Insolvency Timing and Managerial Decision-Making
| By: | Frederik Drescher |
| Publisher: | Springer Nature |
| Print ISBN: | 9783658028183 |
| eText ISBN: | 9783658028190 |
| Edition: | 0 |
| Copyright: | 2014 |
| Format: | Page Fidelity |
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Frederik Drescher addresses the timing of non-mandatory insolvency filings based on threatening illiquidity (§ 18 InsO) with the aim of a company's restructuring as an agency problem between owners and management. The hypothesis of a tendency towards delayed insolvency filings, which was developed using a decision model, is experimentally confirmed. Moreover, the author analyzes different incentive instruments potentially leading to earlier insolvency filings.