进行了实证分析。我们研究的是经济困境而非财务困境。此外，我们还确定了陷入困境的企业所采取的生存策略，以及驱动其选择策略的因素。我们发现，三种特殊的生存策略有助于困境企业复苏，即依赖固定资产、依赖无形资产和降低成本。此外，我们还展示了制度发展在新兴经济体中的关键作用，这些制度包括产品市场、金融市场和法律制度。

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

Asia Pacific Journal of Management MANAGEMENT-

CiteScore

9.70

自引率

9.30%

发文量

期刊介绍： The Asia Pacific Journal of Management publishes original manuscripts on management and organizational research in the Asia Pacific region, encompassing Pacific Rim countries and mainland Asia. APJM focuses on the extent to which each manuscript addresses matters that pertain to the most fundamental question: “What determines organization success?” The major academic disciplines that we cover include entrepreneurship, human resource management, international business, organizational behavior, and strategic management. However, manuscripts that belong to other well-established disciplines such as accounting, economics, finance, marketing, and operations generally do not fall into the scope of APJM. We endeavor to be the major vehicle for exchange of ideas and research among management scholars within or interested in the broadly defined Asia Pacific region.Key features include: Rigor - maintained through strict review processes, high quality global reviewers, and Editorial Advisory and Review Boards comprising prominent researchers from many countries. Relevance - maintained by its focus on key management and organizational trends in the region. Uniqueness - being the first and most prominent management journal published in and about the fastest growing region in the world. Official affiliation - Asia Academy of ManagementFor more information, visit the AAOM website:www.baf.cuhk.edu.hk/asia-aom/ Officially cited as: Asia Pac J Manag