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DİREKT İFLAS MALİYETLERİ VE BU MALİYETLERİ ETKİLEYEN FAKTÖRLER ÜZERİNE LİTERATÜR İNCELEMESİ

Year 2009, Issue: 2, 0 - , 14.05.2015

Abstract

Finansal sıkıntı ve iflas sürecindeki şirketler, çeşitli direkt ve dolaylı maliyetlere katlanmaktadırlar. Bu
maliyetlerin karar almada etkili olacak kadar büyük olup olmadığı finans literatüründe tartışılan konulardan
biridir. Daha çok resmi iflas süreci içerisinde reorganizasyona giden veya tasfiye edilen şirketlerde
ortaya çıkan direkt iflas maliyetlerinin büyüklüğü, maliyetleri etkileyen faktörler ve ölçek ekonomisi etkisi
çeşitli çalışmalarda incelenmiştir. Çalışmamızda direkt iflas maliyetleri ile ilgili bulgular incelenmekte
olup, bu maliyetleri etkileyen faktörlerle ilgili amprik çalışmalardan oluşan yazın taramasından elde edilen
sonuçlar özetlenmektedir.

References

  • ALDERSON, Michael J. ve Brian L. BETKER (1996), “Liquidation Costs
  • And Accounting Data”, Financial Management, Vol:25, Issue 2, 25-36.
  • ALTMAN, E.I. (1984), "A Further Empirical Investigation of the Bankruptcy
  • Cost Question," Journal of Finance,Vol:39, No:4, 1067-1089.
  • ANDRADE, Gregor ve Steven KAPLAN (1998), “How Costly Financial
  • (Not Economic) Distress? Evidence From HLT That Become Distress”, The Journal
  • of Finance, Vol.53, No.5, 1143-1495.
  • ANG, James S., Jess H.CHUA ve John J. MCCONNELL (1982),“The
  • Administrative Costs of Corporate Bankruptcy:A Note"Journal of
  • Finance,Vol:37,No1,219-226.
  • ATALAY, Oğuz (2003) “İflasın Ertelenmesi”, Bankacılar Dergisi, Sayı. 47
  • BALDWIN, John, Tara GRAY, Joanne JOHNSON, Jody PROCTOR,
  • Mohammed RAFIQUZZAMAN ve David SABOURIN (1997), Failing Concerns:
  • Business Bankruptcy in Canada, Statistics Canada, Catalogue no. 61-525-XIE, İnt.Adresi:.http://dsp-psd.tpsgc.gc.ca/Collection/Statcan/61-525-X/61-525-
  • XIE1997001.pdf, 04/07/2004.
  • BETKER, Brian L. (1997) “The Administrative Costs of Debt
  • Restructurings:Some Recent Evidence”, Financial Management, Vol:26, No:4, 56-
  • -
  • BETKER, Brian L. (1995). "An Empirical Examination of Prepackaged
  • Bankruptcy," Financial Management, Voi. 24, No: 1, 3-18.
  • BRADBURY, Michael E, Suzanne LLOYD (1994), “An Estimate Of The
  • Direct Costs Of Bankruptcy In New Zealand” Asia Pacific Journal Of Management,
  • Vol: 11, No: 1, 103-111.
  • BRANCH, Ben (2002) “The Costs of Bankturptcy: A Review”, International
  • Review of Financial Analysis, Vol:11, 39-57.
  • BRIS, Arturo, Ivo WELCH, ve Ning ZHU (2006), “The Costs of
  • Bankruptcy: Chapter 7 Liquidation versus Chapter 11 Reorganization” The Journal
  • of Finance, Vol: 61, No: 3, 1253-1303.
  • CAMPBELL, Steven V. (1997), “An Investigation of the Direct Costs of
  • Bankruptcy Reorganization for Closely Held Firms” Journal Of Small Business
  • Management internet adresi: http://www.allbusiness.com/buying-exitingbusinesses/
  • exiting-a-business-bankruptcy/633103-1.html, 15/10/2008.
  • CLAESSENS, Stijn, Simeon DJANKOV ve Leora KLAPPER(2003),
  • “Resolution of corporate distress in East Asia”, Journal of Empirical Finance,
  • Vol.10,100-216.
  • COŞKUN, Ender (2006), Finansal Sıkıntı Maliyetleri ve Yeniden Yapılandırma
  • Sonrası Şirket Performansı, Ankara Üniversitesi Sosyal Bilimler Enstitüsü,
  • Yayınlanmamış Doktora Tezi.
  • COUWENBERG, Oscar ve Abe de JONG (2008), “Costs and recovery rates
  • in the Dutch liquidation-based bankruptcy system” Eur. J.Law. Econ. Vol: 26,105–
  • -
  • DEIS, Donald R., Darly M. GUFFEY ve William T. MOORE (1995),
  • “Further Evidence on Relationship Between Bankruptcy Cost and Firm Size”,
  • Quarterly Journal of Business and Economics, Vol: 34, No:1, 69-79.
  • FISHER, Timothy C. G. and Jocelyn MARTEL (2005) “The Irrelevance of
  • Direct Bankruptcy Costs to the Firm’s Financial Reorganization Decision” Journal
  • of Empirical Legal Studies, Vol: 2, Issue: 1, 151–169.
  • GILSON, Stuart C., Kose JOHN ve Larry H.P. LANG (1990), “ Troubled
  • Debt Restructurings- An Empricial Study of Private Reorganization of Firms in
  • Default”, Journal of Financial Economics, No: 27, 315-353.
  • GUFFEY, Daryl ve William T. MOORE (1991), “Direct Bankruptcy Costs:
  • Evidence from the Trucking Industry”, The Financial Review, Vol:26, No:2;223-
  • -
  • KURU, Baki, RAMAZAN Arslan ve EJDER Yılmaz (2002), İcra ve İflas
  • Hukuku, Genişletilmiş 15. Baskı, Yetkin Yayınları, Ankara,
  • LAWLESS Robert M. ve Stephen P. FERRIS (1997) “Professional Fees and
  • Other Direct Costs in Chapter 7 Business Liquidations”,Washington U.Law
  • Quarterly, Vol:75, No:3. İnternet adresi: http://lawreview.wustl.edu/inprint/75-
  • /753-3.html
  • LAWLESS Robert M. ve Stephen P. FERRIS (1998), “Direct Costs in
  • Chapter 11 Bankruptcies”, ,
  • http://papers.ssrn.com/sol3/papers.cfm?abstract_id=113470
  • LOPUCKI Lynn M. ve Joseph W. DOHERTY(2004), “The Determinants of
  • Professional Fees in Large Bankruptcy Reorganization Cases”, Journal of Empirical
  • Legal Studies, Vol:1, Issue:1. 111-141.
  • LUBBEN, Stephen J. (2000), “The Direct Costs of Corporate
  • Reorganization: An Empirical Examination of Professional Fees in Large Chapter
  • Cases”, American Bankruptcy Law Journal, Vol:74, 508–552.
  • PEKCANITEZ, Hakan, Oğuz ATALAY, Meral SUNGURTEKİN ÖZKAN
  • ve Muhammet ÖZEKES (2005), İcra ve İflas Hukuku, 3. Baskı, Yetkin Yayınları,
  • Ankara.
  • RAVID S. Abraham ve Stefan SUNDGREND (1998), “ The Comparative
  • Efficiency of Small- Firm Bankruptcies: A Study of the US and Finnish Bankruptcy
  • Codes” Financial Management, Vol: 27, No: 4, 28 – 40.
  • SAYILGAN, Güven (2003)., Soru ve Yanıtlarıyla İşletme Finansmanı, Turhan
  • Kitabevi, Ankara,
  • TASHJIAN, E., Ronald C. LEASE, and John J. MCCONNELL (1996),
  • "Prepacks An Empirical Analysis of Prepackaged Bankruptcies," Journal of
  • Financial Economics, 40 ; ss:135-162
  • TAŞPINAR AYVAZ, Sema (2005), İcra İflas Hukukunda Yeniden Yapılandırma,
  • Yetkin Yayınları, Ankara.
  • THORBURN, Karin S.( 2000), “Bankruptcy Auctions: Costs, Debt
  • Recovery, And Firm Survival”, Journal Of Financial Economics 58, 337–368.
  • WARNER, Jerold B. (1977), "Bankruptcy Costs: Some Evidence," Journal of
  • Finance Vol; 32, No:2, 337-347.
  • WEIS, Lawrence A. (1996), “Bankruptcy Resolution: Direct Cost And
  • Violation Of Priority Of Claims”, Ed: Jagdeep S. Bhandari ve Lawrence A. Weiss,
  • Corporate Bankruptcy içinde, Cambridge University Pres.
  • WHITAKER Richard B. (1999), “The Early Stages of Financial Distress”,
  • Journal of Economics and Finance, Vol. 23, No.2,123-133.
  • WHITE, Michelle J. (1996), “The Cost of Corporate Bankruptcy: A U.S.-
  • European Comparison”, Ed: Jagdeep S. Bhandari ve Lawrence A. Weiss, Corporate
  • Bankruptcy içinde, Cambridge University Pres.
  • WRUCK, Karen Hopper (1990), “Financial Distress, Reorganization and
  • Organizational Efficiency”, Journal of Financial Economics, Vol:27,419-444.
Year 2009, Issue: 2, 0 - , 14.05.2015

Abstract

References

  • ALDERSON, Michael J. ve Brian L. BETKER (1996), “Liquidation Costs
  • And Accounting Data”, Financial Management, Vol:25, Issue 2, 25-36.
  • ALTMAN, E.I. (1984), "A Further Empirical Investigation of the Bankruptcy
  • Cost Question," Journal of Finance,Vol:39, No:4, 1067-1089.
  • ANDRADE, Gregor ve Steven KAPLAN (1998), “How Costly Financial
  • (Not Economic) Distress? Evidence From HLT That Become Distress”, The Journal
  • of Finance, Vol.53, No.5, 1143-1495.
  • ANG, James S., Jess H.CHUA ve John J. MCCONNELL (1982),“The
  • Administrative Costs of Corporate Bankruptcy:A Note"Journal of
  • Finance,Vol:37,No1,219-226.
  • ATALAY, Oğuz (2003) “İflasın Ertelenmesi”, Bankacılar Dergisi, Sayı. 47
  • BALDWIN, John, Tara GRAY, Joanne JOHNSON, Jody PROCTOR,
  • Mohammed RAFIQUZZAMAN ve David SABOURIN (1997), Failing Concerns:
  • Business Bankruptcy in Canada, Statistics Canada, Catalogue no. 61-525-XIE, İnt.Adresi:.http://dsp-psd.tpsgc.gc.ca/Collection/Statcan/61-525-X/61-525-
  • XIE1997001.pdf, 04/07/2004.
  • BETKER, Brian L. (1997) “The Administrative Costs of Debt
  • Restructurings:Some Recent Evidence”, Financial Management, Vol:26, No:4, 56-
  • -
  • BETKER, Brian L. (1995). "An Empirical Examination of Prepackaged
  • Bankruptcy," Financial Management, Voi. 24, No: 1, 3-18.
  • BRADBURY, Michael E, Suzanne LLOYD (1994), “An Estimate Of The
  • Direct Costs Of Bankruptcy In New Zealand” Asia Pacific Journal Of Management,
  • Vol: 11, No: 1, 103-111.
  • BRANCH, Ben (2002) “The Costs of Bankturptcy: A Review”, International
  • Review of Financial Analysis, Vol:11, 39-57.
  • BRIS, Arturo, Ivo WELCH, ve Ning ZHU (2006), “The Costs of
  • Bankruptcy: Chapter 7 Liquidation versus Chapter 11 Reorganization” The Journal
  • of Finance, Vol: 61, No: 3, 1253-1303.
  • CAMPBELL, Steven V. (1997), “An Investigation of the Direct Costs of
  • Bankruptcy Reorganization for Closely Held Firms” Journal Of Small Business
  • Management internet adresi: http://www.allbusiness.com/buying-exitingbusinesses/
  • exiting-a-business-bankruptcy/633103-1.html, 15/10/2008.
  • CLAESSENS, Stijn, Simeon DJANKOV ve Leora KLAPPER(2003),
  • “Resolution of corporate distress in East Asia”, Journal of Empirical Finance,
  • Vol.10,100-216.
  • COŞKUN, Ender (2006), Finansal Sıkıntı Maliyetleri ve Yeniden Yapılandırma
  • Sonrası Şirket Performansı, Ankara Üniversitesi Sosyal Bilimler Enstitüsü,
  • Yayınlanmamış Doktora Tezi.
  • COUWENBERG, Oscar ve Abe de JONG (2008), “Costs and recovery rates
  • in the Dutch liquidation-based bankruptcy system” Eur. J.Law. Econ. Vol: 26,105–
  • -
  • DEIS, Donald R., Darly M. GUFFEY ve William T. MOORE (1995),
  • “Further Evidence on Relationship Between Bankruptcy Cost and Firm Size”,
  • Quarterly Journal of Business and Economics, Vol: 34, No:1, 69-79.
  • FISHER, Timothy C. G. and Jocelyn MARTEL (2005) “The Irrelevance of
  • Direct Bankruptcy Costs to the Firm’s Financial Reorganization Decision” Journal
  • of Empirical Legal Studies, Vol: 2, Issue: 1, 151–169.
  • GILSON, Stuart C., Kose JOHN ve Larry H.P. LANG (1990), “ Troubled
  • Debt Restructurings- An Empricial Study of Private Reorganization of Firms in
  • Default”, Journal of Financial Economics, No: 27, 315-353.
  • GUFFEY, Daryl ve William T. MOORE (1991), “Direct Bankruptcy Costs:
  • Evidence from the Trucking Industry”, The Financial Review, Vol:26, No:2;223-
  • -
  • KURU, Baki, RAMAZAN Arslan ve EJDER Yılmaz (2002), İcra ve İflas
  • Hukuku, Genişletilmiş 15. Baskı, Yetkin Yayınları, Ankara,
  • LAWLESS Robert M. ve Stephen P. FERRIS (1997) “Professional Fees and
  • Other Direct Costs in Chapter 7 Business Liquidations”,Washington U.Law
  • Quarterly, Vol:75, No:3. İnternet adresi: http://lawreview.wustl.edu/inprint/75-
  • /753-3.html
  • LAWLESS Robert M. ve Stephen P. FERRIS (1998), “Direct Costs in
  • Chapter 11 Bankruptcies”, ,
  • http://papers.ssrn.com/sol3/papers.cfm?abstract_id=113470
  • LOPUCKI Lynn M. ve Joseph W. DOHERTY(2004), “The Determinants of
  • Professional Fees in Large Bankruptcy Reorganization Cases”, Journal of Empirical
  • Legal Studies, Vol:1, Issue:1. 111-141.
  • LUBBEN, Stephen J. (2000), “The Direct Costs of Corporate
  • Reorganization: An Empirical Examination of Professional Fees in Large Chapter
  • Cases”, American Bankruptcy Law Journal, Vol:74, 508–552.
  • PEKCANITEZ, Hakan, Oğuz ATALAY, Meral SUNGURTEKİN ÖZKAN
  • ve Muhammet ÖZEKES (2005), İcra ve İflas Hukuku, 3. Baskı, Yetkin Yayınları,
  • Ankara.
  • RAVID S. Abraham ve Stefan SUNDGREND (1998), “ The Comparative
  • Efficiency of Small- Firm Bankruptcies: A Study of the US and Finnish Bankruptcy
  • Codes” Financial Management, Vol: 27, No: 4, 28 – 40.
  • SAYILGAN, Güven (2003)., Soru ve Yanıtlarıyla İşletme Finansmanı, Turhan
  • Kitabevi, Ankara,
  • TASHJIAN, E., Ronald C. LEASE, and John J. MCCONNELL (1996),
  • "Prepacks An Empirical Analysis of Prepackaged Bankruptcies," Journal of
  • Financial Economics, 40 ; ss:135-162
  • TAŞPINAR AYVAZ, Sema (2005), İcra İflas Hukukunda Yeniden Yapılandırma,
  • Yetkin Yayınları, Ankara.
  • THORBURN, Karin S.( 2000), “Bankruptcy Auctions: Costs, Debt
  • Recovery, And Firm Survival”, Journal Of Financial Economics 58, 337–368.
  • WARNER, Jerold B. (1977), "Bankruptcy Costs: Some Evidence," Journal of
  • Finance Vol; 32, No:2, 337-347.
  • WEIS, Lawrence A. (1996), “Bankruptcy Resolution: Direct Cost And
  • Violation Of Priority Of Claims”, Ed: Jagdeep S. Bhandari ve Lawrence A. Weiss,
  • Corporate Bankruptcy içinde, Cambridge University Pres.
  • WHITAKER Richard B. (1999), “The Early Stages of Financial Distress”,
  • Journal of Economics and Finance, Vol. 23, No.2,123-133.
  • WHITE, Michelle J. (1996), “The Cost of Corporate Bankruptcy: A U.S.-
  • European Comparison”, Ed: Jagdeep S. Bhandari ve Lawrence A. Weiss, Corporate
  • Bankruptcy içinde, Cambridge University Pres.
  • WRUCK, Karen Hopper (1990), “Financial Distress, Reorganization and
  • Organizational Efficiency”, Journal of Financial Economics, Vol:27,419-444.
There are 95 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Ender Coşkun This is me

Publication Date May 14, 2015
Published in Issue Year 2009 Issue: 2

Cite

APA Coşkun, E. (2015). DİREKT İFLAS MALİYETLERİ VE BU MALİYETLERİ ETKİLEYEN FAKTÖRLER ÜZERİNE LİTERATÜR İNCELEMESİ. Uluslararası İktisadi Ve İdari İncelemeler Dergisi(2). https://doi.org/10.18092/ijeas.38029

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