Dissertation
A study of voluntary administration: statistical model predictions and experts' judgements regarding the reorganisation decision and success of reorganised companies
University of the Sunshine Coast, Queensland
Doctor of Philosophy, University of the Sunshine Coast
2000
DOI:
https://doi.org/10.25907/00294
Abstract
The voluntary administration procedure, embodied in Part 5.3A of the Corporations Law, was introduced as part of Australia's corporate insolvency regime in June 1993. Voluntary administration has become the most widely used means of dealing with corporate insolvency in Australia since its inception. Since the inception of voluntary administration there has been little empirical research conducted to analyse the operation and effect of the legislation's provision for company reorganisation. Critical to the efficient operation of reorganisation legislation is the decision regarding which companies should be permitted to attempt reorganisation. Returning inefficient firms to the market may result in economic costs that are greater than the benefits derived from saving a few distressed companies.This thesis focuses on the reorganisation decision. A statistical model is developed, based on the coalition behaviour decision theory which provides some insight into the behaviour of parties involved in the reorganisation decision. A further statistical model is developed that addresses the problem of identifying suitable (successful) reorganisation candidates from a pool of distressed companies. This model should be of value to those required to decide which companies should attempt reorganisation. Improved understanding of what contributes to success in company reorganisation may be useful in minimising the incidence of reorganisation of inefficinet companies. This thesis also examines the relationship between information cues and insolvency experts' decisions regarding companies' prospects in reorganisation. The findings presented in this thesis have implications for insolvency policy that adopts a flexible regime for company reorganisation, which is a feature of the Australian voluntary administration law.
Details
- Title
- A study of voluntary administration: statistical model predictions and experts' judgements regarding the reorganisation decision and success of reorganised companies
- Authors
- James Routledge
- Contributors
- David Gadenne (Supervisor)
- Awarding institution
- University of the Sunshine Coast
- Degree awarded
- Doctor of Philosophy
- Publisher
- University of the Sunshine Coast, Queensland
- DOI
- 10.25907/00294
- Organisation Unit
- University of the Sunshine Coast, Queensland; USC Business School - Legacy
- Language
- English
- Record Identifier
- 99450506002621
- Output Type
- Dissertation
- Research Statement
- false
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