Análisis de la viabilidad empresarial en el preconcurso de acreedores

A key assertion in the turnaround literature is that when survival is threatened, it is necessary to undertake asset and cost retrenchment strategies that stabilise the performance decline and provide a base for survival and recovery. Correcting for methodological weaknesses in the literature, this study of Spanish SMEs finds that retrenchment of inventory and employees is associated with liquidation. Furthermore, neither intangible asset nor tangible asset retrenchment are associated with survival. Only retrenchment of debt is associated with survival. These results challenge conventional wisdom on retrenchment in turnaround situations. Automatic, across-the-board retrenchment is not a universal panacea to achieve turnaround and should not be implemented as a reflex response to insolvency. Instead, managers of insolvent firms should focus on liquidity and operational improvements, which result in debt reduction. Great care should be taken with the need for, and the extent of, retrenchment in inventory and employees.

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SME insolvency, bankruptcy, and survival: an examination of retrenchment strategies

Rico

Pandit

Puig

2020

Small Bus Econ

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How to assess for the full economic value of vaccines? From past to present, drawing lessons for the future

Standaert

Sauboin

DeAntonio³

et al. 2020

Journal of Market Access & Health Policy

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Background:Cost-effectiveness analysis (CEA) is the economic analysis method most commonly applied today in the context of replacing one treatment with a new one in a developed healthcare system to improve efficiency. CEA is often requested by local healthcare decisionmakers to grant reimbursement.New preventative interventions, such as new vaccines, may however have much wider benefits inside and outside healthcare, when compared with treatment. These additional benefits include externalities on indirect clinical impact, reallocation of specific healthcare resources, improved quality of care, better productivity, better disease control, better fiscal revenues, and others. But these effects are sometimes difficult to integrate into a meaningful CEA result. They may appear as specific benefits for specific stakeholders, other than the stakeholders in healthcare.Objective: Based on a historical view about the application of economic assessments for vaccines our objective has been to make the inventory of who was/is interested in knowing the economic value of vaccines, in what those different stakeholders are likely to see the benefit from their perspective and how were/are we able to measure those benefits and to report them well. Results: The historical view disclosed a limited interest in the economic assessment of vaccines at start, more than 50 years ago, that was comparable to the assessment of looking for more efficiency in new industries through optimization exercises. Today, we are exposed to a very rich panoply of different stakeholders (n= 16). They have their specific interest in many different facets of the vaccine benefit of which some are well known in the conventional economic analysis (n=9), but most outcomes are hidden and not enough evaluated and reported (n=26). Meanwhile we discovered that many different methods of evaluation have been explored to facilitate the measurement and reporting of the benefits (n=18). Conclusion: Our recommendation for future economic evaluations of new vaccines is therefore to find the right combination among the three entities of stakeholder type selection, outcome measure of interest for each stakeholder, and the right method to apply. We present at the end examples that illustrate how successful this approach can be.

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The lemon market of insolvency proceedings in Spain in the new normal: Information, asymmetry, and adverse selection problems

Olabarrieta,

San-Jose,

Araujo

2023

Cogent Business & Management

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Análisis de la viabilidad empresarial en el preconcurso de acreedores

Cited by 3 publications

References 28 publications

SME insolvency, bankruptcy, and survival: an examination of retrenchment strategies

SME insolvency, bankruptcy, and survival: an examination of retrenchment strategies

How to assess for the full economic value of vaccines? From past to present, drawing lessons for the future

The lemon market of insolvency proceedings in Spain in the new normal: Information, asymmetry, and adverse selection problems

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