We analyze factors behind 23,213 distressed acquisitions in European emerging markets from 2007 to 2019. Besides the impact of financial ratios, legal form, ownership structure, firm size, and age, we emphasize the role of institutions and channels of their propagation. We show that the quality and enforcement of insolvency laws are linked with the lower probability of distressed acquisitions, followed by corruption control and progress in banking reforms. The impact of institutions is larger in less-advanced countries as compared to economically stronger ones. The effect of institutions increased after the financial crisis but declined as the economic situation improved.

我们分析了 2007 年至 2019 年欧洲新兴市场 23,213 起陷入困境的收购背后的因素。除了财务比率、法律形式、所有权结构、公司规模和年龄的影响之外，我们还强调了机构的作用和传播渠道。我们表明，破产法的质量和执行与不良收购的可能性较低有关，其次是腐败控制和银行业改革的进展。与经济实力较强的国家相比，制度对欠发达国家的影响更大。金融危机后制度效应增强，但随着经济形势好转而下降。