Insolvency resolution and doing business reforms in BRICS Nations: A comparative study

Abstract

This paper analyzes the factors responsible for the efficacy of resolving insolvency issues, influencing the ease of doing business (EoDB) ranking in the BRICS (Brazil-Russia-India-China-South Africa) nations' context, focusing on India. Besides, the study examines the legal framework and judicial decisions on insolvency resolution that boost stakeholders' confidence and improve the business environment. We applied descriptive statistics, the analytical hierarchy process (AHP), and the fuzzy analytical hierarchy process (F-AHP) to analyze and interpret the findings. The key results show that insolvency resolution has been one of the priorities of the governments of Brazil, Russia, and China for almost a decade. Resolving insolvency is the prime factor responsible for India's rank improvement, whereas it is not a priority for South Africa. The AHP calculations prove the Indian government's commitment to insolvency resolution, syncing with experts' opinions. Future EoDB studies concerning other nations may employ the AHP techniques, bringing new results.. The findings add value to the knowledge base on insolvency resolution, contributing to the EoDB ranking vis-a-vis the business environment and providing a broader implication for further research.