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Vol. 93, No. 2 (Posted 2011-03-01)

Corporate Response to Distress: Evidence from the Asian Financial Crisis

by Rajdeep Sengupta and Mara Faccio

This paper provides a comprehensive examination of corporate responses to financial distress during an economy-wide crisis, specifically through the restructuring of assets (through asset sales, mergers, or liquidations) and/or liabilities. Using firm-level data from five countries hardest hit by the East Asian financial crisis of 1997-98, this study contrasts the effects that financial and corporate governance variables have on restructuring choices.

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