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- Title
Does commercial court organisation affect firms' bankruptcy rate? evidence from the french judicial reform.
- Authors
Arcuri, Giuseppe; Levratto, Nadine; Succurro, Marianna
- Abstract
The aim of this paper is to evaluate the impact of the 2010 French judicial reform of commercial courts on firms' financial bankruptcy rate at the municipality level. The research is based on a panel dataset containing microdata between 2004 and 2015, taken from Banque de France and the French National Institute of Statistics. We use a difference-in-differences analysis comparing the economic behaviour of firms in municipalities where the reform was implemented with those where it was not before and after the reform. The econometric findings indicate that municipalities that changed commercial courts because of the reform experienced a decrease in firms' bankruptcy rate but that changing the judicial map did not impact the arbitrage between liquidation and reorganisation of the insolvent companies. Some policy implications conclude the work.
- Subjects
BANQUE de France; COMMERCIAL courts; JUDICIAL reform; BANKRUPTCY; LIQUIDATION; BUSINESS enterprises; ECONOMIC research
- Publication
European Journal of Law & Economics, 2023, Vol 55, Issue 3, p573
- ISSN
0929-1261
- Publication type
Article
- DOI
10.1007/s10657-023-09765-w