Voluntary liquidation: When is it financially profitable?
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Opublikowane:
lip 27, 2019
Słowa kluczowe:
liquidation, bankruptcy, merger, acquisition
Main Article Content
Abstrakt
The aim of this article is to offer insight into a concept making it possible to assess the financial rationality of the voluntary liquidation of businesses. The author of the study presents a decision-making algorithm that should be applied before deciding to voluntarily liquidate a business entity. The algorithm is based on the concept of Value Based Management (VBM), and the related calculations have been performed following the basic rules of mathematical finance. The presented solution is also based on the calculation of free cash flow generated by an enterprise for its owners and on investigating the relationship between the said cash flow and the rate of return expected to be attained by the enterprise’s owners. Because no such models are given or discussed in the literature covering the subject matter, it appears that the proposed solution may become a valuable tool to improve the process of making a decision in the scope of voluntary liquidation of an enterprise.
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Article Details
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Wnuczak, P. (2019). Voluntary liquidation: When is it financially profitable?. Journal of Management and Financial Sciences, (34), 51–75. https://doi.org/10.33119/JMFS.2018.34.3
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Bibliografia
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3. Altman E. I., 1993. Corporate Financial Distress and Bankruptcy. New York: John Wiley & Sons.
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Vol. 37, pp. 33–41.
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7. Bandopadhyaya A., 1994. An estimation of the hazard rate of firms under Chapter 11 protection. The Review of Economics and Statistics, Vol. 76, No. 2, pp. 346–350.
8. Berkovitch E., Kim EH., 1990. Financial Contracting and Leverage Induced Over- and Under-Investment Incentives, Journal of Finance¸ Vol. 45, No. 3, pp. 765–794.
9. Bianchi M., 2012. Financial development, entrepreneurship, and job satisfaction. Review of Economics and Statistics, Vol. 94, No. 1, pp. 273–286.
10. Blanchflower DG., Oswald A. J., 1998. What makes an entrepreneur? Journal of Labor Economics, Vol. 16, No. 1, pp. 26–60.
11. Blume M. E., 1971. On the assessment of risk. The Journal of Finance, Vol. 26, No. 1, pp. 1–10.
12. Blume M. E., 1975. Beta and the regression tendencies. The Journal of Finance, Vol. 30, No. 1, pp. 785–795.
13. Bradley D. E., Roberts J. A., 2004. Self-employment and job satisfaction: investigating the role of self-efficacy, depression, and seniority. Journal of Small Business Management, Vol. 42,
No. 1, pp. 37–58.
14. Burgstahler D. C., Dichev ID., 1997. Earnings, Adaptation and Equity Value. The Accounting Review, Vol. 72, No. 2, pp. 187–215.
15. Chen Y., Weston J. F., Altman E. I., 1995. Financial Distress and Restructuring Models. Financial Management, Vol. 24, No. 2, pp. 57–75.
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28. Ghosh C., Owers J. E., Rogers R. C., 1991. The financial characteristics associated with voluntary liquidations. Journal of Business Finance and Accounting, Vol. 18, No. 6, pp. 773–789.
29. Ghysels E., 1998. On stable factor structures in the pricing of risk: do time-varying betas help or hurt? The Journal of Finance, Vol. 53, No. 2, pp. 549–573.
30. Harhoff D., Stahl K., Woywode M., 1998. Legal form, growth and exit of West German firms: empirical results for manufacturing, construction, trade and service industries. The Journal
of Industrial Economics, Vol. 46, No. 4, pp. 453–488.
31. Hessels J., Rietveld C. A., der Zwan V. P., 2017. Self-employment and work-related stress: the mediating role of job control and job demand. Journal of Business Venturing, Vol. 32, No. 2,
pp. 178–196.
32. Higgins R. C., 1995. Analysis for Financial Management. Chicago: Irwin.
33. Hite GL., Owers J. E., Rogers R. C., 1987. The market for interfirm asset sales: Partial sell-offs and total liquidations. Journal of Financial Economics, Vol. 18, No. 2, pp. 229–252.
34. Hunsaker J., 1999. The Role of Debt and Bankruptcy Statutes in Facilitating Tacit Collusion. Managerial and Decision Economics, Vol. 20, No. 1, pp. 9–24.
35. Ingram M., Margetis S., 2010. A practical method to estimate the cost of equity capital for a firm using cluster analysis, Managerial Finance, Vol. 36, No. 2, pp. 160–167.
36. Jackowicz K., Mielcarz P., Wnuczak P., 2017. Fair value, equity cash flow and project finance valuation: ambiguities and a solution. Managerial Finance, Vol. 43, No. 8, pp. 914–927.
37. Jaki A., 2012. Kategoria wartości w niemieckich i anglosaskich standardach wyceny. Zeszyty Naukowe Uniwersytetu Szczecińskiego, Finanse, Rynki Finansowe, Ubezpieczenia, Vol. 51,
pp. 553–560.
38. Jensen M. C., Meckling WH., 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure, Journal of Financial Economics, Vol. 3, No. 4, pp. 305–360.
39. John K., 1993. Managing Financial Distress and Valuing Distressed Securities: A Survey and a Research Agenda, Financial Management, Vol. 22, no. 3, pp. 60–78.
40. Jones F. L., 1987. Current techniques in bankruptcy prediction. Journal of Accounting Literature, Vol. 6, pp. 131–164.
41. Jones S., Hensher D. A., 2007. Modelling corporate failure: A multinomial nested logit analysis for unordered outcomes. The British Accounting Review, Vol. 39, No. 1, pp. 89–107.
42. Kanatas, G. and Jianping Qi, 2004. Imperfect competition, debt, and exit. Financial Management, Vol. 33, No. 2, pp. 29–49.
43. Kim H. E., Schatzberg J. D., 1987. Voluntary corporate liquidations. Journal of Financial Economics, Vol. 19, No. 2, pp. 311–328.
44. Li K., 1999. Bayesian analysis of duration models: an application to Chapter 11 bankruptcy. Economics Letters, Vol. 63, No. 3, pp. 305–312.
45. Lintner J., 1965. The valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets. The Review of Economics and Statistics, Vol. 47, No. 1, pp. 13–37.
46. Liu J., Switzer L., 2010. Liquidity Risk, Firm Risk, and Issue Risk Premium Effects on the Abnormal Returns to New Issues of Convertible Bonds. International Journal of Business,
Vol. 15, No. 3, pp.333–346.
47. Mandl G., Rabel K., 1997. Unternehmensbewertung. Wien, Frankfurt: Ueberreuter.
48. Matschke MJ., Brősel G., 2011. Wycena przedsiębiorstwa, funkcje, metody, zasady. Warszawa: Wolters Kluwer Polska.
49. Matschke MJ., Brősel G., Matschke X., 2010. Fundamentals of Functional Business Valuation. Journal of Business Valuation and Economic Loss Analysis, Vol. 5, No. 1, pp. 1–39.
50. Michalak A., 2012. Ograniczenia modelu CAPM i alternatywne propozycje w zakresie wyceny kosztu kapitału własnego przedsiębiorstw górniczych, Zeszyty Naukowe Uniwersytetu Szczecińskiego, Finanse, Rynki Finansowe, Ubezpieczenia, Vol. 51, pp. 583–593.
51. Michalak A., 2014. Klasyczne a innowacyjne metody szacowania kosztu kapitału własnego przedsiębiorstwa. Studia Ekonomiczne, Vol. 186, No. 2, pp. 27–37.
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53. Mielcarz P., Wnuczak P., 2011. DCF Fair Value Valuation, Excessive Assets and Hidden Inefficiencies, Contemporary Economics, Vol. 5, No. 4, pp. 44–57.
54. Mierzejewska W., 2014. Holdings’ Level of Complexity During the Crisis. Journal of Management and Financial Sciences, Vol. 7, No. 18, pp. 35–48.
55. Myers S. C., 1974. Interactions of Corporate Financing and Investment Decisions – Implications for Capital Budgeting. Journal of Finance, Vol. 29, No. 1, pp. 1–25.
56. Myers S. C., 1977. Determinants of Corporate Borrowing. Journal of Financial Economics, Vol. 5, No. 2, pp. 147–175.
57. Nel W. S., 2009. Methods of choice in the valuation of ordinary shareholders equity: evidence from theory and practice. Meditari Accountancy Research, Vol. 17, No. 2, pp. 117–135.
58. Orbe J., Ferreira E, Núñez-Antón V., 2001. Modelling the duration of firms in Chapter 11 bankruptcy using a flexible model. Economics Letters, Vol. 71, No. 1, pp. 35–42.
59. Pastena V., Ruland W., 1986. The merger/bankruptcy alternative. The Accounting Review, Vol. 61, No. 2, pp. 288–301.
60. Peel M. J., Wilson N., 1989. The liquidation/merger alternative: some results for the UK corporate sector. Managerial and Decision Economics, Vol. 10, No. 3, pp. 209–220.
61. Phama T., Talaverab O., Zhang M., 2018. Self-employment, financial development, and wellbeing: Evidence from China, Russia, and Ukraine. Journal of Comparative Economics, in press.
62. Pike R., Neale B., 2003. Corporate Finance and Investment: Decisions and Strategies. London: Prentice Hall.
63. Plenborg T., 2002. Firm valuation: comparing the residual income and discounted cash flow approaches. Scandinavian Journal of Management, Vol. 18, No. 3, pp. 303–318.
64. Poborský F., 2015. Fundamentals of the Liquidation Method of Business Valuation. Procedia Economics and Finance, Vol. 25, pp. 386–393.
65. Poletti-Hughesa J., Ozkanb A., 2014. Ultimate Controllers, Ownership and the Probability of Insolvency in Financially Distressed Firms. Managerial and Decision Economics, Vol. 35,
No. 1, pp. 36–50.
66. Pratt S. P., 1989. Defining Standards of Value. Valuation, Vol. 34, No. 2, pp. 4–12.
67. Rappaport A., 1986. Creating Shareholders Value: a guide for Managers and Investors. New York Simon&Schuster, Inc.
68. Romanowska M., 2014. Strategic Responses to the Crisis. Journal of Management and Financial Sciences, Vol. 7, No. 18, pp. 13–23.
69. Schary M., 1991. The probability of exit. RAND Journal of Economics, Vol. 22, No. 3, pp. 339–353.
70. Scott J., 1981. The probability of bankruptcy: a comparison of empirical predictions and theoretical models. Journal of Banking and Finance, Vol. 5, No. 3, pp. 317–344.
71. Sharpe W., 1964. Capital asset prices: A theory of market equilibrium under conditions of risk. The Journal of Finance, Vol. 19, No. 3, pp. 425–442.
72. Shil N. C., 2009. Performance Measures: An Application of Economic Value Added. International Journal of Business and Management, Vol. 4, No. 3, pp. 169–177.
73. Skantz T. R., Marchesini R., 1987. The effect of voluntary corporate liquidation on shareholder wealth. Journal of Financial Research, Vol. 10, No. 1, pp. 65–75.
74. Stewart G. B., 1990. The Quest for Value: the EVA management guide. Harper Business: New York.
75. Stewart G. B., 1991. The Quest for Value. USA: Harper Collins Publisher, Inc..
76. Sullivan CE., Crutchley D, Johnson, J., 1997. Motivation for voluntary corporate liquidations: Distress, agency conflicts, and shareholder gain. Quarterly Journal of Business and Economics,
36 (2), pp. 3–18.
77. Wnuczak P., Mielcarz P., 2009. Wpływ czynników fundamentalnych na kapitalizację spółek giełdowych, Zeszyty Naukowe Uniwersytetu Szczecińskiego. Finanse, Rynki finansowe, Ubezpieczenia, Vol. 17, pp. 275–287.
78. Wnuczak P., 2011. Zastosowanie ekonomicznej wartości dodanej (EVA) w procesie optymalizacji struktury kapitału przedsiębiorstwa. Zeszyty Naukowe Uniwersytetu Szczecińskiego,
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Vol. 25, pp. 429–437.
2. Altman E. I., 1984. A further empirical investigation of the bankruptcy cost question. Journal of Finance, Vol. 39, No. 4, pp. 1067–1089.
3. Altman E. I., 1993. Corporate Financial Distress and Bankruptcy. New York: John Wiley & Sons.
4. Amendola A., Restaino M., Sensini L., 2015. An analysis of the determinants of financial distress in Italy: A competing risks approach. International Review of Economics and Finance,
Vol. 37, pp. 33–41.
5. Balcaen S., Manigart S., Ooghe H., 2011. From distress to exit: determinants of the time to exit. Journal of Evolutionary Economics, Vol. 21, No. 3, pp. 407–446.
6. Balcaen S., Manigart S., Buyze J., Ooghe H., 2012. Firm exit after distress: differentiating between bankruptcy, voluntary liquidation and M&A. Small Business Economics, Vol. 39,
No. 4, pp. 949–975.
7. Bandopadhyaya A., 1994. An estimation of the hazard rate of firms under Chapter 11 protection. The Review of Economics and Statistics, Vol. 76, No. 2, pp. 346–350.
8. Berkovitch E., Kim EH., 1990. Financial Contracting and Leverage Induced Over- and Under-Investment Incentives, Journal of Finance¸ Vol. 45, No. 3, pp. 765–794.
9. Bianchi M., 2012. Financial development, entrepreneurship, and job satisfaction. Review of Economics and Statistics, Vol. 94, No. 1, pp. 273–286.
10. Blanchflower DG., Oswald A. J., 1998. What makes an entrepreneur? Journal of Labor Economics, Vol. 16, No. 1, pp. 26–60.
11. Blume M. E., 1971. On the assessment of risk. The Journal of Finance, Vol. 26, No. 1, pp. 1–10.
12. Blume M. E., 1975. Beta and the regression tendencies. The Journal of Finance, Vol. 30, No. 1, pp. 785–795.
13. Bradley D. E., Roberts J. A., 2004. Self-employment and job satisfaction: investigating the role of self-efficacy, depression, and seniority. Journal of Small Business Management, Vol. 42,
No. 1, pp. 37–58.
14. Burgstahler D. C., Dichev ID., 1997. Earnings, Adaptation and Equity Value. The Accounting Review, Vol. 72, No. 2, pp. 187–215.
15. Chen Y., Weston J. F., Altman E. I., 1995. Financial Distress and Restructuring Models. Financial Management, Vol. 24, No. 2, pp. 57–75.
16. Copeland T., Koller T., Murrin J., 1990. Valuation: Measuring and Managing the Value of Companies. New York: John Wiley & Sons.
17. Couwenberg O., de Jong A., 2008. Costs and recovery rates in the Dutch liquidation-based bankruptcy system. European Journal of Law and Economics, Vol. 26, No. 2, pp. 105–127.
18. Damodaran A., 2006. Damodaran on Valuation: Security Analysis for Investment and Corporate Finance. Hoboken: John Wiley & Sons.
19. Delaney K. J., 1991. Strategic Bankruptcy: How Corporations and Creditors Use Chapter 11 to their Advantage. Berkeley: University of California Press.
20. Denis D. K., Rodgers K. J., 2007. Chapter 11: duration, outcome, and post-reorganization performance. Journal of Financial and Quantitative Analysis, Vol. 42, No. 1, pp. 101–118.
21. Erwin G. R., McConnell J. J., 1997. To live or let die? An empirical analysis of piecemeal voluntary corporate liquidations. Journal of Corporate Finance, Vol. 3, No. 4, pp. 325–354.
22. Fama E. F.., French K. R., 1992. The cross-section of expected stock returns. The Journal of Finance, Vol. 47, No. 2, pp. 427–465.
23. Fan H., Sundaresan S. M., 2000. Debt valuation, strategic debt service, and optimal dividend policy. Review of Financial Studies, Vol. 13, No. 4, pp. 1057–1099.
24. Fernández P., 2007. Valuing companies by cash flow discounting: ten methods and nine theories. Managerial Finance, Vol. 33, No. 11, pp. 853–876.
25. Ferson W. E., Harvey C. R., 1991. The variation of economic risk premiums. Journal of Political Economy, Vol. 99, No. 2, pp. 385–415.
26. Francois P., Morellec E., 2004. Capital structure and asset prices: Some effects of bankruptcy procedures. Journal of Business, Vol. 77, No. 2, pp. 387–411.
27. Galai D., Raviv A., Wiener Z., 2017. Liquidation triggers and the valuation of equity and debt. Journal of Banking & Finance, Vol. 31, No. 12, pp. 3604–3620.
28. Ghosh C., Owers J. E., Rogers R. C., 1991. The financial characteristics associated with voluntary liquidations. Journal of Business Finance and Accounting, Vol. 18, No. 6, pp. 773–789.
29. Ghysels E., 1998. On stable factor structures in the pricing of risk: do time-varying betas help or hurt? The Journal of Finance, Vol. 53, No. 2, pp. 549–573.
30. Harhoff D., Stahl K., Woywode M., 1998. Legal form, growth and exit of West German firms: empirical results for manufacturing, construction, trade and service industries. The Journal
of Industrial Economics, Vol. 46, No. 4, pp. 453–488.
31. Hessels J., Rietveld C. A., der Zwan V. P., 2017. Self-employment and work-related stress: the mediating role of job control and job demand. Journal of Business Venturing, Vol. 32, No. 2,
pp. 178–196.
32. Higgins R. C., 1995. Analysis for Financial Management. Chicago: Irwin.
33. Hite GL., Owers J. E., Rogers R. C., 1987. The market for interfirm asset sales: Partial sell-offs and total liquidations. Journal of Financial Economics, Vol. 18, No. 2, pp. 229–252.
34. Hunsaker J., 1999. The Role of Debt and Bankruptcy Statutes in Facilitating Tacit Collusion. Managerial and Decision Economics, Vol. 20, No. 1, pp. 9–24.
35. Ingram M., Margetis S., 2010. A practical method to estimate the cost of equity capital for a firm using cluster analysis, Managerial Finance, Vol. 36, No. 2, pp. 160–167.
36. Jackowicz K., Mielcarz P., Wnuczak P., 2017. Fair value, equity cash flow and project finance valuation: ambiguities and a solution. Managerial Finance, Vol. 43, No. 8, pp. 914–927.
37. Jaki A., 2012. Kategoria wartości w niemieckich i anglosaskich standardach wyceny. Zeszyty Naukowe Uniwersytetu Szczecińskiego, Finanse, Rynki Finansowe, Ubezpieczenia, Vol. 51,
pp. 553–560.
38. Jensen M. C., Meckling WH., 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure, Journal of Financial Economics, Vol. 3, No. 4, pp. 305–360.
39. John K., 1993. Managing Financial Distress and Valuing Distressed Securities: A Survey and a Research Agenda, Financial Management, Vol. 22, no. 3, pp. 60–78.
40. Jones F. L., 1987. Current techniques in bankruptcy prediction. Journal of Accounting Literature, Vol. 6, pp. 131–164.
41. Jones S., Hensher D. A., 2007. Modelling corporate failure: A multinomial nested logit analysis for unordered outcomes. The British Accounting Review, Vol. 39, No. 1, pp. 89–107.
42. Kanatas, G. and Jianping Qi, 2004. Imperfect competition, debt, and exit. Financial Management, Vol. 33, No. 2, pp. 29–49.
43. Kim H. E., Schatzberg J. D., 1987. Voluntary corporate liquidations. Journal of Financial Economics, Vol. 19, No. 2, pp. 311–328.
44. Li K., 1999. Bayesian analysis of duration models: an application to Chapter 11 bankruptcy. Economics Letters, Vol. 63, No. 3, pp. 305–312.
45. Lintner J., 1965. The valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets. The Review of Economics and Statistics, Vol. 47, No. 1, pp. 13–37.
46. Liu J., Switzer L., 2010. Liquidity Risk, Firm Risk, and Issue Risk Premium Effects on the Abnormal Returns to New Issues of Convertible Bonds. International Journal of Business,
Vol. 15, No. 3, pp.333–346.
47. Mandl G., Rabel K., 1997. Unternehmensbewertung. Wien, Frankfurt: Ueberreuter.
48. Matschke MJ., Brősel G., 2011. Wycena przedsiębiorstwa, funkcje, metody, zasady. Warszawa: Wolters Kluwer Polska.
49. Matschke MJ., Brősel G., Matschke X., 2010. Fundamentals of Functional Business Valuation. Journal of Business Valuation and Economic Loss Analysis, Vol. 5, No. 1, pp. 1–39.
50. Michalak A., 2012. Ograniczenia modelu CAPM i alternatywne propozycje w zakresie wyceny kosztu kapitału własnego przedsiębiorstw górniczych, Zeszyty Naukowe Uniwersytetu Szczecińskiego, Finanse, Rynki Finansowe, Ubezpieczenia, Vol. 51, pp. 583–593.
51. Michalak A., 2014. Klasyczne a innowacyjne metody szacowania kosztu kapitału własnego przedsiębiorstwa. Studia Ekonomiczne, Vol. 186, No. 2, pp. 27–37.
52. Mielcarz P., Paszczyk P., 2013. Analiza projektów inwestycyjnych w procesie tworzenia wartości przedsiębiorstwa. Warszawa: PWN.
53. Mielcarz P., Wnuczak P., 2011. DCF Fair Value Valuation, Excessive Assets and Hidden Inefficiencies, Contemporary Economics, Vol. 5, No. 4, pp. 44–57.
54. Mierzejewska W., 2014. Holdings’ Level of Complexity During the Crisis. Journal of Management and Financial Sciences, Vol. 7, No. 18, pp. 35–48.
55. Myers S. C., 1974. Interactions of Corporate Financing and Investment Decisions – Implications for Capital Budgeting. Journal of Finance, Vol. 29, No. 1, pp. 1–25.
56. Myers S. C., 1977. Determinants of Corporate Borrowing. Journal of Financial Economics, Vol. 5, No. 2, pp. 147–175.
57. Nel W. S., 2009. Methods of choice in the valuation of ordinary shareholders equity: evidence from theory and practice. Meditari Accountancy Research, Vol. 17, No. 2, pp. 117–135.
58. Orbe J., Ferreira E, Núñez-Antón V., 2001. Modelling the duration of firms in Chapter 11 bankruptcy using a flexible model. Economics Letters, Vol. 71, No. 1, pp. 35–42.
59. Pastena V., Ruland W., 1986. The merger/bankruptcy alternative. The Accounting Review, Vol. 61, No. 2, pp. 288–301.
60. Peel M. J., Wilson N., 1989. The liquidation/merger alternative: some results for the UK corporate sector. Managerial and Decision Economics, Vol. 10, No. 3, pp. 209–220.
61. Phama T., Talaverab O., Zhang M., 2018. Self-employment, financial development, and wellbeing: Evidence from China, Russia, and Ukraine. Journal of Comparative Economics, in press.
62. Pike R., Neale B., 2003. Corporate Finance and Investment: Decisions and Strategies. London: Prentice Hall.
63. Plenborg T., 2002. Firm valuation: comparing the residual income and discounted cash flow approaches. Scandinavian Journal of Management, Vol. 18, No. 3, pp. 303–318.
64. Poborský F., 2015. Fundamentals of the Liquidation Method of Business Valuation. Procedia Economics and Finance, Vol. 25, pp. 386–393.
65. Poletti-Hughesa J., Ozkanb A., 2014. Ultimate Controllers, Ownership and the Probability of Insolvency in Financially Distressed Firms. Managerial and Decision Economics, Vol. 35,
No. 1, pp. 36–50.
66. Pratt S. P., 1989. Defining Standards of Value. Valuation, Vol. 34, No. 2, pp. 4–12.
67. Rappaport A., 1986. Creating Shareholders Value: a guide for Managers and Investors. New York Simon&Schuster, Inc.
68. Romanowska M., 2014. Strategic Responses to the Crisis. Journal of Management and Financial Sciences, Vol. 7, No. 18, pp. 13–23.
69. Schary M., 1991. The probability of exit. RAND Journal of Economics, Vol. 22, No. 3, pp. 339–353.
70. Scott J., 1981. The probability of bankruptcy: a comparison of empirical predictions and theoretical models. Journal of Banking and Finance, Vol. 5, No. 3, pp. 317–344.
71. Sharpe W., 1964. Capital asset prices: A theory of market equilibrium under conditions of risk. The Journal of Finance, Vol. 19, No. 3, pp. 425–442.
72. Shil N. C., 2009. Performance Measures: An Application of Economic Value Added. International Journal of Business and Management, Vol. 4, No. 3, pp. 169–177.
73. Skantz T. R., Marchesini R., 1987. The effect of voluntary corporate liquidation on shareholder wealth. Journal of Financial Research, Vol. 10, No. 1, pp. 65–75.
74. Stewart G. B., 1990. The Quest for Value: the EVA management guide. Harper Business: New York.
75. Stewart G. B., 1991. The Quest for Value. USA: Harper Collins Publisher, Inc..
76. Sullivan CE., Crutchley D, Johnson, J., 1997. Motivation for voluntary corporate liquidations: Distress, agency conflicts, and shareholder gain. Quarterly Journal of Business and Economics,
36 (2), pp. 3–18.
77. Wnuczak P., Mielcarz P., 2009. Wpływ czynników fundamentalnych na kapitalizację spółek giełdowych, Zeszyty Naukowe Uniwersytetu Szczecińskiego. Finanse, Rynki finansowe, Ubezpieczenia, Vol. 17, pp. 275–287.
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