企业家的违法行为和隐藏信息：来自小企业破产的证据

IF 0.9 3区社会学 Q3 ECONOMICS

International Review of Law and Economics Pub Date : 2022-03-01 DOI:10.1016/j.irle.2021.106044

Stefan Sundgren, Irina Alexeyeva

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引用次数: 2

摘要

我们以260家瑞典小公司为样本，研究了企业家对风险的态度(以其个人违法行为衡量)与破产前的信息不对称和代理问题之间的关系。我们发现，在企业家有违法行为的公司，审计师更有可能辞职。此外，我们发现违法行为与企业披露年度报告的可能性和记账质量呈负相关，这表明当企业家违法时，信息不对称问题更加严重。我们还发现，如果企业家有与严重交通违章有关的违法行为，如酒后驾驶或无证驾驶，破产时债权人的追回率会较低。

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Entrepreneurs’ legal infractions and hidden information: Evidence from small business bankruptcies

We study how entrepreneurs’ attitudes toward risk, as measured by their personal legal infractions, are related to information asymmetry and agency problems prior to bankruptcy, using a sample of 260 small Swedish firms. We find that auditor resignations are more likely in firms where entrepreneurs have legal infractions. Furthermore, we find that legal infractions are negatively related to the likelihood of a firm disclosing its annual report and the quality of the bookkeeping, suggesting that information asymmetry problems are more severe when the entrepreneurs have legal infractions. We also find that creditors’ recovery rates in bankruptcy are lower if the entrepreneurs have legal infractions related to serious traffic offences, such as driving under the influence of alcohol or without a license.

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来源期刊

International Review of Law and Economics Multiple-

CiteScore

2.60

自引率

18.20%

发文量

审稿时长

48 days

期刊介绍： The International Review of Law and Economics provides a forum for interdisciplinary research at the interface of law and economics. IRLE is international in scope and audience and particularly welcomes both theoretical and empirical papers on comparative law and economics, globalization and legal harmonization, and the endogenous emergence of legal institutions, in addition to more traditional legal topics.