Corporate Restructuring of Dutch Companies: An Empirical Analysis

28 Pages Posted: 26 May 2003

See all articles by Ruud A.I. van Frederikslust

Ruud A.I. van Frederikslust

Erasmus University Rotterdam (EUR) - Department of Financial Management

Werner T.J. Leermakers

Ernst & Young Corporate Finance

S. Noraly Soedito

Bank Artesia N.V. - The Hague Branch

Jan van Dalen

Erasmus University Rotterdam (EUR) - Rotterdam School of Management (RSM)

Abstract

Firms in performance decline may choose a wide variety of restructuring strategies for recovery. Different kind of strategies may have different implications for stakeholders, such as managers, shareholders and lenders. The choice of recovery strategies is therefore among others determined by the influence of these stakeholders, which can be measured by the lending structure, ownership structure and corporate governance mechanisms. The effects of these characteristics are examined for a sample of 75 Dutch listed companies. The companies have experienced a decline in stock return in the period 1985-1998. The results will be analysed and compared with similar studies in the United States, the United Kingdom, Canada and Japan.

Keywords: restructuring, recovery, corporate governance

JEL Classification: G32, G34

Suggested Citation

van Frederikslust, Ruud A.I. and Leermakers, Werner T.J. and Soedito, S. Noraly and van Dalen, Jan, Corporate Restructuring of Dutch Companies: An Empirical Analysis. Available at SSRN: https://ssrn.com/abstract=392594 or http://dx.doi.org/10.2139/ssrn.392594

Ruud A.I. Van Frederikslust (Contact Author)

Erasmus University Rotterdam (EUR) - Department of Financial Management ( email )

P.O. Box 1738
Room T09-53
3000 DR Rotterdam
Netherlands
+31 10 408 2790 (Phone)
+31 10 408 9017 (Fax)

Werner T.J. Leermakers

Ernst & Young Corporate Finance ( email )

Drentestraat 20
1083 HK Amsterdam
Netherlands
+31 20 546 6275 (Phone)
+31 20 404 4783 (Fax)

S. Noraly Soedito

Bank Artesia N.V. - The Hague Branch ( email )

P.O Box 200
2501 CE The Hague
Netherlands

Jan Van Dalen

Erasmus University Rotterdam (EUR) - Rotterdam School of Management (RSM) ( email )

P.O. Box 1738
Room T08-21
3000 DR Rotterdam, 3000 DR
Netherlands

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