破产法第11章破产结果与州长选举周期

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-05-06 DOI:10.1016/j.frl.2025.107523

Wolfgang Breuer , Simon Haas , Andreas Knetsch

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引用次数: 0

摘要

我们发现，如果在现任州长寻求连任的州长选举前不久决定，第11章破产案件更有可能导致出现。然而，在此期间摆脱破产的公司长期生存的机会较低。这表明，州长们会促进破产公司的生存，即使是那些没有可持续商业模式的公司，以提高他们连任的前景。州长通过影响法院决策者——尤其是法官——来支持破产公司。政府干预的一个关键动机是确保受破产影响的员工的投票。

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Chapter 11 bankruptcy outcomes and gubernatorial election cycles

We find that Chapter 11 bankruptcy cases are more likely to result in emergence if decided shortly before a gubernatorial election, where the incumbent seeks re-election. However, firms emerging from bankruptcy during this period have a lower chance of long-term survival. This suggests that governors promote the survival of bankrupt firms, even those without a sustainable business model, to enhance their re-election prospects. Governors support bankrupt firms by influencing court decision-makers – particularly judges. A key motive for such gubernatorial intervention is to secure the votes of employees affected by bankruptcy.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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