Banking and Financial Regulation in Emerging Markets

Shanthi, S.; Nangia, Vinay Kumar; Sircar, Sanjoy; Reddy, Kotapati Srinivasa

doi:10.1108/ijlma-02-2015-0008

Cited by 1 publication

(1 citation statement)

References 7 publications

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“…The implications are also relevant for future reform of the bankruptcy law for Italy or emerging countries (Shanthi et al, 2015;Reddy, 2016). The determinants that affect ex ante or ex post efficiency should be considered before and after the filing for preventive agreements, to improve the odds of successful restructuring.…”

Section: Discussionmentioning

confidence: 99%

The efficiency of the Italian preventive agreement: a legal, economic and organizational perspective

Paletta

Alimehmeti

2021

IJLMA

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Purpose This paper aims to analyze the ex ante and ex post economic efficiency of the preventive agreement (concordato preventivo) or composition with creditors as defined by the Italian Bankruptcy Law. This study examines four possible outcomes of the procedure: homologation (confirmation); the degree of dissent/consent of creditors; the revocation, admissibility or inadmissibility; the declaration of the company bankruptcy in preventive agreement. Design/methodology/approach This paper uses data from 728 Italian companies which filed for preventive agreement in 2016. In reference to each of the four possible outcomes, this study applies nine logit regressions to analyze the effects of a series of efficiency variables ex ante (corporate-based drivers) and ex post (procedure-based drivers). Findings Results show the relevance of the debt structure, ownership structure and virtuous behavior, corporate governance and management systems, as well as effectivity of the court control on the preventive agreement outcome. Originality/value This paper draws on original data of bankruptcy in Italy and gives empirical evidence of the ex ante and ex post factors on the outcomes of the preventive agreement.

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Section: Discussionmentioning

confidence: 99%