Purpose

This paper aims to analyze the ex ante and ex post economic efficiency of the preventive agreement (concordato preventivo) or composition with creditors as defined by the Italian Bankruptcy Law. This study examines four possible outcomes of the procedure: homologation (confirmation); the degree of dissent/consent of creditors; the revocation, admissibility or inadmissibility; the declaration of the company bankruptcy in preventive agreement.

Design/methodology/approach

This paper uses data from 728 Italian companies which filed for preventive agreement in 2016. In reference to each of the four possible outcomes, this study applies nine logit regressions to analyze the effects of a series of efficiency variables ex ante (corporate-based drivers) and ex post (procedure-based drivers).

Findings

Results show the relevance of the debt structure, ownership structure and virtuous behavior, corporate governance and management systems, as well as effectivity of the court control on the preventive agreement outcome.

Originality/value

This paper draws on original data of bankruptcy in Italy and gives empirical evidence of the ex ante and ex post factors on the outcomes of the preventive agreement.

中文翻译：

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意大利预防性协议的效率：法律、经济和组织的角度

目的

本文旨在分析意大利破产法定义的与债权人达成的预防性协议 (concordato preventivo) 或组合的事前和事后经济效率。本研究检查了该程序的四种可能结果： 认证（确认）；债权人的异议/同意程度；撤销、可接纳或不可接纳；在预防协议中宣布公司破产。

设计/方法/方法

本文使用了 2016 年申请预防性协议的 728 家意大利公司的数据。 针对四种可能的结果中的每一种，本研究应用九个 logit 回归分析了一系列事前效率变量（基于企业的驱动因素）的影响和事后（基于程序的驱动程序）。

发现

结果显示了债务结构、所有权结构和道德行为、公司治理和管理制度的相关性，以及法院控制对预防性协议结果的有效性。

原创性/价值

本文借鉴意大利破产的原始数据，给出了事前和事后因素对预防性协议结果的实证证据。