规模重要吗？考察企业破产的概率

IF 1.8 4区经济学 Q2 BUSINESS, FINANCE

International Review of Finance Pub Date : 2024-07-02 DOI:10.1111/irfi.12462

Miftah Zikri, Syed Shams, Afzalur Rashid, Chandrasekhar Krishnamurti

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引用次数: 0

摘要

我们研究了公司规模与根据第 11 章申请破产的可能性之间的关联。通过使用从 1979 年到 2019 年的 715 个公司年观测数据，我们发现大型公司破产的可能性较低。我们将业绩、财务约束和信息环境作为潜在的渠道，来研究企业规模影响企业破产可能性的机制。进一步的分析表明，在 2007 年全球金融危机之前，大型企业破产的可能性较低。

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Does size matter? Examining the probability of firm emergence from bankruptcy

We examine the association between firm size and the likelihood of emergence from bankruptcy filed under Chapter 11. Using 715 firm‐year observations from 1979 to 2019, we find that large firms are less likely to emerge. We use performance, financial constraints, and information environment as potential channels to examine the mechanism by which firm size affects the likelihood of firm emergence from bankruptcy. Further analysis shows that the likelihood of bankruptcy emergence is lower for large firms before the global financial crisis of 2007.

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来源期刊

International Review of Finance BUSINESS, FINANCE-

CiteScore

3.30

自引率

5.90%

发文量

期刊介绍： The International Review of Finance (IRF) publishes high-quality research on all aspects of financial economics, including traditional areas such as asset pricing, corporate finance, market microstructure, financial intermediation and regulation, financial econometrics, financial engineering and risk management, as well as new areas such as markets and institutions of emerging market economies, especially those in the Asia-Pacific region. In addition, the Letters Section in IRF is a premium outlet of letter-length research in all fields of finance. The length of the articles in the Letters Section is limited to a maximum of eight journal pages.