Predicting survival prospect of corporate restructuring in Korea

MinChoul Kim · Minho Kim · Ronald D. McNiel

15 citations0/0 files storedApplied Economics Letters

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Corporate Insolvency and Governance Corporate Finance and Governance Financial Distress and Bankruptcy Prediction

Abstract

The purpose of this article is to identify the success factors of corporate restructuring by studying the firms that have survived from the financial distress in South Korea. The logit analysis is used with the two qualitative variables of success and failure. Selected independent variables are firm risk, free asset, audit opinion, liquidity, firm size and period of existence. The results show that audit opinion, risk of the firm and firm size are the important variables in predicting the survival prospect of financially distressed firms. The percentage of correct prediction is 81.4% for the estimation sample.

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References

1968FINANCIAL RATIOS, DISCRIMINANT ANALYSIS AND THE PREDICTION OF CORPORATE BANKRUPTCY 1980Financial Ratios and the Probabilistic Prediction of Bankruptcy 1990DEVELOPMENT OF A CLASS OF STABLE PREDICTIVE VARIABLES: THE CASE OF BANKRUPTCY PREDICTION 2005Recent Changes in the Association between Bankruptcies and Prior Audit Opinions 1995CEO and director turnover in failing firms: An illusion of change?1977Forecasting Financial Failure: A Re-Examination 1999The Accuracy and Incremental Information Content of Audit Reports in Predicting Bankruptcy 2002Predicting Bankruptcy Resolution

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