Corporate restructuring has become a central topic for both academics and practitioners, particularly following the global financial crisis. In particular, there is increasing interest in ...understanding the effectiveness of turnaround strategies, which are defined as attempts to restore the performance of firms after periods of downfall. However, despite the relevance of this issue, there is a shortage of empirical evidence regarding the effectiveness of turnaround strategies related specifically to financial interventions. Through the support of an empirical analysis among Italian firms, this paper seeks to fill this significant gap in the available literature. In particular, we conducted an in-depth analysis of 262 debt restructuring agreement (DRA) plans that occurred between 2005 and 2013 in 16 bankruptcy courts. Our study confirms the positive effect of changes in the top management team. This measure can be both a symbolic signal of genuine willingness to modify the strategy of the firm, and a real manifestation of the necessity to have new skills to complete the turnaround. In addition, the adoption of operational and strategic/asset measures increase the likelihood of turnaround success.
Crisis and controls: the Italian model Provasi, Roberta; Riva, Patrizia Lucia Maria
Corporate Ownership and Control,
2013, Volume:
11, Issue:
1
Journal Article
Peer reviewed
Open access
The success of any Restructuring Technique is related to the quality of operations that the company has planned to implement. This is the reason why, no matter which of the recovery strategy the ...company choses, the law requires that more than one Independent Auditor should analyze the prospective financial data produced by the company and coming as a result of the planned restructuring operations.
Este artículo describe y analiza los efectos que produce la homologación judicial del acuerdo preventivo extrajudicial en la legislación de insolvencia de la República Argentina. Expone la ...aproximación existente entre los efectos del acuerdo preventivo extrajudicial y los del concurso preventivo a partir de la reforma concursal de 2002. Asimismo, se realiza un llamado de atención porque el acercamiento entre los efectos de los dos institutos puede generar una afectación al derecho de los acreedores en el acuerdo preventivo extrajudicial. Se demuestra cómo el deudor a través del acuerdo preventivo extrajudicial puede obtener los mismos efectos que los del concurso preventivo, aunque a través de un régimen más flexible. Finalmente, se presentan las conclusiones.
The data and analysis presented in this edition of global development finance are based on actual flows and debt related transactions for 2010 reported to the World Bank Debtor Reporting System (DRS) ...by 129 developing countries. The reports confirm that in 2010 international capital flows to developing countries surpassed preliminary estimates and returned to their pre-crisis level of $1.1 trillion, an increase of 68 percent over the comparable figure for 2009. Private capital flows surged in 2010 driven by a massive jump in short-term debt, a strong rebound in bonds and more moderate rise in equity flows. Debt related inflows jumped almost 200 percent compared to a 25 percent increase in net equity flows. The rebound in capital flows was concentrated in a small group of 10 middle income countries where net capital inflows rose by an average of nearly 80 percent in 2010, almost double the rate of increase (44 percent) recorded by other developing countries. These 10 countries accounted for 73 percent of developing countries gross national income (GNI), and received 73 percent of total net capital flows to developing countries in 2010. The 2010 increase in net capital flows was accompanied by marked change in composition between equity and debt related flows. Over the past decade net equity flows to developing countries have consistently surpassed the level of debt related flows, reaching as high as 97 percent of aggregate net capital flows in 2002 and accounting for 75 percent of them ($509 billion) in 2009. However, periods of rapid increase in capital flows have often been marked by a reversal from equity to debt.
The World Bank's Debtor Reporting System (DRS), from which the aggregates and country tables presented in this report are drawn, was established in 1951. The debt crisis of the 1980s brought ...increased attention to debt statistics and to the World debt tables, the predecessor to Global development finance. Now the global financial crisis has once again heightened awareness in developing countries of the importance of managing their external obligations. International capital flows to the 128 developing countries reporting to the World Bank Debtor Reporting System (DRS) fell by 20 percent in 2009 to $598 billion (3.7 percent of Gross National Income (GNI), compared with $744 billion in 2008 (4.5 percent of GNI) and a little over half the peak level of $1,111 billion realized in 2007. Private flows (debt and equity) declined by 27 percent despite a rebound in bond issuance, portfolio equity flows, and short-term debt flows. Both foreign direct investment (FDI) flows and bank lending fell precipitously. By contrast, the net inflow of debt-related financing from official creditors (excluding grants) rose 175 percent as support was stepped up to low- and middle-income countries severely affected by the global financial crisis.
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