Corporate Restructuring of Dutch Companies : An Empirical Analysis

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