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Does size matter? Examining the probability of firm emergence from bankruptcy

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  • Miftah Zikri
  • Syed Shams
  • Afzalur Rashid
  • Chandrasekhar Krishnamurti

Abstract

We examine the association between firm size and the likelihood of emergence from bankruptcy filed under Chapter 11. Using 715 firm‐year observations from 1979 to 2019, we find that large firms are less likely to emerge. We use performance, financial constraints, and information environment as potential channels to examine the mechanism by which firm size affects the likelihood of firm emergence from bankruptcy. Further analysis shows that the likelihood of bankruptcy emergence is lower for large firms before the global financial crisis of 2007.

Suggested Citation

  • Miftah Zikri & Syed Shams & Afzalur Rashid & Chandrasekhar Krishnamurti, 2024. "Does size matter? Examining the probability of firm emergence from bankruptcy," International Review of Finance, International Review of Finance Ltd., vol. 24(4), pages 669-713, December.
    • Handle: RePEc:bla:irvfin:v:24:y:2024:i:4:p:669-713
    DOI: 10.1111/irfi.12462
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