In this evolving context a great deal of attention should be devoted to early recognition by understanding the warning signs of decline, so that it will be transformed into crisis and to seek promptly options of turnaround. The ferment that has been created with the entry of the turnaround fund operators that have given new life or energy of interest for such investigations. For this purpose the prediction crisis methods are very important and the deepening of the possible causes which led to the crisis. Among the many reasons that lead a company to the crisis highlighted the problems related to Corporate Governance. In this work was carried out an empirical research of which we explain the preliminary results. We identified a panel of companies in turnaround (cluster), SMEs, venture capital backed, with the objective of deepening the analysis on three aspects. 1-if firms in turnaround could be detected by warning signs; 2-we tried to verify the role played by the Corporate Governance in restructuring, with the definition of an index of good governance for SMEs (scG) 3-we completed the crossover study with the analysis of performance of these firms in the post-restructuring period, proceeding, also in this case, to the sintering of an ad hoc indicator (scP). In conclusion, it can be noted that the analysis of important aspects of management through the development of an index Z-score, scG, scP, allows for comparisons between situations that are not readily comparable in terms of accounting. Again, we highlight that this work is a first step in the our overall research, a work in progress: the study, infact, is proceeding with an expansion of the sample, the introduction of a sample of more extensive comparison, an application with others crisis prediction methods, and the test of indicators to other situations.
The Corporate Governance in turnaround strategy: the definition of index of good governance and evidence on performance
MARIANI, GIOVANNA;
2011-01-01
Abstract
In this evolving context a great deal of attention should be devoted to early recognition by understanding the warning signs of decline, so that it will be transformed into crisis and to seek promptly options of turnaround. The ferment that has been created with the entry of the turnaround fund operators that have given new life or energy of interest for such investigations. For this purpose the prediction crisis methods are very important and the deepening of the possible causes which led to the crisis. Among the many reasons that lead a company to the crisis highlighted the problems related to Corporate Governance. In this work was carried out an empirical research of which we explain the preliminary results. We identified a panel of companies in turnaround (cluster), SMEs, venture capital backed, with the objective of deepening the analysis on three aspects. 1-if firms in turnaround could be detected by warning signs; 2-we tried to verify the role played by the Corporate Governance in restructuring, with the definition of an index of good governance for SMEs (scG) 3-we completed the crossover study with the analysis of performance of these firms in the post-restructuring period, proceeding, also in this case, to the sintering of an ad hoc indicator (scP). In conclusion, it can be noted that the analysis of important aspects of management through the development of an index Z-score, scG, scP, allows for comparisons between situations that are not readily comparable in terms of accounting. Again, we highlight that this work is a first step in the our overall research, a work in progress: the study, infact, is proceeding with an expansion of the sample, the introduction of a sample of more extensive comparison, an application with others crisis prediction methods, and the test of indicators to other situations.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
