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The Diciplinary role of Bankruptcy Law to Protect Corporate Claim Holders’ Right.
Journal from JIPTUNMERPP / 2008-01-09 09:44:53
Oleh : Pramayanti M., Faculty_of_Economics_-_Merdeka_University_Malang (jurnaleknomi-feunmer@yahoo.com)
Dibuat : 2005-06-01, dengan file
Keyword : Bankruptcy law, creditors right, opportunistic beviour, corporate value.
This paper examines the diciplinary role of bankruptcy law to protect corporate claim right. Finance literature hightlights te conflict of interest between management, majority and minority share holders, and creditors. Majority shareholders potentially expropriates the wealth of minority shareholders and creditors through corporate policies. The study shows that creditors can make use of bankruptcy petition to penalize the management actions when the corporate business strategies fail. Such diciplinary action, however, depends on the reliability of bankruptcy law to provide protection for the corporate claim rights of minority holders. The developmnet of bankrupty law affects the way that corporations comfront bankrupty risks. A well functioning bankruptcy system should effectively influence the mutual trust of loan contracts, thus it controls opportunities behaviour. The study uses Indonesian data to find evidence on the effect of disciplinary role of bankruptcy law to provide protection for creditors rights.
Deskripsi Alternatif :This paper examines the diciplinary role of bankruptcy law to protect corporate claim right. Finance literature hightlights te conflict of interest between management, majority and minority share holders, and creditors. Majority shareholders potentially expropriates the wealth of minority shareholders and creditors through corporate policies. The study shows that creditors can make use of bankruptcy petition to penalize the management actions when the corporate business strategies fail. Such diciplinary action, however, depends on the reliability of bankruptcy law to provide protection for the corporate claim rights of minority holders. The developmnet of bankrupty law affects the way that corporations comfront bankrupty risks. A well functioning bankruptcy system should effectively influence the mutual trust of loan contracts, thus it controls opportunities behaviour. The study uses Indonesian data to find evidence on the effect of disciplinary role of bankruptcy law to provide protection for creditors rights.
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