Determinants of the Duration of the Voluntary Administration Process: An Unconditional Quantile Regression Analysis

51 Pages Posted: 20 Jun 2019 Last revised: 22 May 2020

See all articles by John Goodwin

John Goodwin

Sabanci University

James Routledge

Hitotsubashi University

Date Written: April 30, 2020

Abstract

This study explores determinants of voluntary administration (VA) and deed of company arrangement (DOCA) durations using unconditional quantile regression (UQR). There is heterogeneity in the strength of determinants across the VA and DOCA distributions. Determinants related to complexity and negotiation, including size, debt restructuring and firm age are more important at longer VA durations. Determinants related to scale and procedure, including size, capital provider existence and accounting quality are more important at longer DOCA durations. Few determinants explain short VA and DOCA durations. The UQR results uncovered other new empirical regularities.

Keywords: voluntary administration, deed of company arrangement, duration

JEL Classification: M41, G33

Suggested Citation

Goodwin, John and Routledge, James, Determinants of the Duration of the Voluntary Administration Process: An Unconditional Quantile Regression Analysis (April 30, 2020). Available at SSRN: https://ssrn.com/abstract=3403984 or http://dx.doi.org/10.2139/ssrn.3403984

John Goodwin (Contact Author)

Sabanci University ( email )

Orta Mahalle √úniversite Caddesi 27
Istanbul, Orhanli, 34956 Tuzla 34956
Turkey
90 0216 4839675 (Phone)

James Routledge

Hitotsubashi University ( email )

2-1 Naka Kunitachi-shi
Tokyo 186-8601
Japan

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