商业集团中的“灰姑娘”效应：选择哪个子公司是公主

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-09-20 DOI:10.1016/j.irfa.2025.104649

Jan Hanousek Jr , Mark J. Flannery , Stephen P. Ferris , Jan Hanousek , Svatopluk Kapounek

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引用次数: 0

摘要

本研究调查了2000年至2018年分布在25个欧洲国家的商业集团内公司财务困境的性质。我们表明，企业集团成员资格和企业在集团中的重要性解释了财务困境的发生率和解决方案。我们发现，关键子公司违约和破产的可能性可以忽略不计。然而，不那么关键的公司更有可能违约和清算。这表明未来财务困境的解决方案可以在集团组建和子公司定位的过程中决定。我们还展示了国家法律制度的持续影响。

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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The “Cinderella” effect in business groups: Choosing which subsidiary is the princess

This study examines the nature of financial distress for firms within business groups distributed across twenty-five European countries from 2000 to 2018. We show that business group membership and a firm's importance within the group explain both the incidence and resolution of financial distress. We find that critical subsidiaries have a negligible chance of default and bankruptcy. Less critical firms, however, are more likely to default and liquidate. It suggests that the future resolution of financial distress could be decided during the group formation and the subsidiary's positioning. We also show the persistent effect of national legal regimes.

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来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.