Balcaen, Sofie; Manigart, Sophie; Buyze, Jozefien; … - In: Small Business Economics 39 (2012) 4, pp. 949-975
, most previous studies have failed to distinguish between bankruptcy and liquidation. We hence contribute to the exit … literature by showing that bankruptcy, voluntary liquidation and M&A are fundamentally distinct exit routes for distressed firms … show that 41% of the firms in our sample exit through a court driven exit procedure (mainly bankruptcy), 44% are …