Publication: Efectos de los costes de agencia diferenciales en los procesos de insolvencia empresarial durante la crisis 2007-2014
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2020-03-26
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Universidad Complutense de Madrid
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Abstract
El objetivo de esta investigación es identificar la existencia y los efectos de costes diferenciales relacionados con la insolvencia empresarial, debidos al sistema financiero en el que operan las empresas y las características de los contratos que las relacionan con los acreedores financiadores de sus operaciones, considerada esta relación dentro de la teoría de la Agencia. Debido al cambio de intereses que se puede haber producido entre los agentes y los principales sujetos de esta relación durante la pasada crisis financiera, según las circunstancias específicas de la economía y la legislación de cada país, estos costes pueden haber sido diferenciales a la hora de incrementar o disminuir las probabilidades de incurrir en insolvencia empresarial definitiva en cada uno de los países.No existiendo una teoría que dé explicación global a la insolvencia de las empresas, esta investigación pretende aportar luz sobre el efecto que pueden tener determinados costes diferenciales en el incremento del riesgo de fracaso de empresas que, en otras circunstancias, hubieran sido económicamente viables, para que puedan ser tenidos en cuenta en la legislación o en las medidas político-económicas que se adopten en futuras crisis y lograr con ello un mayor nivel de eficiencia en los procesos concursales...
The objective of this research is to identify the existence and effects of differential costs related to corporate insolvency, due to the financial system in which the companies operate and the characteristics of the contracts that relate to the creditors financing their operations, considering this relationship within the theory of the Agency. Due to the change of interests that may have occurred between the agents and the principals of this relationship, during the last financial crisis, these costs may have been differential for increasing or decreasing the chances of incurring definitive businessinsolvency, depending on the specific circumstances of the economy and the legislation of each country. As no theory gives a global explanation to the insolvency of companies, this research aims to shed light on the effect that certain differential costs may have on the increased risk of failure of companies that, in other circumstances, would have been economically viable. They can be considered in the legislation or in the political-economic measures that are adopted in future crises and achieve with this at a higher level of efficiency inthe bankruptcy proceedings...
The objective of this research is to identify the existence and effects of differential costs related to corporate insolvency, due to the financial system in which the companies operate and the characteristics of the contracts that relate to the creditors financing their operations, considering this relationship within the theory of the Agency. Due to the change of interests that may have occurred between the agents and the principals of this relationship, during the last financial crisis, these costs may have been differential for increasing or decreasing the chances of incurring definitive businessinsolvency, depending on the specific circumstances of the economy and the legislation of each country. As no theory gives a global explanation to the insolvency of companies, this research aims to shed light on the effect that certain differential costs may have on the increased risk of failure of companies that, in other circumstances, would have been economically viable. They can be considered in the legislation or in the political-economic measures that are adopted in future crises and achieve with this at a higher level of efficiency inthe bankruptcy proceedings...
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Tesis inédita de la Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, leída el 05-11-2019