Legal Weakness, Investment Risks, and Distressed Acquisitions: Evidence from Russian Regions.
Legal Weakness, Investment Risks, and Distressed Acquisitions: Evidence from Russian Regions.
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DOI：
10.1057/s41294-022-00203-5
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发表时间：
2022-12-14
影响因子：
0.8
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中科院分区：
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本文追踪了2007-2019年期间93，260家俄罗斯企业的生存状况，并实证检验了收购财务困境公司的决定因素（即，收购）。我们发现，在93,260家企业中，有50,743家经营失败，在这些陷入困境的企业中，有10,110家在观察期内通过收购获得了拯救。我们的实证结果表明，在俄罗斯地区，法律的制度的弱点往往会增加不良收购的概率，而其他社会经济风险的负面影响。这些趋势是常见的，在大多数行业和地区。研究还发现，在经济最发达地区，单一城镇企业比其他企业更有可能在管理失败后通过收购来摆脱困境，但在整个联邦范围内并不总是如此。
This paper traces the survival status of 93,260 Russian business firms in the period of 2007–2019 and empirically examines the determinants of the acquisition of financially distressed companies (i.e., distressed acquisitions). We found that, of 93,260 firms, 50,743 failed in management, and among these distressed firms, 10,110 were rescued by acquisition during the observation period. Our empirical results indicate that, in Russian regions, the weakness of the legal system tends to increase the probability of distressed acquisitions, while other socioeconomic risks negatively affect it. These tendencies are common in most industries and regions. It is also revealed that, in the most-developed area, monotown enterprises are more likely than other firms to be bailed out by acquisition after management failure, but it is not always true for the whole federation.