Financial distress, corporate restructuring and firm survival: an empirical analysis of German panel data
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| Format: | Abschlussarbeit Elektronisch E-Book |
| Sprache: | English |
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Wiesbaden
Dt. Univ.-Verl.
2007
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| Ausgabe: | 1. Aufl. |
| Schriftenreihe: | Beiträge zur betriebswirtschaftlichen Forschung
116 |
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| Beschreibung: | 1 Online-Ressource |
| ISBN: | 9783835094376 |
| DOI: | 10.1007/978-3-8350-9437-6 |
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Datensatz im Suchindex
| _version_ | 1804137267855360001 |
|---|---|
| adam_text | Table of Contents
List of Tables XV
List of Figures XVII
1 Introduction 1
1.1 Motivation 1
1.2 Course of examination 5
Bibliography for Chapter 1 8
2 Data selection and sample descriptives 11
2.1 Sampling procedure 11
2.2 Data sources and sample structure 14
2.3 Sample representativeness 17
2.4 Sources of financial distress 18
Bibliography for Chapter 2 23
3 Financial distress, corporate control, and management turnover 25
3.1 Introduction 25
3.2 Theory and propositions 27
3.2.1 Theory on distress, ownership, and management turnover 27
3.2.1.1 Financial distress and the separation of ownership and
control 28
IX
3.2.1.2 Ownership structure and internal monitoring 29
3.2.1.3 External monitoring and the market for corporate control 30
3.2.1.4 Financial distress and bank monitoring 31
3.2.2 Propositions 33
3.3 Data and measurement 34
3.3.1 Data structure 34
3.3.2 Sample characteristics 35
3.3.3 Measurement issues 38
3.3.3.1 Measurement of ownership 38
3.3.3.2 Measurement of management turnover 39
3.4 Empirical results 40
3.4.1 Descriptive evidence 40
3.4.1.1 The impact of financial distress on corporate control ... 40
3.4.1.2 The impact of financial distress on management turnover . 44
3.4.2 Evidence from panel regressions 47
3.4.2.1 Econometric specification 47
3.4.2.2 Estimation results 48
3.4.2.3 Sensitivity analysis 55
3.5 Summary and conclusions 58
Bibliography for Chapter 3 59
Appendices 63
4 An empirical study of distressed debt restructurings 71
4.1 Introduction 71
4.2 The economics of bankruptcy and debt
restructuring 74
4.2.1 Key elements of the German bankruptcy code 74
X
4.2.1.1 The 1994 bankruptcy reform 74
4.2.1.2 Rules and proceeding of the new bankruptcy code 75
4.2.1.3 The effects on finance and control 76
4.2.2 Determinants of successful debt restructurings 78
4.2.2.1 Bankruptcy costs and firm value 78
4.2.2.2 Information asymmetry 80
4.2.2.3 Creditor conflicts 81
4.2.3 Prior empirical evidence 83
4.3 Data and hypotheses 85
4.3.1 Sampling procedure 85
4.3.2 Sample characteristics 87
4.3.3 Hypotheses and variables 88
4.4 Descriptive statistics and estimation results 91
4.4.1 Descriptive statistics 91
4.4.1.1 Success and failure in distressed debt restructurings .... 91
4.4.1.2 Univariate analysis 95
4.4.2 Prediction of successful debt restructurings 98
4.4.2.1 Model specification 98
4.4.2.2 Multivariate analysis 99
4.4.2.3 Robustness checks 102
4.4.3 Evidence from stock returns 103
4.4.3.1 Event classification 103
4.4.3.2 Analysis of market reactions during distressed debt re¬
structurings 105
4.4.3.3 Analysis of cross sectional regression results 107
4.5 Summary and conclusions 110
Bibliography for Chapter 4 112
XI
Appendices H6
5 Claimholder conflicts in distressed equity offerings 127
5.1 Introduction 127
5.2 Theory and hypotheses 130
5.2.1 Financial theory and distressed equity 130
5.2.1.1 Wealth transfers 130
5.2.1.2 Ownership structure 132
5.2.1.3 Managerial discretion 133
5.2.2 Hypotheses and variables 134
5.3 Data and descriptives 136
5.3.1 Sample description 136
5.3.2 Summary statistics 137
5.4 Methodology and empirical results 142
5.4.1 The firm perspective 142
5.4.1.1 Model specification 142
5.4.1.2 Estimation results 144
5.4.2 The market perspective 148
5.4.2.1 Valuation effects of offering announcements 148
5.4.2.2 Cross sectional hypotheses 149
5.4.2.3 Cross sectional regression results 151
5.5 Summary and conclusion 154
Bibliography for Chapter 5 155
Appendices 158
6 A study of firm exit and survival in financial distress 163
6.1 Introduction 163
XII
6.2 Theory and propositions 166
6.2.1 Theoretical background 166
6.2.1.1 Firm size, firm age, and performance 166
6.2.1.2 Capital structure 167
6.2.1.3 Corporate ownership 169
6.2.1.4 Market valuations 170
6.2.1.5 Industry condition 171
6.2.1.6 Corporate restructuring 172
6.2.2 Propositions and variables 172
6.3 Data and methodology 175
6.3.1 Data structure and descriptive analysis 175
6.3.1.1 Data structure 175
6.3.1.2 Descriptive analysis 177
6.3.2 Methodology 181
6.4 Estimation results 183
6.4.1 Outcomes of financial distress 183
6.4.2 Duration of financial distress 186
6.5 Summary and conclusions 190
Bibliography for Chapter 6 191
Appendices 195
XIII
List of Tables
2.1 Robustness of distress criterion 14
2.2 Sample industry distribution 19
2.3 Sources of coverage shortfall in year 0 21
2.4 Synopsis of corporate restructuring activities 22
3.1 Time series of sample composition 35
3.2 Sample summary statistics 36
3.3 Corporate restructuring activities in distress time 38
3.4 Corporate ownership concentration in distress time 41
3.5 Corporate ownership composition in distress time 44
3.6 Management turnover during sampling period 45
3.7 Panel regressions I IV 51
3.8 Panel regressions V VIII 54
3.9 Summary of variable definitions and data sources 64
3.10 Correlation matrix of independent variables in panel regressions I IV ... 65
3.11 Correlation matrix of independent variables in panel regressions V VIII . . 66
3.12 Panel regressions of model IV with interaction terms and non linearities . . 67
3.13 Panel regressions of model I with alterations in the dependent variable . . 68
3.14 Panel regressions of model IV with alterations in the dependent, variable . 69
3.15 Panel regressions of model VIII with alterations in the dependent variable 70
4.1 Composition of distressed debt restructurings over sampling period .... 86
4.2 Sample summary statistics 87
4.3 Summary description of sub sample of unsuccessful debt restructurings . . 92
XV
4.4 Summary description of sub sample of successful debt restructurings .... 94
4.5 Univariate analysis of distressed debt restructurings 96
4.6 Multivariate analysis of distressed debt restructurings 100
4.7 Events that approximate the onset of debt restructurings 104
4.8 Stock price reactions during distressed debt restructurings 106
4.9 Cross sectional analysis of stock price reactions 108
4.10 Summary of hypotheses and testable predictions 117
4.11 Univariate analysis of distressed debt restructuring at year 0 118
4.12 Correlation matrix of independent variables 119
4.13 Two step (Durbin Wu Hausman) regressions (Part I) 122
4.14 Two step (Durbin Wu Hausman) regressions (Part II) 123
5.1 Time series of distressed equity issues 137
5.2 Summary statistics of distressed equity issues 139
5.3 Distressed equity issues by subscriber type 141
5.4 Multivariate analysis of distressed equity issues 146
5.5 Stock price reactions around distressed equity offering announcements . . ¦ 149
5.6 Cross sectional analysis of stock price reactions 152
5.7 Summary of variable definitions and data sources 159
5.8 Correlation matrix of independent variables in Heckman estimation .... 160
5.9 Correlation matrix of independent variables in cross sectional abnormal
return estimation 161
6.1 Data structure and frequency of exit 176
6.2 Economic effects of firm exit type 178
6.3 Selected sub sample descriptives 180
6.4 Results from multinomial logit regressions 185
6.5 Results from semi parametric Cox proportional hazards regressions .... 188
6.6 Summary of variable definitions 196
6.7 Correlation matrix of independent variables in MNLM and PHM estimation 197
XVI
List of Figures
2.1 Sample structure 17
3.1 Panel structure in event time 34
3.2 The development of corporate ownership in distress time 42
3.3 Management survival relative to onset of financial distress 46
6.1 Firm exit and survival in distress 166
6.2 Kaplan Meier survivor estimates for competing risks 177
XVII
|
| adam_txt |
Table of Contents
List of Tables XV
List of Figures XVII
1 Introduction 1
1.1 Motivation 1
1.2 Course of examination 5
Bibliography for Chapter 1 8
2 Data selection and sample descriptives 11
2.1 Sampling procedure 11
2.2 Data sources and sample structure 14
2.3 Sample representativeness 17
2.4 Sources of financial distress 18
Bibliography for Chapter 2 23
3 Financial distress, corporate control, and management turnover 25
3.1 Introduction 25
3.2 Theory and propositions 27
3.2.1 Theory on distress, ownership, and management turnover 27
3.2.1.1 Financial distress and the separation of ownership and
control 28
IX
3.2.1.2 Ownership structure and internal monitoring 29
3.2.1.3 External monitoring and the market for corporate control 30
3.2.1.4 Financial distress and bank monitoring 31
3.2.2 Propositions 33
3.3 Data and measurement 34
3.3.1 Data structure 34
3.3.2 Sample characteristics 35
3.3.3 Measurement issues 38
3.3.3.1 Measurement of ownership 38
3.3.3.2 Measurement of management turnover 39
3.4 Empirical results 40
3.4.1 Descriptive evidence 40
3.4.1.1 The impact of financial distress on corporate control . 40
3.4.1.2 The impact of financial distress on management turnover . 44
3.4.2 Evidence from panel regressions 47
3.4.2.1 Econometric specification 47
3.4.2.2 Estimation results 48
3.4.2.3 Sensitivity analysis 55
3.5 Summary and conclusions 58
Bibliography for Chapter 3 59
Appendices 63
4 An empirical study of distressed debt restructurings 71
4.1 Introduction 71
4.2 The economics of bankruptcy and debt
restructuring 74
4.2.1 Key elements of the German bankruptcy code 74
X
4.2.1.1 The 1994 bankruptcy reform 74
4.2.1.2 Rules and proceeding of the new bankruptcy code 75
4.2.1.3 The effects on finance and control 76
4.2.2 Determinants of successful debt restructurings 78
4.2.2.1 Bankruptcy costs and firm value 78
4.2.2.2 Information asymmetry 80
4.2.2.3 Creditor conflicts 81
4.2.3 Prior empirical evidence 83
4.3 Data and hypotheses 85
4.3.1 Sampling procedure 85
4.3.2 Sample characteristics 87
4.3.3 Hypotheses and variables 88
4.4 Descriptive statistics and estimation results 91
4.4.1 Descriptive statistics 91
4.4.1.1 Success and failure in distressed debt restructurings . 91
4.4.1.2 Univariate analysis 95
4.4.2 Prediction of successful debt restructurings 98
4.4.2.1 Model specification 98
4.4.2.2 Multivariate analysis 99
4.4.2.3 Robustness checks 102
4.4.3 Evidence from stock returns 103
4.4.3.1 Event classification 103
4.4.3.2 Analysis of market reactions during distressed debt re¬
structurings 105
4.4.3.3 Analysis of cross sectional regression results 107
4.5 Summary and conclusions 110
Bibliography for Chapter 4 112
XI
Appendices H6
5 Claimholder conflicts in distressed equity offerings 127
5.1 Introduction 127
5.2 Theory and hypotheses 130
5.2.1 Financial theory and distressed equity 130
5.2.1.1 Wealth transfers 130
5.2.1.2 Ownership structure 132
5.2.1.3 Managerial discretion 133
5.2.2 Hypotheses and variables 134
5.3 Data and descriptives 136
5.3.1 Sample description 136
5.3.2 Summary statistics 137
5.4 Methodology and empirical results 142
5.4.1 The firm perspective 142
5.4.1.1 Model specification 142
5.4.1.2 Estimation results 144
5.4.2 The market perspective 148
5.4.2.1 Valuation effects of offering announcements 148
5.4.2.2 Cross sectional hypotheses 149
5.4.2.3 Cross sectional regression results 151
5.5 Summary and conclusion 154
Bibliography for Chapter 5 155
Appendices 158
6 A study of firm exit and survival in financial distress 163
6.1 Introduction 163
XII
6.2 Theory and propositions 166
6.2.1 Theoretical background 166
6.2.1.1 Firm size, firm age, and performance 166
6.2.1.2 Capital structure 167
6.2.1.3 Corporate ownership 169
6.2.1.4 Market valuations 170
6.2.1.5 Industry condition 171
6.2.1.6 Corporate restructuring 172
6.2.2 Propositions and variables 172
6.3 Data and methodology 175
6.3.1 Data structure and descriptive analysis 175
6.3.1.1 Data structure 175
6.3.1.2 Descriptive analysis 177
6.3.2 Methodology 181
6.4 Estimation results 183
6.4.1 Outcomes of financial distress 183
6.4.2 Duration of financial distress 186
6.5 Summary and conclusions 190
Bibliography for Chapter 6 191
Appendices 195
XIII
List of Tables
2.1 Robustness of distress criterion 14
2.2 Sample industry distribution 19
2.3 Sources of coverage shortfall in year 0 21
2.4 Synopsis of corporate restructuring activities 22
3.1 Time series of sample composition 35
3.2 Sample summary statistics 36
3.3 Corporate restructuring activities in distress time 38
3.4 Corporate ownership concentration in distress time 41
3.5 Corporate ownership composition in distress time 44
3.6 Management turnover during sampling period 45
3.7 Panel regressions I IV 51
3.8 Panel regressions V VIII 54
3.9 Summary of variable definitions and data sources 64
3.10 Correlation matrix of independent variables in panel regressions I IV . 65
3.11 Correlation matrix of independent variables in panel regressions V VIII . . 66
3.12 Panel regressions of model IV with interaction terms and non linearities . . 67
3.13 Panel regressions of model I with alterations in the dependent variable . . 68
3.14 Panel regressions of model IV with alterations in the dependent, variable . 69
3.15 Panel regressions of model VIII with alterations in the dependent variable 70
4.1 Composition of distressed debt restructurings over sampling period . 86
4.2 Sample summary statistics 87
4.3 Summary description of sub sample of unsuccessful debt restructurings . . 92
XV
4.4 Summary description of sub sample of successful debt restructurings . 94
4.5 Univariate analysis of distressed debt restructurings 96
4.6 Multivariate analysis of distressed debt restructurings 100
4.7 Events that approximate the onset of debt restructurings 104
4.8 Stock price reactions during distressed debt restructurings 106
4.9 Cross sectional analysis of stock price reactions 108
4.10 Summary of hypotheses and testable predictions 117
4.11 Univariate analysis of distressed debt restructuring at year 0 118
4.12 Correlation matrix of independent variables 119
4.13 Two step (Durbin Wu Hausman) regressions (Part I) 122
4.14 Two step (Durbin Wu Hausman) regressions (Part II) 123
5.1 Time series of distressed equity issues 137
5.2 Summary statistics of distressed equity issues 139
5.3 Distressed equity issues by subscriber type 141
5.4 Multivariate analysis of distressed equity issues 146
5.5 Stock price reactions around distressed equity offering announcements . . ¦ 149
5.6 Cross sectional analysis of stock price reactions 152
5.7 Summary of variable definitions and data sources 159
5.8 Correlation matrix of independent variables in Heckman estimation . 160
5.9 Correlation matrix of independent variables in cross sectional abnormal
return estimation 161
6.1 Data structure and frequency of exit 176
6.2 Economic effects of firm exit type 178
6.3 Selected sub sample descriptives 180
6.4 Results from multinomial logit regressions 185
6.5 Results from semi parametric Cox proportional hazards regressions . 188
6.6 Summary of variable definitions 196
6.7 Correlation matrix of independent variables in MNLM and PHM estimation 197
XVI
List of Figures
2.1 Sample structure 17
3.1 Panel structure in event time 34
3.2 The development of corporate ownership in distress time 42
3.3 Management survival relative to onset of financial distress 46
6.1 Firm exit and survival in distress 166
6.2 Kaplan Meier survivor estimates for competing risks 177
XVII |
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| genre | (DE-588)4113937-9 Hochschulschrift gnd-content |
| genre_facet | Hochschulschrift |
| geographic | Deutschland (DE-588)4011882-4 gnd |
| geographic_facet | Deutschland |
| id | DE-604.BV023039774 |
| illustrated | Not Illustrated |
| index_date | 2024-07-02T19:20:12Z |
| indexdate | 2024-07-09T21:09:35Z |
| institution | BVB |
| isbn | 9783835094376 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016243343 |
| oclc_num | 611920905 |
| open_access_boolean | |
| owner | DE-473 DE-BY-UBG DE-945 DE-739 DE-706 DE-898 DE-BY-UBR DE-M347 DE-1049 DE-355 DE-BY-UBR DE-634 DE-703 |
| owner_facet | DE-473 DE-BY-UBG DE-945 DE-739 DE-706 DE-898 DE-BY-UBR DE-M347 DE-1049 DE-355 DE-BY-UBR DE-634 DE-703 |
| physical | 1 Online-Ressource |
| psigel | ZDB-2-SBE |
| publishDate | 2007 |
| publishDateSearch | 2007 |
| publishDateSort | 2007 |
| publisher | Dt. Univ.-Verl. |
| record_format | marc |
| series | Beiträge zur betriebswirtschaftlichen Forschung |
| series2 | Beiträge zur betriebswirtschaftlichen Forschung |
| spelling | Jostarndt, Philipp Verfasser aut Financial distress, corporate restructuring and firm survival an empirical analysis of German panel data Philipp Jostarndt 1. Aufl. Wiesbaden Dt. Univ.-Verl. 2007 1 Online-Ressource txt rdacontent c rdamedia cr rdacarrier Beiträge zur betriebswirtschaftlichen Forschung 116 Dissertation Universität München 2006 Krise (DE-588)4033203-2 gnd rswk-swf Unternehmen (DE-588)4061963-1 gnd rswk-swf Finanzlage (DE-588)4238188-5 gnd rswk-swf Restrukturierung (DE-588)4335640-0 gnd rswk-swf Deutschland (DE-588)4011882-4 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Deutschland (DE-588)4011882-4 g Unternehmen (DE-588)4061963-1 s Finanzlage (DE-588)4238188-5 s Krise (DE-588)4033203-2 s Restrukturierung (DE-588)4335640-0 s b DE-604 Erscheint auch als Druck-Ausgabe, Paperback 3-8350-0590-1 Erscheint auch als Druck-Ausgabe, Paperback 978-3-8350-0590-7 Beiträge zur betriebswirtschaftlichen Forschung 116 (DE-604)BV000003857 116 https://doi.org/10.1007/978-3-8350-9437-6 Verlag Volltext HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016243343&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Jostarndt, Philipp Financial distress, corporate restructuring and firm survival an empirical analysis of German panel data Beiträge zur betriebswirtschaftlichen Forschung Krise (DE-588)4033203-2 gnd Unternehmen (DE-588)4061963-1 gnd Finanzlage (DE-588)4238188-5 gnd Restrukturierung (DE-588)4335640-0 gnd |
| subject_GND | (DE-588)4033203-2 (DE-588)4061963-1 (DE-588)4238188-5 (DE-588)4335640-0 (DE-588)4011882-4 (DE-588)4113937-9 |
| title | Financial distress, corporate restructuring and firm survival an empirical analysis of German panel data |
| title_auth | Financial distress, corporate restructuring and firm survival an empirical analysis of German panel data |
| title_exact_search | Financial distress, corporate restructuring and firm survival an empirical analysis of German panel data |
| title_exact_search_txtP | Financial distress, corporate restructuring and firm survival an empirical analysis of German panel data |
| title_full | Financial distress, corporate restructuring and firm survival an empirical analysis of German panel data Philipp Jostarndt |
| title_fullStr | Financial distress, corporate restructuring and firm survival an empirical analysis of German panel data Philipp Jostarndt |
| title_full_unstemmed | Financial distress, corporate restructuring and firm survival an empirical analysis of German panel data Philipp Jostarndt |
| title_short | Financial distress, corporate restructuring and firm survival |
| title_sort | financial distress corporate restructuring and firm survival an empirical analysis of german panel data |
| title_sub | an empirical analysis of German panel data |
| topic | Krise (DE-588)4033203-2 gnd Unternehmen (DE-588)4061963-1 gnd Finanzlage (DE-588)4238188-5 gnd Restrukturierung (DE-588)4335640-0 gnd |
| topic_facet | Krise Unternehmen Finanzlage Restrukturierung Deutschland Hochschulschrift |
| url | https://doi.org/10.1007/978-3-8350-9437-6 http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016243343&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| volume_link | (DE-604)BV000003857 |
| work_keys_str_mv | AT jostarndtphilipp financialdistresscorporaterestructuringandfirmsurvivalanempiricalanalysisofgermanpaneldata |