Search results

1 – 10 of over 16000
To view the access options for this content please click here
Article
Publication date: 1 March 2005

Jianwen Liao

This study investigates the effects of corporate restructuring – scale and scope, on the financial performance and long‐term competitiveness during the 1980s in a data set…

Abstract

This study investigates the effects of corporate restructuring – scale and scope, on the financial performance and long‐term competitiveness during the 1980s in a data set of 107 manufacturing firms. Hypotheses were tested using Ordinary‐leastsquare (OLS) Regression model. Overall, this study found that: (1) corporate restructuring scope is inversely associated with firms’ performance, as expected; (2) the effects of restructuring scope on changes in competitiveness offer partial support for our hypotheses; (3) there was no support for the hypothesized relationships between restructuring scale and performance, and between restructuring scale and changes in competitiveness. Implications for future research in corporate restructuring are discussed.

Details

Competitiveness Review: An International Business Journal, vol. 15 no. 1
Type: Research Article
ISSN: 1059-5422

Keywords

To view the access options for this content please click here
Article
Publication date: 1 October 2002

Sang Woo Lee, Sung Kang and Kang H. Park

Argues that increased insolvencies in Korean firms following the 1997 Asian financial crisis were due to low profitability and refers to relevant research on insolvency…

Abstract

Argues that increased insolvencies in Korean firms following the 1997 Asian financial crisis were due to low profitability and refers to relevant research on insolvency and failure prediction. Explains and discusses the private and legal types of restructuring open to Korean firms in trouble, pointing out that owners may use more than one type and thus cause losses and delays. Suggests that the courts should be able to determine whether firms require a composition or a corporate reorganization, develops a mathematical model to distinguish between them and tests it on 1997‐1998 data demonstrating a 70 per cent plus level of accuracy. Analyses the share price response to firm restructure and shows that differences depend on the financial condition of the firm: not the type of restructure. Calls for changes in the bankruptcy law to either unify the two types of legal restructure or to allow the courts to assign the type.

Details

Managerial Finance, vol. 28 no. 10
Type: Research Article
ISSN: 0307-4358

Keywords

To view the access options for this content please click here
Article
Publication date: 9 November 2018

Saibal Ghosh

The focus on excessive corporate leverage as a key factor influencing bank loan delinquency has come into sharp focus in recent times. However, not much analysis has been…

Abstract

Purpose

The focus on excessive corporate leverage as a key factor influencing bank loan delinquency has come into sharp focus in recent times. However, not much analysis has been undertaken on the factors driving corporate distress in emerging economies. Focusing on India as a case study, the purpose of this paper is to investigate the impact of a particular category of corporate debt restructuring (CDR) proposed by the Indian central bank over the last decade in leading an attempt to address bank loan delinquencies, the authors assess the factors influencing the quantum of restructured debt at the corporate level over the time period 2003–2012.

Design/methodology/approach

Besides univariate analysis, the authors use logit regression techniques to analyze the factors driving CDR outcomes in India.

Findings

The results suggest that firms that successfully exit the debt restructuring process are more profitable and less levered and spend a longer time in such restructuring. Little net equity enters these restructured firms, while there is some evidence of equity stripping, particularly in firms with greater promoter control.

Originality/value

To the best of our knowledge, this is one of the early studies that employ micro-level data to make a comprehensive assessment of the factors driving CDR for a leading emerging economy.

Details

South Asian Journal of Business Studies, vol. 8 no. 1
Type: Research Article
ISSN: 2398-628X

Keywords

To view the access options for this content please click here
Article
Publication date: 1 October 1998

Dell Champlin

Corporate restructuring has had a profound impact on the US economy. While the problems of restructuring have been discussed in great detail, the solutions are elusive…

Abstract

Corporate restructuring has had a profound impact on the US economy. While the problems of restructuring have been discussed in great detail, the solutions are elusive. What can or should be done to mitigate the impacts of restructuring on workers, communities, and society at large? The stumbling‐block to finding an answer to this question is the lack of a satisfactory ethical framework for evaluating restructuring decisions. The purpose of this essay is to develop such a framework. The first part of the paper reviews the ethical guidance provided by the standard theory of the firm. The second part explores an alternative framework based on the work of Elizabeth Anderson. Her “expressive theory of rational action” offers a more promising framework for evaluating management decisions with significant costs to society.

Details

International Journal of Social Economics, vol. 25 no. 9
Type: Research Article
ISSN: 0306-8293

Keywords

To view the access options for this content please click here
Article
Publication date: 15 February 2013

Jin‐young Jung

The purpose of this paper is to identify both the problems and their solutions in the corporate governance systems of Korean business groups (chaebols) in the wake of the

Abstract

Purpose

The purpose of this paper is to identify both the problems and their solutions in the corporate governance systems of Korean business groups (chaebols) in the wake of the Asian financial crisis.

Design/methodology/approach

This is a conceptual paper and includes suggestions for improving international governance systems.

Findings

In this paper, the author focuses on how chaebols should be restructured to improve the Korean economy. In order to figure out how they should be restructured, the author explains the positives and negatives of their current structure and how these can be modified/eliminated to make stronger corporate governance.

Originality/value

The paper provides conceptual insights into systems and laws, which can be used to improve the corporate governance of business groups.

Details

Corporate Governance: The international journal of business in society, vol. 13 no. 1
Type: Research Article
ISSN: 1472-0701

Keywords

To view the access options for this content please click here
Article
Publication date: 14 May 2018

Laura Padilla-Angulo and Faten Ben Slimane

The purpose of this paper is to study corporate governance restructuring strategies of companies to adapt to new market conditions following conversion into a for-profit…

Abstract

Purpose

The purpose of this paper is to study corporate governance restructuring strategies of companies to adapt to new market conditions following conversion into a for-profit structure. It focuses on the changes in the composition of the board of directors.

Design/methodology/approach

The paper conducts a field experiment using stock exchanges, which have become more international over time, and many of which have been forced to demutualize and convert to for-profit structures to compete more efficiently. The paper does a fine-grained analysis of restructuring in the composition of the board using the ANOVA technique. The paper also examines the impact of this board composition restructuring on the reputation of the exchanges using a regression technique.

Findings

The authors find that the stock exchanges restructured board composition and refocused them to create better value. Results suggest that the conversion of a company to a for-profit structure brings efficiencies when accompanied by changes in the governing bodies. The authors also find that converting to for-profit firms had a positive impact on the reputation of the exchanges. The positive impact was even greater when accompanied by changes in board composition.

Research limitations/implications

A stronger focus on the corporate governance dimension to understand the successful demutualization of stock exchanges is needed.

Originality/value

The authors analyze the corporate governance dimension during demutualization processes of an under examined sector. The financial performance of the stock exchanges the authors study significantly improved after their conversion to for-profit organizations and provide an example of successful corporate governance restructuring.

Details

Journal of Organizational Change Management, vol. 31 no. 3
Type: Research Article
ISSN: 0953-4814

Keywords

To view the access options for this content please click here
Article
Publication date: 16 May 2008

Gongmeng Chen, Michael Firth and Wei Wei Zhang

In the mid‐1990s, China introduced the Modern Enterprise System (MES) to selected state‐owned enterprises (SOE). The paper aims to examine whether this reform led to…

Abstract

Purpose

In the mid‐1990s, China introduced the Modern Enterprise System (MES) to selected state‐owned enterprises (SOE). The paper aims to examine whether this reform led to improved efficiency and profitability.

Design/methodology approach

The efficiency and performance of enterprises before and after the economic restructuring are examined. Univariate and multivariate (regression) analyses are used to investigate whether there has been a significant change in an enterprise's performance.

Findings

The paper finds there is no improvement in efficiency and profitability after the restructuring. This can be attributed the lack of improvement to the state's ownership of enterprises, bureaucratic management, and poor corporate governance. These things have to change in order to improve corporate efficiency and performance.

Originality/value

China's reform of SOEs is very important to the economic well‐being of the country. This paper is the first to investigate the MES as applied to wholly state‐owned enterprises.

Details

Asian Review of Accounting, vol. 16 no. 1
Type: Research Article
ISSN: 1321-7348

Keywords

To view the access options for this content please click here
Article
Publication date: 24 August 2012

Darius Mehri

The economic downturn in Japan in the 1990s and the Asian economic crash of 1997 led to widespread restructuring of corporate organizations in Japan. This paper aims to…

Abstract

Purpose

The economic downturn in Japan in the 1990s and the Asian economic crash of 1997 led to widespread restructuring of corporate organizations in Japan. This paper aims to use ethnographic fieldwork, in‐depth interviews and historical documents to examine how this played out inside one company, Toyota, when management implemented a restructuring plan to improve the profitability of one of its group companies during the period of 1996 to 1999. It also aims to discuss the restructuring policies within the framework of how Toyota responded to the economic crisis during a time of deregulation and liberal market reforms resulting from the decade of economic malaise that began in the early 1990s. A hallmark of the current debate on analyzing Japanese organizations is to what extent Japan is converging on the American model of capitalism.

Design/methodology/approach

The paper is based on fieldwork drawn from three years as a participant observer where the author worked as a production engineer together with interviews with those he worked alongside and documentary analysis.

Findings

The paper argues that the company responded to the economic crisis of the 1990s by implementing liberal market reforms but changes in the 1990s and during the Asian crash reveal that Toyota used liberal market policies as restructuring “tools” within the context of the unique institutions of Japanese welfare corporatism.

Originality/value

The strength of this paper is that it provides an insider's perspective on restructuring in a Toyota company. Conceptually the paper improves our understanding of how institutional structures contribute to shaping the restructuring in Japanese organizations.

Details

Journal of Organizational Ethnography, vol. 1 no. 2
Type: Research Article
ISSN: 2046-6749

Keywords

To view the access options for this content please click here
Article
Publication date: 1 September 2000

Jonathan C. Morris

Looks at the 2000 Employment Research Unit Annual Conference held at the University of Cardiff in Wales on 6/7 September 2000. Spotlights the 76 or so presentations within…

Abstract

Looks at the 2000 Employment Research Unit Annual Conference held at the University of Cardiff in Wales on 6/7 September 2000. Spotlights the 76 or so presentations within and shows that these are in many, differing, areas across management research from: retail finance; precarious jobs and decisions; methodological lessons from feminism; call centre experience and disability discrimination. These and all points east and west are covered and laid out in a simple, abstract style, including, where applicable, references, endnotes and bibliography in an easy‐to‐follow manner. Summarizes each paper and also gives conclusions where needed, in a comfortable modern format.

Details

Management Research News, vol. 23 no. 9/10/11
Type: Research Article
ISSN: 0140-9174

Keywords

To view the access options for this content please click here
Article
Publication date: 1 January 1992

Abbass F. Alkhafaji

During the past decade Wall Street practitioners devised various methods for converting undervalued corporate shares into instant wealth. Their tactics, however, have had…

Abstract

During the past decade Wall Street practitioners devised various methods for converting undervalued corporate shares into instant wealth. Their tactics, however, have had highly negative consequences for a number of companies. Many companies have, in fact, restructured with substantial debt with severe operational consequences. The purpose of this paper is to examine the reasoning behind such a boom in the hostile takeover activities. It will discuss the importance and implications of restructuring, causes for corporate hostile takeovers and the defense strategies that effectively resist external acquisition.

Details

International Journal of Commerce and Management, vol. 2 no. 1/2
Type: Research Article
ISSN: 1056-9219

1 – 10 of over 16000