Balcaen, Sofie; Manigart, Sophie; Buyze, Jozefien; … - In: Small Business Economics 39 (2012) 4, pp. 949-975
through voluntary liquidation or through a M&A. Conditional on not going bankrupt, the likelihood of voluntary liquidation … liquidation are fundamentally different exit routes. While voluntary liquidation is an important exit route for distressed firms …, most previous studies have failed to distinguish between bankruptcy and liquidation. We hence contribute to the exit …