caa a22 4500 445854308 CHVBK 20180317145423.0 cr unu---uuuuu 170323e20110801xx s 000 0 eng 10.1007/s00191-010-0192-2 doi (NATIONALLICENCE)springer-10.1007/s00191-010-0192-2 From distress to exit: determinants of the time to exit [Elektronische Daten] [Sofie Balcaen, Sophie Manigart, Hubert Ooghe] This paper analyses the duration of the time to exit of distressed firms, differentiating between court driven exits (mainly bankruptcies) and voluntary liquidations. It examines how long firms survive after initial signs of economic distress. The study is conducted on an extensive dataset of 5,233 Belgian distress-related exits of mature firms, the majority being privately held. The results highlight that slack resources have an opposite effect on the timing of court driven exits and voluntary liquidations. On the one hand, high levels of available and potential slack increase the time to court driven exit, as they allow distressed firms to postpone an impending court driven exit. On the other hand, high available slack resources shorten the time to voluntary liquidation, since they make voluntary liquidation easier. Further, a high level of stakeholder dependence increases the time to exit after distress, whether the firm exits through voluntary liquidation or through a court decided exit. This is explained by the fact that stakeholder dependence increases the complexity of the exit decision and the exit procedure. Springer-Verlag, 2010 Firm exit nationallicence Distress nationallicence Court driven exit nationallicence Voluntary liquidation nationallicence Slack resources nationallicence Stakeholders nationallicence Balcaen Sofie Department of Accountancy and Corporate Finance, Faculty of Economics and Business Administration, Ghent University, Kuiperskaai 55E, 9000, Ghent, Belgium aut Manigart Sophie Department of Accountancy and Corporate Finance, Ghent University, Kuiperskaai 55E, 9000, Ghent, Belgium aut Ooghe Hubert Vlerick Leuven Ghent Management School, Reep 1, 9000, Ghent, Belgium aut Journal of Evolutionary Economics Springer-Verlag 21/3(2011-08-01), 407-446 0936-9937 21:3<407 2011 21 191 https://doi.org/10.1007/s00191-010-0192-2 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s00191-010-0192-2 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Balcaen Sofie Department of Accountancy and Corporate Finance, Faculty of Economics and Business Administration, Ghent University, Kuiperskaai 55E, 9000, Ghent, Belgium aut NATIONALLICENCE 700 1- Manigart Sophie Department of Accountancy and Corporate Finance, Ghent University, Kuiperskaai 55E, 9000, Ghent, Belgium aut NATIONALLICENCE 700 1- Ooghe Hubert Vlerick Leuven Ghent Management School, Reep 1, 9000, Ghent, Belgium aut NATIONALLICENCE 773 0- Journal of Evolutionary Economics Springer-Verlag 21/3(2011-08-01), 407-446 0936-9937 21:3<407 2011 21 191 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer