This study explores determinants of voluntary administration (VA) and deed of company arrangement (DOCA) durations using unconditional quantile regression (UQR). Determinants’ effects are heterogeneous across the VA and DOCA distributions. Determinants related to complexity and negotiation, including size and debt restructuring existence, are positively and negatively related respectively to VA duration, and are stronger at longer durations. Insolvency firm expertise is negatively related to VA duration at shorter durations. Determinants related to scale and procedure, including size and accounting problems, are positively related to DOCA duration, and are stronger at longer durations. No determinants explain short DOCA durations. The UQR results uncovered other new empirical regularities.

本研究使用无条件分位数回归 (UQR) 探讨了自愿管理 (VA) 和公司安排契约 (DOCA) 持续时间的决定因素。决定因素的影响在 VA 和 DOCA 分布中是异质的。与复杂性和谈判相关的决定因素，包括规模和债务重组的存在，分别与 VA 持续时间正相关和负相关，并且在更长的持续时间中更强。在较短的期限内，破产公司的专业知识与 VA 期限呈负相关。与规模和程序相关的决定因素，包括规模和会计问题，与 DOCA 持续时间正相关，并且在更长的持续时间中更强。没有决定因素可以解释短期的 DOCA 持续时间。UQR 结果揭示了其他新的经验规律。