Within the scope of this research, factors contributing to the decline and failure in the Turkish construction industry are examined by the aid of a broad literature review and a Delphi Study conducted among respondents selected to be civil engineers who experienced organizational decline and/or bankruptcy throughout their professional lives. Based on the identified factors and their interrelations, Analytical Network Process (ANP) is used to quantify the relative importance of these factors on &ldquo / Organizational Decline/Bankruptcy of the Turkish Construction Companies&rdquo / . Organizational Decline/Bankruptcy evaluation and prediction model to be used by the construction company managers as a decision support tool is constructed. As a result of the ANP analysis, importance of management competency and companies&rsquo / intangible resources such as organizational knowledge and its technical and technological capabilities came out to be the most important factors effective on the fate of the company to success or bankruptcy whereas external factors such as economic and political changes / which are effective on all kind of industries commonly, occurred to be the least effective factors that directly affect business failure.

Industrial structure in domestic market demand in Taiwan has changed in recent years, with most apparent changes occurring in traditional enterprises moving outwardly and prosperity in high-tech industries, both of which are strongly associated with technology, financial capital, and human resources. If businesses are run carelessly, corporations are at high risk of going out of business or bankrupt. Once this occurs, corporations will go into liquidation or reorganization, which will inevitably affect the investment market and the society as well. In other words, the outcome of a corporation bankruptcy could contribute to a variety of problems, such as unemployment, non-absolved debt, and uncollectible financial accounts, which will require some assistance in finding resolutions. These problems are dramatically interfering with the stability of our society. The system of corporate reorganization was mainly created for alleviating the consequences mentioned above. Corporations facing financial problems could file for corporate reorganization. With corporate reorganization, the corporation could reach a resolution to satisfy the overall financial responsibilities and have harmony among its employees, stockholders and creditors, and maybe even revitalize the business. However, in realistic judicial practices, some regulations seem to be inadequate for the purpose of the corporation reorganization mechanism. Moreover, the time from filing a corporate reorganization to having a resolution is too long and typically exceeds the average business lifespan of SMEs (Small and Medium Enterprises). As a result, specialists and scholars debate on whether to re-write or abolish the current corporate reorganization rules and regulations. That is, due to the fact that the characteristic and requirement of corporate reorganization have received criticism in the practical use and practice, there is a need for evaluating and analyzing the legislation of corporate reorganization, and in fact, making it the top priority. The authorities are concerned and realized the importance and urgency of corporate reorganization in practice, so the CEPD proposed a ¡§corporate reorganization and bankruptcy¡¨ act in 2005. This act is attempting to research and indicate the dispute among the drafts, hoping to solve the problems, inefficiency, and injustice in present corporate reorganization system and contribute to legislation that will create a harmony among conflicts of interest with the litigants by means of judicial practice, related-literature, and opinions thus far.

<p>There is a lot of research conducted in the field of general entrepreneurship, entrepreneurial learning, and entrepreneurial innovation. However, as Jason Cope (2003) came across during his research, there is little to none research made within the field of entrepreneurial learning from failure, especially from bankruptcy. The purpose of this thesis is to explore if it is possible forentrepreneurs to obtain “higher-level learning” from a bankruptcy. The research concerns whether or not entrepreneurs can learn from their mistakes, and in turn use this learning in order to become more successful entrepreneur in future undertakings. The thesis contributes to a research project on entrepreneurial response to firm failure, initiated by Anna Jenkins (2008).</p><p>As stated above, there is little to none research conducted in the field of entrepreneurial learning from a bankruptcy. Therefore theories considered closely and partly related to the subject have been revised. The overarching theory, the “Experiential learning theory” (Kolb, 1984) describes how experience can be transformed into genuine knowledge, through the steps: experiencing an event, reflecting on the event, understanding the principle under which the particular event falls and testing this new understanding under different circumstances. Jason Cope (2003) has found that entrepreneurs can obtain higher-level learning from experiencing discontinuous criticalevents by going through the phases; facing, overcoming and reflecting on events that occur during the running of a firm. This learning can be transformational; the entrepreneur realizes that current methods are insufficient, forcing him or her to adapt and change methods in future undertakings.</p><p>The main objective in this thesis was not to draw any final conclusions, rather to explore newvaluable information that can be interpreted in the main project as well as in future projects. To gather information we used a qualitative method, in which we interviewed five entrepreneurs who had recently experienced a bankruptcy. The empirical findings were later analyzed in thelight of the frame of references and the authors own viewpoint, by conducting a within case/cross case comparison.</p><p>The results show that two out of five entrepreneurs had transformed the experience from their bankruptcy into new genuine knowledge, thereby confirming that it is possible to obtain higherlevel learning from a bankruptcy. They realized their own mistakes and changed their methods in order to avoid making the same mistakes again. Three of the respondents had not critically reflected on their bankruptcy, thereby gained no new knowledge of how to change their methods in future undertakings. The major reasons as to why they were unable to do so were that they blamed external factors as the reason for bankruptcy. One of the interviewees was emotionally blocked during the bankruptcy and therefore unable to contemplate what had went wrong.</p> / <p>Det finns mycket forskning inom området entreprenörskap, entreprenöriel inlärning, och entreprenöriel innovation. Däremot finns det, vilket Jason Cope (2003) har upptäckt, lite eller ingen existerande forskning inom området entreprenöriel inlärning från ett misslyckande, som till exempel en konkurs. Syftet med den här uppsatsen är att utforska om det är möjligt för entreprenörer att uppnå ”higher-level learning” från en konkurs. Vi ämnar undersöka om entreprenörer kan lära sig av sina misstag och sedan använda dessa lärdomar i framtida projekt i sin strävan mot att bli bättre entreprenörer. Uppsatsen är tänkt som ett bidrag till ett forskningsprojekt om entreprenörers reaktion på företagsmisslyckande, bedriven av Anna Jenkins(2008).</p><p>Som nämnt ovan finns det knappt någon existerande forskning angående entreprenöriel inlärning från en konkurs, vilket har lett till att de teorier som är relaterade till ämnet har blivit reviderade. Den övergripande teorin, ”The Experiental Learning Theory” (Kolb, 1984) beskriver hur erfarenhet kan bli omvandlad till kunskap genom att följa stegen: aktivt uppleva en händelse,reflektera över händelsen, kunna förstå och analysera händelsen, och slutligen använda sin nya kunskap vid ett senare tillfälle. Jason Cope (2003) har upptäckt att entreprenörer kan nå en ”higher-level learning” genom att uppleva diskontinuerliga kritiska händelser och gå igenom dessafaser: tillmötesgå, övervinna/bemästra och reflektera över händelser som inträffar under företagandets gång. Den här inlärningen kan sedan omvandlas; entreprenören inser att hans nuvarande företagarmetoder inte är optimala, vilket leder honom/henne till att anpassa sig till situationen och ändra sina metoder i framtida projekt.</p><p>Målsättningen med den här uppsatsen var inte att dra några avgörande slutsatser, utan istället att utforska och behandla ny, värdefull information som kan bli användbar i den avhandling vi önskar bidra till, samt för andra framtida forskningsprojekt. För att samla information använde vi oss av kvalitativa intervjuer. Vi intervjuade fem entreprenörer, vilka alla nyligen hade upplevt en konkurs. Empirin analyserades sedan med hjälp av våra utvalda teorier och våra egna synpunkter, genom att göra en ”cross case comparison”.</p><p>Vårt resultat visar att två av fem entreprenörer har omvandlat sina upplevelser kring konkursen till genuin kunskap och därmed bekräftat att det är möjligt att uppnå ”higher-level learning” av en konkurs. De har insett sina egna misstag och ändrat sina metoder för att förhindra att samma misstag upprepas. Tre av respondenterna har inte reflekterat kritiskt över konkursen, och därför inte fått någon ny kunskap angående hur de skulle kunna ändra sina metoder inom företagande inför framtida projekt. Den främsta anledningen till varför de var oförmögna att reflektera över händelsen var att de skyllde konkursen främst på externa faktorer. En av de intervjuade var även känslomässigt blockerad under konkursen och därför inkapabel att begrunda sina misstag.</p><p> </p>

Thesis (doctoral)--Universiẗat Frankfurt (Main), 2003. / Includes bibliographical references (p. 497-510).

published_or_final_version / Public Administration / Master / Master of Public Administration

abstract / toc / Law / Doctoral / Doctor of Philosophy

Sammanfattning Datum: 2008-06-04 Nivå: Kandidatuppsats i företagsekonomi Författare: Kristina Andersson Anette Titze Enköping Västerås Handledare: Matti Skoog, universitetslektor Titel: Immateriella tillgångars värde i två företagsspecifika situationer konkurs relaterat till företagsförvärv Problem: Intressenter som verkar kring ett företag måste kunna få en helhetsuppfattning om dess värde. Redovisningsteoretiker har länge ansett att immateriella tillgångar bör redovisas i större omfattning i balansräkningen, både de som kan aktiveras enligt regelverket samt de osynliga så som personalen. Svårigheten med att värdera dessa tillgångar är med andra ord ett problem, därav den fortgående debatten. Därför är det intressant att studera hur tillgångarna behåller sitt värde i händelse av konkurs, sett i relation till företagsförvärv. Syfte: Syftet med denna studie är att diskutera problematiken kring värderingen av de immateriella tillgångarna och studera i vilken utsträckning värdet behålls i förvärvs- respektive konkurssituationer. Metod: Författarna har använt regelverk, relevant litteratur, samt artiklar inom området där värderingsproblematik har diskuterats. Vidare har primärdata samlats in i form av handlingar från företag där konkurs har avslutats och intervjuer med sakkunniga inom området för att kunna studera praxis. Studien har således en kvalitativ ansats. Slutsats: De immateriella tillgångarnas värden påverkas olika då det gäller huruvida de behåller sitt bokförda värde i händelse av konkurs och företagsförvärv. I konkurs tenderar denna tillgång att tappa hela sitt bokförda värde, vilket är viktigt för företagets intressenter att känna till. Särskilt de intressenter med säkerhet i företagets tillgångar. Vid företagsförvärv behålls det bokförda värdet och kan till och med öka, vilket har betydelse för tidigare ägare till företaget då denne erhåller betalning även för företagets osynliga resurser. Sökord: Immateriella tillgångar, konkurs, värdering, intressenter / Abstract Date: 2008-06-04 Level: Bachelor thesis in business administration Authors: Kristina Andersson Anette Titze Enköping Västerås Advisor: Matti Skoog, Lecturer Title: The value of intangible assets in mergers and bankruptcy situations Problem: Stakeholders operating on a company must be able to get the full ramifications of its value. Researchers have long believed that intangible assets should be reported to a greater extent on the balance sheet, both those that can be activated under the regulatory framework and the invisible, for example the company staff. The difficulty in valuing these assets is a problem, hence the continuing debate. Therefore, it is interesting to study how the assets will retain its value in the event of bankruptcy, in relation to acquisitions. Purpose: The purpose of this study is to discuss the problem of valuation of the intangible assets and to study the extent to which the value is retained in mergers and bankruptcy situations. Method: The authors have used the regulatory framework, relevant literature, and articles in the area where the problem regarding valuation have been discussed. Furthermore, the raw data collected in the form of documents from companies in which the bankruptcy has been completed and interviews with experts in the field to study the practice. The study therefore has a qualitative approach. Conclusion: The intangible asset values are affected different in terms of whether they retain their book value in the event of bankruptcy and acquisitions. In bankruptcy they tend to lose their book value, which is important for the company's stakeholders to know. In particular, those stakeholders with security in the company's assets. At acquisitions the book value is retained and may even increase, that is relevant to the former owner of the company when receiving payment for the company's invisible resources. Keywords: Intangible assets, bankruptcy, valuation, stakeholders

An explicit solution is given for the value of a risk neutral firm with stochastic revenue facing the possibility of bankruptcy. The analysis is conducted in continuous time. Uncertainty is modeled using an Ito process and bankruptcy is modeled as an absorbing boundary. The analysis yields an ordinary differential equation with a closed form solution. The value function is used to calculate the firm's demand for high interest rate loans, showing a positive demand at interest rates which appear intuitively to be excessive. A value function is also derived for a risk neutral lender advancing funds to the firm. The borrowing and lending value functions are then used to examine various aspects of lender-borrower transactions under different bargaining structures. In a competitive lending market, the model shows that credit rationing occurs inevitably. In a monopoly lending market, the lender sets interest rates and maximum loan levels which reduce the borrower to zero profit. When a second borrower is introduced, the lender must allocate limited funds between two borrowers. A lender is shown to squeeze the smaller "riskier" borrower out of the market when the lender's overall credit constraint is tight. Under each bargaining structure, the model is also used to examine changes in the respective "salvage" recoveries of the lender and borrower on bankruptcy. Accepted:

Darbe analizuojamas sandorių negaliojimo įmonės sudarytų sandorių klausimas tyčinio bankroto atveju. Darbo objektas – tai bankroto procesas bei bendri sandorių negaliojimo pagrindai, o taip pat sandorių negaliojimo kriterijai tyčinio bankroto atveju. Įmonė nuo pareiškimo dėl bankroto iškėlimo iki nutarties dėl bankroto bylos iškėlimo priėmimo yra sudėtingoje padėtyje, kadangi šiame pasirengimo laikotarpyje įvyksta daugiausiai sandorių pažeidžiančių įmonės interesus. Darbe keliama hipotezė, kad tyčinio bankroto atveju per parengiamąjį laikotarpį, t.y. nuo pareiškimo dėl bankroto bylos iškėlimo padavimo iki bankroto bylos iškėlimo įmonės sudaryti sandoriai galioja. Šio darbo tikslas yra išanalizuoti ir nustatyti sandorių negaliojimo kriterijus (ribas) tyčinio bankroto atveju ir atsakyti į klausimą ar sandoriai sudaryti pasirengimo laikotarpiu negalioja. Siekiant darbo tikslo keliami šie uždaviniai: • apibrėžti tyčinio bankroto sampratą bei požymius, pagal kuriuos jis nustatomas; • aptarti bendrus sandorių negaliojimo pagrindus; • aptarti atsakomybę už veiksmus nulėmusius tyčinį bankrotą; • išanalizuoti sandorių sudarytų parengiamuoju laikotarpiu galiojimą • išanalizuoti kada galima laikyti sandorius esant negaliojančiais tyčinio bankroto atveju • pristatyti kada iškėlus bankroto bylą sandoriai yra ginčytini ar negaliojantys užsienio valstybių teisėje Apibendrinat išanalizuotą teisinę literatūrą bei teismų praktiką, galima teigti, jog, reikalavimo perleidimo sandoriai sudaryti... [toliau žr. visą tekstą] / The present thesis deals with a culpable bankruptcy and the issue of voidability of transactions of the company after qualifying its bankruptcy as a culpable under the Lithuanian law. The Bankruptcy Act of Lithuania neither provides explicit concept of the culpable bankruptcy, nor presents according to what features bankruptcy could be qualified as culpable one. Therefore it is a hard task for the courts of Lithuania to establish the culpable bankruptcy and to decide about the voidability of transaction in a culpable bankruptcy. The object of the present thesis is the law regulating bankruptcy procedure and the general grounds of voidability of transactions as well as voidability of contracts in a case of culpable bankruptcy. A company from the moment filing for a voluntary bankruptcy or from the moment when its creditors have filed for involuntary bankruptcy places itself into a vulnerable position till the court decides to start a bankruptcy procedure or to refuse to do that. This period is called a preparation period (a gap period), in which most fraudulent transactions take place and creditors’ interests are violated. The following hypothesis has been raised that transactions formed in the period of preparation to start a bankruptcy procedure are valid. The objective of the thesis is to answer to the question whether after qualifying bankruptcy as a culpable, transactions formed by the company are voidable. In order to achieve a defined objective, the following tasks have... [to full text]

Šio magistrinio darbo pagrindinis tikslas yra identifikuoti dažniausiai vadovų daromas klaidas bei rasti prevencijos priemonių šioms klaidoms išvengti. Tai yra iš trijų pagrindinių dalių susidedantis darbas, kurios pirmojoje yra įvardinta kas yra bankrotas, bei apžvelgta įvairių autorių nuomonė apie dažniausiai pasitaikančias vadovų klaidas, kurios gali neigiamai įtakoti organizaciją. Šios klaidos yra suskirstytos į dvi pagrindines grupes – vadovo asmenybės nulemtas klaidas bei vadovo darbo klaidas. Pagal šiuos kriterijus iš penkiasdešimties įmonių yra atrinktos devynios organizacijas, kuriose aiškiausiai yra matomos vadovų daromos klaidos. Antroje darbo dalyje šių kompanijų veiklos istorija yra išanalizuota per vadovo daromų klaidų prizmę. Pagrindiniais analizės indikatoriais buvo įmonių finansiniai rodikliai bei esminiai įvykiai jų veikloje. Paskutinėje darbo dalyje, remiantis gautais įmonių analizės rezultatais, yra išsamiai išnagrinėtos dažniausiai pasitaikančių vadovo klaidų priežastys, bei pateiktas modelį, pagal kurį šių klaidų būtų galima išvengti. / The main aim of this diploma paper is to identify the most common manager’s mistakes and to find out the best prevention remedies to avoid these mistakes. This paper consists of three main parts. In the first one is characterized bankrupt phenomenon by it self and reviewed different author’s opinion on the most common manager’s mistakes. These mistakes were structured in two main groups – mistakes influenced by manager‘s personality and manager‘s work mistakes. According these criteria’s in the second part of this paper from the list of fifty, nine organizations were selected in which the manager’s mistakes are most visible. The history of these companies was analyzed by manager’s mistakes and the main indicators of this process were financial rates and essential incidents. In the last part I analyzed the main reasons of most common mistakes and offer the model. According that model there are many possibilities to avoid these mistakes.