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    Financial Distress: Lifecycle and Corporate Restructuring

    Access Status
    Fulltext not available
    Authors
    Koh, S.
    Durand, Robert
    Dai, L.
    Chang, M.
    Date
    2015
    Type
    Journal Article
    
    Metadata
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    Citation
    Koh, S. and Durand, R. and Dai, L. and Chang, M. 2015. Financial Distress: Lifecycle and Corporate Restructuring. Journal of Corporate Finance. 33: pp. 19-33.
    Source Title
    Journal of Corporate Finance
    DOI
    10.1016/j.jcorpfin.2015.04.004
    ISSN
    0929-1199
    School
    School of Economics and Finance
    URI
    http://hdl.handle.net/20.500.11937/32734
    Collection
    • Curtin Research Publications
    Abstract

    A firm's lifecycle consists of birth, growth, maturity and decline. We examine the strategies that firms choose when facing financial distress and present evidence that these choices are influenced by the corporate lifecycle. This influence is most pronounced in the choice of financial restructuring strategies such as reducing dividends or changing capital structure. We also examine if the way firms face financial distress affects the likelihood of recovery. We find that reducing investment and dividends are associated with recovery for all firms, but there is little influence of lifecycle.

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