IDEAS home Printed from https://ideas.repec.org/a/fma/fmanag/jog93.html
   My bibliography  Save this article

Stakeholder Losses in Corporate Restructuring: Evidence From Four Cases in the North American Steel Industry

Author

Listed:
  • Vijay M. Jog
  • Igor Kotlyar
  • Donald G. Tate

Abstract

This paper presents an empirical investigation of costs associated with four major restructurings in the North American steel industry over the past decade. In contrast to many previous studies which concentrated mainly on the impact of restructuring on shareholders and bondholders, this study considers the losses suffered by all stakeholders of the four sample firms. The stakeholders examined include labor, suppliers, unsecured creditors, and government agencies in addition to the debtholders and preferred and common shareholders. The study also examines the administrative and legal costs associated with restructurings. The aim of the paper is to evaluate the wealth losses suffered by all stakeholders and to conduct a longitudinal analysis of these restructurings in order to evaluate the relative magnitude of these wealth losses. The combined losses suffered by all stakeholders in the four restructurings analyzed in this paper are estimated at approximately $7 billion.

Suggested Citation

  • Vijay M. Jog & Igor Kotlyar & Donald G. Tate, 1993. "Stakeholder Losses in Corporate Restructuring: Evidence From Four Cases in the North American Steel Industry," Financial Management, Financial Management Association, vol. 22(3), Fall.
    • Handle: RePEc:fma:fmanag:jog93
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Mahoney, Joseph & Asher, Cheryl Carleton & Mahoney, James, 2004. "Towards a Property Rights Foundation for a Stakeholder Theory of the Firm," Working Papers 04-0116, University of Illinois at Urbana-Champaign, College of Business.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fma:fmanag:jog93. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Courtney Connors (email available below). General contact details of provider: https://edirc.repec.org/data/fmaaaea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.