메뉴 건너뛰기




Volumn 23, Issue , 2013, Pages 71-87

Institutions, ownership structures, and distress resolution in China

Author keywords

Emerging market; Financial distress; Firm performance; Institution

Indexed keywords


EID: 84882934446     PISSN: 09291199     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jcorpfin.2013.07.005     Document Type: Article
Times cited : (95)

References (69)
  • 1
    • 78649502860 scopus 로고    scopus 로고
    • Cross-country variations in capital-structures: the role of bankruptcy codes
    • Acharya V., Sundaram R., John K. Cross-country variations in capital-structures: the role of bankruptcy codes. J. Financ. Intermed. 2011, 20:25-54.
    • (2011) J. Financ. Intermed. , vol.20 , pp. 25-54
    • Acharya, V.1    Sundaram, R.2    John, K.3
  • 2
    • 20444481384 scopus 로고    scopus 로고
    • Law, finance, and economic growth in China
    • Allen F., Qian J., Qian M. Law, finance, and economic growth in China. J. Financ. Econ. 2005, 77:57-116.
    • (2005) J. Financ. Econ. , vol.77 , pp. 57-116
    • Allen, F.1    Qian, J.2    Qian, M.3
  • 6
    • 84960551914 scopus 로고
    • Anatomy of financial distress: an examination of junk-bond issuers
    • Asquith P., Gertner R., Scharfstein D. Anatomy of financial distress: an examination of junk-bond issuers. Q. J. Econ. 1994, 109:625-658.
    • (1994) Q. J. Econ. , vol.109 , pp. 625-658
    • Asquith, P.1    Gertner, R.2    Scharfstein, D.3
  • 11
    • 26944464594 scopus 로고    scopus 로고
    • Who should pay for the bankruptcy costs
    • Bris A., Schwartz A., Welch I. Who should pay for the bankruptcy costs. J. Leg. Stud. 2005, 34:295-341.
    • (2005) J. Leg. Stud. , vol.34 , pp. 295-341
    • Bris, A.1    Schwartz, A.2    Welch, I.3
  • 12
    • 33745700751 scopus 로고    scopus 로고
    • The cost of bankruptcy: chapter 7 liquidation versus chapter 11 renegotiation
    • Bris A., Welch I., Zhu N. The cost of bankruptcy: chapter 7 liquidation versus chapter 11 renegotiation. J. Financ. 2006, 56:1253-1303.
    • (2006) J. Financ. , vol.56 , pp. 1253-1303
    • Bris, A.1    Welch, I.2    Zhu, N.3
  • 13
    • 80051569245 scopus 로고    scopus 로고
    • Eat, drink, firms and government: an investigation of corruption from entertainment expenditures of Chinese firms
    • Cai H., Fang H., Xu C. Eat, drink, firms and government: an investigation of corruption from entertainment expenditures of Chinese firms. J. Law Econ. 2011, 54:55-78.
    • (2011) J. Law Econ. , vol.54 , pp. 55-78
    • Cai, H.1    Fang, H.2    Xu, C.3
  • 14
    • 33244454517 scopus 로고    scopus 로고
    • Connected lending: Thailand before the financial crisis
    • Charumilind C., Kali R., Wiwattanakantang Y. Connected lending: Thailand before the financial crisis. J. Bus. 2006, 79:181-217.
    • (2006) J. Bus. , vol.79 , pp. 181-217
    • Charumilind, C.1    Kali, R.2    Wiwattanakantang, Y.3
  • 15
    • 84883026655 scopus 로고
    • The Law Year Book of China Press, Beijing, (in Chinese)
    • China Law Society Law Year Book of China 1993-2001, The Law Year Book of China Press, Beijing, (in Chinese).
    • (1993) Law Year Book of China China Law Society
  • 17
    • 0027743768 scopus 로고
    • Capital formation and economic growth in China
    • Chow G. Capital formation and economic growth in China. Q. J. Econ. 1993, 108:809-842.
    • (1993) Q. J. Econ. , vol.108 , pp. 809-842
    • Chow, G.1
  • 18
    • 3242708879 scopus 로고    scopus 로고
    • FDI, trade and spillover efficiency: evidence from China's manufacturing sector
    • Chuang Y., Hsu P. FDI, trade and spillover efficiency: evidence from China's manufacturing sector. Appl. Econ. 2004, 36:1103-1115.
    • (2004) Appl. Econ. , vol.36 , pp. 1103-1115
    • Chuang, Y.1    Hsu, P.2
  • 19
    • 24144476669 scopus 로고    scopus 로고
    • Bankruptcy around the world: explanations of its relative use
    • Claessens S., Klapper L. Bankruptcy around the world: explanations of its relative use. Am. Law Econ. Rev. 2005, 7:253-283.
    • (2005) Am. Law Econ. Rev. , vol.7 , pp. 253-283
    • Claessens, S.1    Klapper, L.2
  • 20
  • 21
    • 0004660431 scopus 로고    scopus 로고
    • Bureaucrats, state banks, and the efficiency of credit allocation: the experience of Chinese state-owned enterprises
    • Cull R., Xu L. Bureaucrats, state banks, and the efficiency of credit allocation: the experience of Chinese state-owned enterprises. J. Comp. Econ. 2000, 28:1-31.
    • (2000) J. Comp. Econ. , vol.28 , pp. 1-31
    • Cull, R.1    Xu, L.2
  • 22
    • 34548487163 scopus 로고    scopus 로고
    • Who survives? A cross-country comparison
    • Dahiya S., Klapper L. Who survives? A cross-country comparison. J. Financ. Stab. 2007, 3:261-278.
    • (2007) J. Financ. Stab. , vol.3 , pp. 261-278
    • Dahiya, S.1    Klapper, L.2
  • 23
    • 0037972259 scopus 로고    scopus 로고
    • Debtor-in-possession financing and bankruptcy resolution: empirical evidence
    • Dahiya S., John K., Puri M., Ramirez G. Debtor-in-possession financing and bankruptcy resolution: empirical evidence. J. Financ. Econ. 2003, 69:259-280.
    • (2003) J. Financ. Econ. , vol.69 , pp. 259-280
    • Dahiya, S.1    John, K.2    Puri, M.3    Ramirez, G.4
  • 24
    • 41649110647 scopus 로고    scopus 로고
    • Do bankruptcy codes matter? a study of defaults in France, Germany, and the U.K.
    • Davydenko S., Franks J. Do bankruptcy codes matter? a study of defaults in France, Germany, and the U.K. J. Financ. 2008, 63:565-608.
    • (2008) J. Financ. , vol.63 , pp. 565-608
    • Davydenko, S.1    Franks, J.2
  • 25
    • 12344330813 scopus 로고    scopus 로고
    • Distance, lending relationship and competition
    • Degryse H., Ongena S. Distance, lending relationship and competition. J. Financ. 2005, 55:231-266.
    • (2005) J. Financ. , vol.55 , pp. 231-266
    • Degryse, H.1    Ongena, S.2
  • 26
  • 27
    • 0033472978 scopus 로고    scopus 로고
    • Institutions, financial markets, and firm debt maturity
    • Demirguc-Kunt A., Maksimovic V. Institutions, financial markets, and firm debt maturity. J. Financ. Econ. 1999, 54:295-336.
    • (1999) J. Financ. Econ. , vol.54 , pp. 295-336
    • Demirguc-Kunt, A.1    Maksimovic, V.2
  • 28
    • 22144475794 scopus 로고    scopus 로고
    • Politicians and banks: political influences on government-owned banks in emerging markets
    • Dinc S. Politicians and banks: political influences on government-owned banks in emerging markets. J. Financ. Econ. 2005, 77:453-479.
    • (2005) J. Financ. Econ. , vol.77 , pp. 453-479
    • Dinc, S.1
  • 30
    • 8344283263 scopus 로고    scopus 로고
    • Capital markets and capital allocation: implications for economies in transition
    • Durnev A., Li K., Morck R., Yeung B. Capital markets and capital allocation: implications for economies in transition. Econ. Transit. 2004, 12:593-634.
    • (2004) Econ. Transit. , vol.12 , pp. 593-634
    • Durnev, A.1    Li, K.2    Morck, R.3    Yeung, B.4
  • 31
    • 0038309552 scopus 로고    scopus 로고
    • Control benefits and CEO discipline in automatic bankruptcy auctions
    • Eckbo B., Thorburn K. Control benefits and CEO discipline in automatic bankruptcy auctions. J. Financ. Econ. 2003, 69:227-258.
    • (2003) J. Financ. Econ. , vol.69 , pp. 227-258
    • Eckbo, B.1    Thorburn, K.2
  • 33
    • 61849130125 scopus 로고    scopus 로고
    • Institutions and foreign direct investment: China versus the rest of the world
    • Fan J., Morck R., Xu L., Yeung B. Institutions and foreign direct investment: China versus the rest of the world. World Dev. 2009, 37:852-865.
    • (2009) World Dev. , vol.37 , pp. 852-865
    • Fan, J.1    Morck, R.2    Xu, L.3    Yeung, B.4
  • 34
    • 84977706668 scopus 로고
    • An empirical investigation of U.S. firms in reorganization
    • Franks J., Torous W. An empirical investigation of U.S. firms in reorganization. J. Financ. 1989, 44:747-769.
    • (1989) J. Financ. , vol.44 , pp. 747-769
    • Franks, J.1    Torous, W.2
  • 35
    • 0005971306 scopus 로고    scopus 로고
    • Transaction costs and capital structure choice: evidence from financially distressed firms
    • Gilson S. Transaction costs and capital structure choice: evidence from financially distressed firms. J. Financ. 1997, 52:161-196.
    • (1997) J. Financ. , vol.52 , pp. 161-196
    • Gilson, S.1
  • 36
    • 44949291946 scopus 로고
    • Troubled debt restructurings: an empirical study of private reorganization of firms in default
    • Gilson S., John K., Lang L. Troubled debt restructurings: an empirical study of private reorganization of firms in default. J. Financ. Econ. 1990, 27:315-354.
    • (1990) J. Financ. Econ. , vol.27 , pp. 315-354
    • Gilson, S.1    John, K.2    Lang, L.3
  • 37
    • 0002432433 scopus 로고
    • The role of banks in reducing the costs of financial distress in Japan
    • Hoshi T., Kashyap A., Scharfstein D. The role of banks in reducing the costs of financial distress in Japan. J. Financ. Econ. 1990, 27:67-88.
    • (1990) J. Financ. Econ. , vol.27 , pp. 67-88
    • Hoshi, T.1    Kashyap, A.2    Scharfstein, D.3
  • 38
    • 84993915039 scopus 로고
    • Post-bankruptcy performance and management turnover
    • Hotchkiss E. Post-bankruptcy performance and management turnover. J. Financ. 1995, 50:3-21.
    • (1995) J. Financ. , vol.50 , pp. 3-21
    • Hotchkiss, E.1
  • 39
    • 0037678808 scopus 로고    scopus 로고
    • Ownership, performance, and innovation in China's large and medium-size industry enterprise sector
    • Jefferson G., Hu A., Guan X., Yu X. Ownership, performance, and innovation in China's large and medium-size industry enterprise sector. China Econ. Rev. 2003, 14:89-113.
    • (2003) China Econ. Rev. , vol.14 , pp. 89-113
    • Jefferson, G.1    Hu, A.2    Guan, X.3    Yu, X.4
  • 40
    • 0001066475 scopus 로고
    • Agency cost of free cash flow, corporate finance, and takeovers
    • Jensen M. Agency cost of free cash flow, corporate finance, and takeovers. Am. Econ. Rev. 1986, 76:323-329.
    • (1986) Am. Econ. Rev. , vol.76 , pp. 323-329
    • Jensen, M.1
  • 41
    • 0037292733 scopus 로고    scopus 로고
    • Cronyism and capital controls: evidence from Malaysia
    • Johnson S., Mitton T. Cronyism and capital controls: evidence from Malaysia. J. Financ. Econ. 2003, 67:351-382.
    • (2003) J. Financ. Econ. , vol.67 , pp. 351-382
    • Johnson, S.1    Mitton, T.2
  • 42
    • 0041672308 scopus 로고    scopus 로고
    • Economic distress, financial distress, and dynamic liquidation
    • Khal M. Economic distress, financial distress, and dynamic liquidation. J. Financ. 2002, 57:135-168.
    • (2002) J. Financ. , vol.57 , pp. 135-168
    • Khal, M.1
  • 43
    • 31444435396 scopus 로고    scopus 로고
    • Do lenders favor politically connected firms? Rent provision in an emerging financial market
    • Khawaja A., Mian A. Do lenders favor politically connected firms? Rent provision in an emerging financial market. Q. J. Econ. 2005, 120:1371-1411.
    • (2005) Q. J. Econ. , vol.120 , pp. 1371-1411
    • Khawaja, A.1    Mian, A.2
  • 48
    • 70249129327 scopus 로고    scopus 로고
    • Ownership, institutions, and capital structure: evidence from Chinese firms
    • Li K., Yue H., Zhao L. Ownership, institutions, and capital structure: evidence from Chinese firms. J. Comp. Econ. 2009, 37:471-490.
    • (2009) J. Comp. Econ. , vol.37 , pp. 471-490
    • Li, K.1    Yue, H.2    Zhao, L.3
  • 49
    • 64549087570 scopus 로고    scopus 로고
    • Does bank ownership increase firm value? evidence from China
    • Lin X., Zhang Y., Zhu N. Does bank ownership increase firm value? evidence from China. J. Int. Money Financ. 2009, 28:720-737.
    • (2009) J. Int. Money Financ. , vol.28 , pp. 720-737
    • Lin, X.1    Zhang, Y.2    Zhu, N.3
  • 50
    • 78751704572 scopus 로고    scopus 로고
    • Bank ownership and executive perquisites: new evidence from an emerging market
    • Luo W., Zhang Y., Zhu N. Bank ownership and executive perquisites: new evidence from an emerging market. J. Corp. Financ. 2011, 17:352-370.
    • (2011) J. Corp. Financ. , vol.17 , pp. 352-370
    • Luo, W.1    Zhang, Y.2    Zhu, N.3
  • 51
    • 0039066488 scopus 로고    scopus 로고
    • Asset efficiency and reallocation decisions of bankrupt firms
    • Maksimovic V., Phillips G. Asset efficiency and reallocation decisions of bankrupt firms. J. Financ. 1998, 53:1495-1532.
    • (1998) J. Financ. , vol.53 , pp. 1495-1532
    • Maksimovic, V.1    Phillips, G.2
  • 52
    • 0035060438 scopus 로고    scopus 로고
    • Soft budget constraint theories from centralization to the market
    • Maskin E., Xu C. Soft budget constraint theories from centralization to the market. Econ. Transit. 2001, 9:1-27.
    • (2001) Econ. Transit. , vol.9 , pp. 1-27
    • Maskin, E.1    Xu, C.2
  • 53
    • 0000294096 scopus 로고
    • The cost of capital, corporation finance and the theory of investment
    • Modigliani F., Miller M. The cost of capital, corporation finance and the theory of investment. Am. Econ. Rev. 1958, 48:261-297.
    • (1958) Am. Econ. Rev. , vol.48 , pp. 261-297
    • Modigliani, F.1    Miller, M.2
  • 54
    • 38249002901 scopus 로고
    • Capital structure and firm response to poor performance
    • Ofek E. Capital structure and firm response to poor performance. J. Financ. Econ. 1993, 34:3-30.
    • (1993) J. Financ. Econ. , vol.34 , pp. 3-30
    • Ofek, E.1
  • 55
    • 84993914974 scopus 로고
    • The benefits of lending relationship: evidence from small business data
    • Petersen M., Rajan R. The benefits of lending relationship: evidence from small business data. J. Financ. 1994, 49:3-37.
    • (1994) J. Financ. , vol.49 , pp. 3-37
    • Petersen, M.1    Rajan, R.2
  • 56
    • 0038126446 scopus 로고    scopus 로고
    • Effects of bankruptcy court protection on asset sales
    • Pulvino T. Effects of bankruptcy court protection on asset sales. J. Financ. Econ. 1999, 52:151-186.
    • (1999) J. Financ. Econ. , vol.52 , pp. 151-186
    • Pulvino, T.1
  • 57
    • 1842759776 scopus 로고    scopus 로고
    • The effects of government ownership on bank lending
    • Sapienza P. The effects of government ownership on bank lending. J. Financ. Econ. 2004, 72:357-384.
    • (2004) J. Financ. Econ. , vol.72 , pp. 357-384
    • Sapienza, P.1
  • 58
    • 84977721574 scopus 로고
    • Liquidation values and debt capacity: a market equilibrium approach
    • Shleifer A., Vishny R. Liquidation values and debt capacity: a market equilibrium approach. J. Financ. 1992, 47:1343-1366.
    • (1992) J. Financ. , vol.47 , pp. 1343-1366
    • Shleifer, A.1    Vishny, R.2
  • 59
    • 84960604076 scopus 로고
    • Politicians and firms
    • Shleifer A., Vishny R. Politicians and firms. Q. J. Econ. 1994, 109:995-1025.
    • (1994) Q. J. Econ. , vol.109 , pp. 995-1025
    • Shleifer, A.1    Vishny, R.2
  • 60
    • 0039604686 scopus 로고    scopus 로고
    • Conflicts of interest and market illiquidity in bankruptcy auctions: theory and tests
    • Stromberg P. Conflicts of interest and market illiquidity in bankruptcy auctions: theory and tests. J. Financ. 2000, 55:2641-2692.
    • (2000) J. Financ. , vol.55 , pp. 2641-2692
    • Stromberg, P.1
  • 61
    • 0040736803 scopus 로고    scopus 로고
    • The Almanac of China Finance and Banking Press, Beijing, (in Chinese) The People's Bank of China
    • The People's Bank of China The Almanac of China Finance and Banking 1998-2005, The Almanac of China Finance and Banking Press, Beijing, (in Chinese)
    • (1998) The Almanac of China Finance and Banking
  • 62
    • 0034363463 scopus 로고    scopus 로고
    • Bankruptcy auctions: costs, debt recovery, and firm survival
    • Thorburn K. Bankruptcy auctions: costs, debt recovery, and firm survival. J. Financ. Econ. 2000, 58:337-368.
    • (2000) J. Financ. Econ. , vol.58 , pp. 337-368
    • Thorburn, K.1
  • 63
    • 0010778645 scopus 로고
    • Bankruptcy resolution
    • Weiss L. Bankruptcy resolution. J. Financ. Econ. 1990, 27:285-314.
    • (1990) J. Financ. Econ. , vol.27 , pp. 285-314
    • Weiss, L.1
  • 64
    • 0002634940 scopus 로고    scopus 로고
    • Information problems, conflicts of interest, and asset stripping: chapter 11's failure in the case of eastern airlines
    • Weiss L., Wruck K. Information problems, conflicts of interest, and asset stripping: chapter 11's failure in the case of eastern airlines. J. Financ. Econ. 1998, 48:55-97.
    • (1998) J. Financ. Econ. , vol.48 , pp. 55-97
    • Weiss, L.1    Wruck, K.2
  • 65
    • 0031501456 scopus 로고    scopus 로고
    • Why is bank debt senior? A theory of asymmetry and claim priority based on influence costs
    • Welch I. Why is bank debt senior? A theory of asymmetry and claim priority based on influence costs. Rev. Financ. Stud. 1997, 10:1203-1236.
    • (1997) Rev. Financ. Stud. , vol.10 , pp. 1203-1236
    • Welch, I.1
  • 66
    • 0002230184 scopus 로고
    • Bankruptcy, liquidation, and reorganization
    • Warren, Gorham & Lamont, Boston, D. Logue (Ed.)
    • White M. Bankruptcy, liquidation, and reorganization. Handbook of Modern Finance 1984, Warren, Gorham & Lamont, Boston. D. Logue (Ed.).
    • (1984) Handbook of Modern Finance
    • White, M.1
  • 67
    • 84882957893 scopus 로고    scopus 로고
    • China government, investment climate and harmonious society
    • World Bank China government, investment climate and harmonious society. Report No. 37759-CN 2006.
    • (2006) Report No. 37759-CN
    • World Bank1
  • 68
    • 0000124859 scopus 로고
    • Financial distress, reorganization, and organizational efficiency
    • Wruck K. Financial distress, reorganization, and organizational efficiency. J. Financ. Econ. 1990, 29:419-444.
    • (1990) J. Financ. Econ. , vol.29 , pp. 419-444
    • Wruck, K.1
  • 69
    • 72249097669 scopus 로고    scopus 로고
    • Governance environments and consideration in share reform: an investor protection perspective
    • (in Chinese)
    • Xin Y., Xu L. Governance environments and consideration in share reform: an investor protection perspective. Econ. Res. 2007, 473:121-133. (in Chinese).
    • (2007) Econ. Res. , vol.473 , pp. 121-133
    • Xin, Y.1    Xu, L.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.