Finansal sıkıntı maliyetleri ve yeniden yapılandırma sonrası şirket performansı
Özet
Financial Distress Costs and Corporate Performance AfterRestructuring?, Ph.D. Thesis, Advisor: Pro. Dr. Yüksel Koç Yalkın, 194 pages.ABSTRACTDue to a variety of reasons, corporates get into a financial distress by not being ableto make debt payment, caused mainly by insufficient amount of cash flow needed in duecourse. Such a financial distress or the possibility of getting into it may very well damagethe relation between the corporates and a group that may consists of suppliers, customers,creditors, and as well as other parties involved. This unpleasant situation may induce costsfor both the corporate and the stake holders. The knowledge of the extent that financialdistress costs are controversial in finance literature.The knowledge of the extent that financial distress costs may induce is very importantin decision making process on issues such as determining the risk premium levels for riskydebts and arrangements needed in bankruptcy code, as well as the decisions to be made onthe capital structure. As a result more research is being conducted to determine the effect offinancial distress costs and restructuring of the corporates on firms and the stake holdersaffiliated with the firms..In this study we consider the costs induced during the financial distress and changesthat occur in the performance level of corporates followed by their reorganization. Ourstudy consists of three sections. In the first section, financial distress and reorganizationare investigated from conceptual, economical and judicial point of view. Furthermore, thecause of financial distress, the importance of financial distress costs for capital structuredecisions and the reorganization processes that the the corporates under financial distressmay apply to.In Section two, the direct and indirect costs induced by the financial distress has beeninvestigated in connection with the results reported in the literature. Furthermore, theliterature on the the methods that can be used in the process of reorganization and theinfluence of such methods on the performance of the corporate are discussed in thissection.In section three, the corporates listed in ISE that experienced financial distress havebeen determined and the induced indirect financial costs have been investigated in terms ofthree criteria: changes in the sells, profit and market value. We reached at the conclusion,supporting those in the literature, that the corporates experience losses in their sells andprofits during the times of financial distress and that market regards the financial distressas a costly process and react by lowering the market value of the corporate.