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Survival tactics for distressed firms in emerging markets

Author

Listed:
  • Kun Jiang

    (Sun Yat-Sen University
    University of Nottingham)

  • Susheng Wang

    (Hong Kong University of Science and Technology, Shanghai University, and Fudan University)

Abstract

Understanding how firms cope with economic crises is of great importance, particularly in this period of rising interest rates coupled with a severe pandemic crisis. This study conducts an empirical analysis of firms in distress based on a large firm-level panel dataset containing detailed micro-level information on Chinese manufacturing firms. We study economic distress rather than financial distress. Moreover, we identify survival tactics adopted by distressed firms and the factors driving their choice of tactics. We show that three particular survival tactics help distressed firms recover, namely, reliance on fixed assets, reliance on intangible assets, and cost reduction. Furthermore, we show the critical role of institutional development in emerging economies, where institutions include product markets, financial markets, and legal institutions.

Suggested Citation

  • Kun Jiang & Susheng Wang, 2024. "Survival tactics for distressed firms in emerging markets," Asia Pacific Journal of Management, Springer, vol. 41(2), pages 823-866, June.
    • Handle: RePEc:kap:asiapa:v:41:y:2024:i:2:d:10.1007_s10490-023-09873-w
    DOI: 10.1007/s10490-023-09873-w
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    More about this item

    Keywords

    Firms in distress; Survival tactics; Emerging markets; Institutional development; Ownership structure; Political connections;
    All these keywords.

    JEL classification:

    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • D73 - Microeconomics - - Analysis of Collective Decision-Making - - - Bureaucracy; Administrative Processes in Public Organizations; Corruption
    • P31 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Socialist Enterprises and Their Transitions

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