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Título
How do insolvency codes affect a firm’s investment?
Autor(es)
Materia
Insolvency codes
Investment
Insolvency costs
Clasificación UNESCO
5311.02 Gestión Financiera
5307.13 Teoría de la Inversión
5311 Organización y Dirección de Empresas
Fecha de publicación
2008
Editor
Elsevier
Citación
Pindado, Julio., Rodrigues, Luis., De la Torre, Chabela. (2015). How do insolvency codes affect a firm’s investment?. International Review of Law and Economics, 28(4) , pp. 227–238. doi.org/10.1016/j.irle.2008.08.001
Resumen
[EN] This paper provides an ex ante analysis of the effect of financial insolvency codes on investment by examining the main characteristics embodied in several codes that may cause investment distortions. The results from the estimation of an extended version of the q model of investment show a negative relationship between ex ante insolvency costs and investment. Furthermore, most of the analysed characteristics of insolvency codes negatively impact on investment; however, the magnitude of this effect is greater concerning those of reorganization without creditors’ consent and creditors’ lack of control, as compared to those of automatic stay and the violation of absolute priority.
URI
ISSN
0144-8188
DOI
10.1016/j.irle.2008.08.001
Versión del editor
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