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| Author: | Dewaelheyns, N. Hulle, C. van |
| Title: | Legal reform and aggregate small and micro business bankruptcy rates: evidence from the 1997 Belgian bankruptcy code |
| Journal: | Small business economics
2008 : DEC, VOL. 31:4, p. 409-424 |
| Index terms: | small business bankruptcy legislation Belgium Europe |
| Freeterms: | micro business |
| Language: | eng |
| Abstract: | There has been reforms in many continental European countries on their bankruptcy legislations to stimulate reorganization and firm survival. Implementing several international best practice recommendations, the Belgian 1997 bankruptcy code reform is shown to have significantly reduced aggregate small and micro business bankruptcy rates. However, it is found that the new code's impact is not the same for all types of companies. Specifically, while the beneficial effect of the reform is largely similar btw. small firms (that is, stock corporations) and micro firms (i.e. partnerships), it is only significant in certain industries of manufacturing and trade. In general, the results indicate that especially the measures taken to limit domino bankruptcy effects are likely to have a substantial impact. |
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