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During economic downturns, firms file for bankruptcy in an effort to attempt a "turnaround". The objective of this study is to assess the effectiveness of retrenchment strategies in the context of bankruptcy, as the most severe form of crisis. We conducted a longitudinal analysis of a sample of...
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Encouraged by the forbearance of creditors and exit barriers (e.g., inefficient insolvency regimes), the zombie …' recovery. The insolvency environment is also found to be a strong factor in stimulating business restructuring. …
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