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Financial Distress Overview, Determinants, and Sustainable Remedial Measures: Financial Distress

Financial Distress Overview, Determinants, and Sustainable Remedial Measures: Financial Distress
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Author(s): Fredrick Ikpesu (Pan-Atlantic University, Lagos, Nigeria), Olusegun Vincent (School of Management and Social Sciences, Pan-Atlantic University, Lagos, Nigeria) and Olamitunji Dakare (School of Management Sciences, Pan-Atlantic University, Lagos, Nigeria)
Copyright: 2020
Pages: 12
Source title: Corporate Governance Models and Applications in Developing Economies
Source Author(s)/Editor(s): Otuo Serebour Agyemang (University of Cape Coast, Ghana), Abraham Ansong (University of Cape Coast, Ghana) and Ben Kwame Agyei-Mensah (Solbridge International School of Business, South Korea)
DOI: 10.4018/978-1-5225-9607-3.ch006

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Abstract

The failure of top firms in the world who once represented the icon of their industries has renewed the interest of research scholars, practitioners, policymakers, and academics on the subject matter of financial distress. A firm is financially distressed when the operating cash flow is not sufficient for meeting the current obligation of the firm. It also involves a situation where the firm constantly experiences loss, breach loan contract, and find it difficult in honouring organisational commitment. This chapter is set out to synthesize the recent development in the topics of financial distress and corporate recovery. This chapter primarily focuses on financial distress, its determinants, and the way forward on how firms can recover from financial distress. The chapter also discussed the financial distress theories as well as sustainable remedial measures of financial distress. Finally, the chapter provides the concluding remarks and policy implications.

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