Journal Article
Corporate response to distress: evidence from the Asian financial crisis
Abstract: This paper provides a comprehensive examination of corporate responses to financial distress during an economy-wide crisis, specifically through the restructuring of assets (through asset sales, mergers, or liquidations) and/or liabilities. Using firm-level data from five countries hardest hit by the East Asian financial crisis of 1997-98, this study contrasts the effects of financial and corporate governance variables on restructuring choices. The study finds that, during a crisis, financial constraints and corporate governance each have a large effect on the restructuring choice.
Access Documents
File(s):
File format is application/pdf
https://fraser.stlouisfed.org/title/review-federal-reserve-bank-st-louis-820/march-april-2011-620772
Description: Full text
Authors
Bibliographic Information
Provider: Federal Reserve Bank of St. Louis
Part of Series: Review
Publication Date: 2011
Volume: 93
Issue: Mar
Pages: 127-154