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    Ultimate Controllers, Ownership and the Probability of Insolvency in Financially Distressed Firms

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    Publication date
    2014
    Author
    Poletti-Hughes, Jannine
    Ozkan, Aydin
    Keyword
    Corporate ownership; Corporate control; Insolvency; Firms; Financial distress
    Peer-Reviewed
    yes
    
    Metadata
    Show full item record
    Abstract
    This paper investigates the impact of corporate ownership and control on the outcome of financial distress. It is argued that the likelihood of financial distress resulting in insolvency depends on whether firms have controllers, the type of controllers and their cash flow ownership. Using a sample of 484 UK firms, 81 of which filed for insolvency, we show that financially distressed firms with controllers are more likely to be insolvent than widely held firms, where the probability of insolvency is greater when controllers are family or financial institutions. However, the probability of insolvency reduces significantly as the controllers’ cash flow ownership increases beyond 10%
    URI
    http://hdl.handle.net/10454/11463
    Version
    No full-text in the repository
    Citation
    Poletti-Hughes J and Ozkan A (2014) Ultimate Controllers, Ownership and the Probability of Insolvency in Financially Distressed Firms. Managerial and Decision Economics. 35(1): 36–50.
    Link to publisher’s version
    http://dx.doi.org/10.1002/mde.2605
    Type
    Article
    Collections
    Management and Law Publications

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