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Despite much debate on Company Voluntary Arrangements (CVA) among UK retailers, understanding of retail CVAs remains limited. There is continuing uncertainty about the uptake of CVAs, what aspects lead to successful outcomes and whether CVAs can be viewed as a remedy for struggling UK retailers. To address these questions, we developed and analysed a novel and detailed dataset of Companies House records for the population of retailers' CVAs between mid‐2012 and early 2021. We find that CVAs, despite detrimental impacts on other actors (landlords and suppliers), can be a useful tool for some retailers in adjusting to the new market conditions. The uptake of CVAs among retailers is stable, though not among large retailers. Retail CVAs help to avoid immediate business failure, but we found limited evidence of the success and efficient longer term outcome of the procedure, suggesting that alternative methods could be considered. The success and efficiency of CVA do not seem to depend on the size of the business, but there are variations in both the uptake and efficiency of CVAs across retail sub‐sectors. This suggests that a range of mechanisms are required to cater to the different needs across retail categories. Despite the market challenges, CVAs are not prolonged on average. However, longer duration CVAs seem to have a lower chance of succeeding and of being efficient implying that CVA cannot remedy fundamental business issues. Finally, we observed differences related to who oversees the procedure, suggesting that greater emphasis should be put on upskilling and selection of insolvency practitioners. [ABSTRACT FROM AUTHOR]

Despite the powerful benefits of entrepreneurial failure experience with regard to experiential learning and future venture performance, our understanding of how failure experience impacts entrepreneurs' decision to reenter entrepreneurship while taking advantage of the lessons that they have learned from their previous entrepreneurial endeavors remains limited. While some studies have highlighted the potential of entrepreneurial failure experience to stimulate reentry intention, other researchers have argued that failure experience can actually decrease subsequent entrepreneurial intention. This study draws on various streams of research on entrepreneurs' responses to business failures at the cognitive, affective, and behavioral levels to propose the existence of a curvilinear relationship between entrepreneurial failure and reentry intention. We employ hierarchical regression to test a series of hypotheses by reference to a sample of 379 entrepreneurs who had experienced failure in their recent business ventures. The results reveal that the degree of failure exhibits an inverted U-shaped relationship with reentry intention. Furthermore, we find that the effect of entrepreneurial failure on reentry intention is mediated by entrepreneurs' learning from failure and that entrepreneurial passion moderates the effects of entrepreneurial failure on both learning from failure and reentry intention. This article helps explain the distinctive effects of failure experience on reentry intention and provides empirical evidence that can facilitate the development of tailor-made support programs that can help previously failed entrepreneurs address the challenges that they encounter during the process of reentry into entrepreneurship. [ABSTRACT FROM AUTHOR]

This article presents a bibliometric analysis of venture teams in technology-based firms (TBFs). The study aims to identify the success and failure factors of TBFs and analyze the changes in the intellectual structure of this field. The analysis is based on data collected from the Web of Science and SCOPUS databases from 1987 to 2020. The results show a growing publication trend since 2009, with the highest production of articles between 2014 and 2019. The United States is the most influential country in this field, followed by China and Italy. The research also identifies the most influential sources in this area. The main contribution of this work is to provide insights into the evolution of venture teams in TBFs for future research and theoretical frameworks. [Extracted from the article]

I study the empirical importance of debt overhang using a unique data set on resource extraction firms that provides ex ante measures of investment opportunities and important variation in terms of a firm's obligations. In particular, unsecured reclamation liabilities create overhang that is costly to resolve and induces firms to forgo and postpone positive NPV investments. Traditional debt, in contrast, imposes few overhang-related investment distortions. These results show that (a) the overhang problem is potentially large and more broadly applies to firms' nondebt liabilities and (b) overhang problems associated with traditional debt can be avoided through contracting and debt composition. [ABSTRACT FROM AUTHOR]

This section presents notices of corporate dissolution filed in Missouri as of March 2023 which involve companies such as Abacus One, LLC, AIC Structural Consultants, Inc., and EEG Properties LLC.

Purpose: To the best of the authors' knowledge, this paper is a first attempt to deal with the phenomenon of new venture failure from the business network perspective of the Industrial Marketing and Purchasing (IMP) Group. In particular, this study aims to explore the post-failure phase of a new venture to investigate what happens to the new venture's resources and relationships in the aftermath of its failure and the role of the entrepreneur in this process. Design/methodology/approach: The paper builds on an explorative multiple case study of two failed new ventures, unfolding the failure and post-failure phase: evidence from both cases is confronted and discussed. Findings: This study shows that the post-failure is a complex phase of recombination of activities and residual resources that may lead to new business opportunities. It is discussed that residual resources influence the direction and extent of post-failure activities in terms of restrictions as well as opportunities to restart new projects or ventures. It is also shown how the entrepreneur deals with the "business remains". Originality/value: While much attention has been devoted to new ventures' failure, the paper focuses on the post-failure phase, an almost neglected topic in industrial marketing research. This study sheds some new light upon the journey through which entrepreneurs come to develop the set of resources, activities and relationships that are not only key to the establishment of the venture but also relevant in the complex and intricate trajectories of post-failure. [ABSTRACT FROM AUTHOR]

The article focuses on the importance of implementing a risk management framework for companies as they grow. Topics include the necessity of addressing risks from external and internal actors, the grading of incidents by severity for effective incident management, and the need for establishing response teams and standardized recovery reports to protect business operations.

Entrepreneurship has seen one of the major growths in Pakistan, in fact, just last year, the country ranked as 4th in the World for the highest ratio of startups and small businesses. With many new campaigns and programs in support for new and thriving business ideas for youth by the government and tax wagers, the market has seen a significant growth in the last few years however the sustainability and effectiveness hasn’t grown alongside. One of the major reasons is the ineffective marketing strategies that small businesses implement due to their lack of exposure to understanding the industry. Another hypothesis that can be reached is the effect of Covid in the recent months especially since last year that has brought a huge downturn in the industry and has significantly damaged the state of existing as well as new SMEs in its duration. Our study adopted a simple questionnaire through which we tested and found out the insight and learned how ineffective marketing has affected businesses everywhere resulting in business failures and bankruptcy, along with the current Covid situation that has driven many SMEs to forced closure. Through this study, many rising businesses in their initiation phase will learn the keys to rescuing a failing business specially through recognizing the importance of marketing and its latest trends. [ABSTRACT FROM AUTHOR]

The article presents notices of corporate dissolution by voluntary action involving companies in Missouri. Among the firms are C&C Management of Perryville, Inc., Cottages Senior Housing of Belton, LLC, Cottages Senior Housing of Kansas City, LLC, Cape Girardeau License Bureau, Inc., and The Kyser Family, Inc.

Purpose: The purpose of the present study is to examine the failure factors for the construction firms in a developing nation. Furthermore, the comparison of failure factors for private and government firms are evaluated. Design/methodology/approach: In the present study, comparison between private and government construction firms is done in the context of a construction firm failure. About 60 construction firms were selected in and around the Nashik region for the investigation, where a simple multi-attribute rating technique (SMART) is used for analysis purpose. Findings: It is found that for private firms (private contractors and builders) lack of experience is the major factor for failure of the business as against lack of managerial experience is a critical factor in case of a government contractor. Practical implications: The outcome of the present study will be used to guide the policymakers during the implementation of governmental and private projects in order to lessen the construction project failures. Originality/value: Construction company failure is an important aspect in developing countries like India. The limited studies were available in literature which shows failure factors for government and private firms and distinguished them. Hence, the present study extends the construction company failure literature by focusing on government and private firms. Also, the study provides some theoretical guidelines for management to avoid construction company failure in India. [ABSTRACT FROM AUTHOR]

This study explores the influence of political risk on firms in the tourism industry. It addresses a research gap regarding the impact of political risk on firm-level performance and failure and uncovers the role of organizational slack in this relationship. Firm-level political risk is estimated from 2002 to 2019 financial data for firms across six tourism sectors in a developed economy, the United States. Such risk is found to be significantly associated with firm performance and business failure. From the perspectives of the resource-based view and the threat-rigidity hypothesis, the results support the moderating effects of absorbed and unabsorbed slack on links between risk, performance, and business failure. Given that the COVID-19 pandemic has highlighted the tourism industry's vulnerability, this study will be of interest to tourism firms seeking to improve business sustainability and resilience. [ABSTRACT FROM AUTHOR]

We examine how firm characteristics, particularly the degree of firm complexity and the firm’s need for specialty knowledge, affect the relationship between corporate governance and the risk of bankruptcy. We find that having larger boards reduces the risk of bankruptcy only for complex firms. Our results also suggest that the proportion of inside directors on the board is inversely associated with the risk of bankruptcy in firms that require more specialist knowledge and that the reverse is true in technically unsophisticated firms. The results further reveal that the additional explanatory power from corporate governance variables becomes stronger as the time to bankruptcy is increased, implying that although corporate governance variables are important predictors, governance changes are likely to be too late to save a firm on the verge of bankruptcy. [ABSTRACT FROM AUTHOR]

Following the prolonged economic crisis of recent years, a new economic shake-up due to the COVID-19 pandemic is under way. We consider whether banks and financial institutions may apply the same models as before for credit scoring and predicting risk. In particular, we investigate the prediction of survival or failure of Small Business Enterprises in Italy between 2008 and 2013, and between 2013 and 2018, using logistic regression models based on baseline balance sheet data. By fitting appropriate models including interaction with the time period, we identify several major differences. Notably, the Investment Rigidity Ratio was very strongly associated with failure probability in the first period but not the second, and a low Tangible Assets Ratio had a much stronger protective effect in the first period than in the second. The effect of the age of the firm also differed between the periods: younger firms were at greater risk of failure than older firms in 2008-2013 but this was not seen in 2013-2018. Especially in times of major changes, it is vital that quantitative aids to decision-making should be valid and up-to-date. [ABSTRACT FROM AUTHOR]

In this paper, we study how the support of heterogeneous venture capital firms (VCs), that is: independent venture capital firms (IVCs), bank-affiliated venture capital firms (BVCs), and corporate venture capital firms (CVCs), shapes the delisting route of companies through business failure and merger and acquisitions (M&As), while distinguishing between European M&As and extra-EU M&As after the initial public offering (IPO). We find that the influence of the VCs in the firms' post-IPO delisting varies according to the mode of delisting and the type of venture capitalist. In particular, we find that the presence of leading IVC and BVC investments before IPO is related to a lower likelihood of exiting the stock market through business failure but does not significantly affect the likelihood of M&As. In contrast, the presence of CVC investors is related to a higher likelihood of delisting through extra-EU M&As. [ABSTRACT FROM AUTHOR]

This article deals with the maritime transports of a little known but not unimportant Florentine merchant family. On the basis of previously unknown archival source material, we address questions of family history, mercantile networks, maritime trade connections, and merchandise (including some famous artworks), shedding new light not only on the Florentine merchant navy, but also on the history of maritime trade between the Mediterranean and the North in the Renaissance. In particular, we show what impact factors like bankruptcy and exile had on Florentine merchant families conducting in longdistance trade, and of how setbacks in Medicean Florence could be mastered. After establishing a business enterprise between Venice, Apulia and Poland, the Sermattei were disfavoured by the regime Cosimo de' Medici established in Florence, struck by bankruptcy, exiled and murdered. In order to overcome this existential crisis and to re‐establish the bonds with the Medici, the Sermattei moved to Pisa and started trading. The story of the Sermattei illustrates what the exile and return of the Medici meant for Italian merchant families and their businesses, and how it was possible for them to overcome a business failure via mare transporting a specialised assortment of goods and artworks for the Medici. [ABSTRACT FROM AUTHOR]

The main purpose of this paper is to find the differences in the impacts of financial factors on business failure and financial distress. Using the traditional logistic regression method, this paper studies the ability of financial indicators to predict business failure and financial distress of small and mid-sized enterprises in Portuguese high and medium-high technology manufacturing sectors. The research results show that: (1) differences between financially healthy firms and failed firms are more obvious than differences between financially healthy firms and financially distressed firms; (2) the accurate rate of failure prediction decreases with time prolonging (from one year to three years prior to the event), whereas that of financial distress prediction maintains stable at a relatively lower level; (3) profitability is the most important indicator, which is negatively related to the probability of both business failure and financial distress; (4) debt-related and liquidity-related factors (especially indebtedness and general liquidity) are also important in predicting business failure and financial distress. This paper enriches the research literature on the predictions of both business failure and financial distress. [ABSTRACT FROM AUTHOR]

The article announces several notices of corporate dissolutions in Missouri as of March 2021, including Averill Heating & Air Conditioning Co., Altec Truck Repair, LLC., 1209 Walnut, LLC, and Bear Bridge Estates, LLC.

Based on a sample of venture capital (VC)-backed IPO firms, we examine whether tolerance for failure spurs corporate innovation. We develop a novel measure of VC investors' failure tolerance by examining their willingness to continue investing in underperforming ventures. We find that IPO firms backed by more failure-tolerant VC investors are significantly more innovative and VC failure tolerance is particularly important for ventures that are subject to high failure risk. We show that these results are not driven by endogenous matching between failure-tolerant VC firms and start-ups with high ex ante innovative potential. We also examine the determinants of the cross-sectional heterogeneity in a VC firm's failure tolerance. We find that both capital constraints and career concerns can negatively distort a VC firm's failure tolerance. Less experienced VC firms are more exposed to these distortions, making them less failure tolerant than are more established VC firms. [ABSTRACT FROM PUBLISHER]

Globally 15% of employees are engaged in their job, two-thirds are not engaged, and 18% are actively disengaged. Employee disengagement costs employers from $450 billion to $550 billion every year. The fundamental reason behind employees' disengagement is ineffective leader's behaviors. Organizations in Pakistan have been facing the issues of employee disengagement, leading to the high cost of disengagement and business failures. The purpose of this research is to explore the factors involved in the leader's behavior that can engage employees of a large-scale enterprise. 25 business leaders (CEOs, MDs and COOs) were selected from Karachi and were interviewed semi-structurally through purposive sampling. Based on the grounded theory, the data was analyzed qualitatively. This study identified several behavioral constructs such as Character, Competence, Passion, Purpose, Wisdom, Engagement, and Effectiveness ensuring a leader's effectiveness in cultures with high power distance. The results of this study suggest that employees can be engaged using effective leadership behaviors which can lead to outstanding performance and increased growth of an organization. Future studies can consider a more heterogeneous sample of CEOs across Pakistan to increase generalizability. Besides, a more diversified sample across Asia with the countries sharing specific characteristics such as high power distance and religiosity can also be taken into account for future research. [ABSTRACT FROM AUTHOR]

The article announces several corporate dissolution proceedings involving firms like 901 Westport Quad LLC, Amazn Looks LLC, and Billings Construction Co.

The article announces several notices of corporate dissolution involving companies like Cornerstone Cell Culture, LLC., Heintz Steel and Manufacturing Co., and C. Juengel, Inc.

Focusing empirically on what affected client defections from Arthur Andersen during its dramatic collapse in 2002, this study proposes that accountability-induced status anxiety is an important factor in the dissolution of interfirm relationships. Status anxiety--concerns about being devalued because other actors question the quality of a firm's partners--can motivate firms to disassociate themselves from their compromised high-status partners to protect their own status position. I hypothesize that accountability triggers status anxiety when firms are directly accountable to important audiences, when firms are surrounded by other firms that already have disassociated themselves from common partners, and when firms have committed themselves to a particular level of partner quality. Event-history analyses provide strong support for the accountability perspective on status anxiety: firms surrounded by stronger audiences, more defecting firms, and stronger commitments to audit quality were themselves more likely to defect. [ABSTRACT FROM AUTHOR]

Chapter 11 structures complex negotiations between creditors and debtors that are overseen by a bankruptcy court. We identify conditions where the court should sometimes err in determining which firms should be liquidated. Such errors affect actions by both good and bad entrepreneurs. We first characterize the optimal error rate without renegotiation. When creditors and debtors can renegotiate to circumvent an error-riven court, for one class of actions a blind court that ignores all information is optimal. For another class, the court should place the burden of proof on the entrepreneur. The robust feature is that the court should sometimes err. [ABSTRACT FROM AUTHOR]

This article develops and tests theory on when and where a new organizational form will emerge. Recent theory holds that as the number of organizations using a particular external identity code first increases beyond a critical minimal level, the code becomes an organizational form. Going beyond this formulation, we theorize about how an external identity code is established. We argue that when the identities of individual organizations are perceptually focused, they will more readily cohere into a distinct collective identity. We develop ideas about how two observable aspects of organizations might generate perceptually focused identities in a common market: (1) de novo entry and (2) agglomeration in a geographic place with a related identity. Using comprehensive data from the market for disk drive arrays, we test these ideas and an alternative by estimating effects of different specifications of organizational and product densities on rates of entry and exit for array producers. Overall, the analysis supports the notion that firms with perceptually focused identities aid in establishing an organizational form. [ABSTRACT FROM AUTHOR]

We examine factors leading multiunit chains to adopt a common naming strategy, that is, naming components in a manner that identifies them with each other and the overall chain, rather than a local naming strategy that identifies a chain's components with their locations but not each other. Because chains' naming strategies have been shown to be critical to their success, we examine the effects of component failures on naming strategies. We advance organizational and interorganizational learning processes to explain chains' adoption of local naming strategies, which stress local adaptation, or common naming strategies, which emphasize standardization. In contrast to past research emphasizing learning from success, we focus on learning from the failure of strategy, specifically, the failure of a chain's own and other chains' commonly and locally named components. Two fundamental results emerge from our analysis of Ontario nursing home chains' naming strategies from 1971 to 1996. One is that nursing home chains learned from their own and others' failures, and the second is that the chains learned less from failures when they had a historical investment in the failing strategy. [ABSTRACT FROM AUTHOR]

The authors report a repeated measures field study that captures complaining customers' perceptions of their overall satisfaction with the firm, likelihood of word-of-mouth recommendations, and repurchase intent during a 20-month span that includes two service failures and recovery attempts. The findings suggest that though satisfactory recoveries can produce a "recovery paradox" after one failure, they do not trigger such paradoxical increases after two failures. Furthermore, "double deviations" can occur following two consecutive unsatisfactory recoveries or following an unsatisfactory recovery in response to a second failure. The findings indicate that customers reporting an unsatisfactory recovery followed by a satisfactory recovery reported significantly higher ratings at the second postrecovery period than did customers reporting the opposite recovery sequence. The outcome of the second recovery also demonstrated a significant influence on customer ratings (positively if the recovery was satisfactory, negatively if the recovery was unsatisfactory), regardless of whether the customer found the first recovery satisfactory or unsatisfactory. In addition, although the increased change in recovery expectations and failure severity ratings from the first failure to the second is more dramatic for customers who previously reported a satisfactory recovery, the increase in attributions of blame toward the firm is more pronounced for customers who previously reported an unsatisfactory recovery. Last, the results show that recovery efforts are attenuated when two similar failures occur and when two failures happen in close time proximity. [ABSTRACT FROM AUTHOR]

In an effort to reconcile theoretical 'blind spots,' we integrated research in technology management, organizational ecology, and evolutionary economics. The central premise underlying the resultant model is that time conditions the effects of age, contemporaneous size, order of entry, and contemporaneous density on mortality rates. We tested our hypotheses using a life cycle approach and data on 33 product innovations that span most of the 20th century. Results resoundingly support our central thesis on the impact of time on both survival rates and relationships previously thought to be universalistic. [ABSTRACT FROM AUTHOR]

Through an analysis of an entire institutional history of pricing conventions in the on-line database field during 1971-94, this study documents and explains institutional development in emerging and turbulent fields. The dialectic process model developed and illustrated here suggests that inherent contradictions and opposition, generated and reinforced by institutionalization, serve as internal sources of continuous dialectic contest. Fused with external developments, the process by which these endogenous potentials develop is path-dependent and is central to their realization in the form of overt institutional stability or change. [ABSTRACT FROM AUTHOR]

In industries characterized by network externalities, a single technology standard often rises to dominance, locking out competing technologies. This research demonstrates that despite 'path dependency,' it is possible to model the technology selection process and predict likely outcomes. This work extends previous work in network externalities by demonstrating that in addition to its 'installed base' and the availability of complementary goods, a firm's learning orientation and timing of entry also play significant roles in its success. [ABSTRACT FROM AUTHOR]

Economists and organization theorists have asked which factors are linked to the rate at which firms exit an industry. Yet little research has linked exit rates to changes over time in the key dimensions which characterize an industry's environment. This study examines linkages between exit rates and changing levels of uncertainty, munificence and complexity in an industry. A longitudinal study of the American cement (1888-1980) and minicomputer (1958-1982) industries reveals that uncertainty is the key environmental dimension associated with organizational mortality. Controlling for ecological and macroeconomic conditions, exit rates are associated with uncertainty, but not complexity or munificence. The greater the uncertainty, the higher the exit rates. Two kinds of uncertainty create hazardous environmental conditions: unpredictable changes in demand and eras of ferment bounded by technological discontinuities and dominant designs. Our results indicate that while organizations can deal with different levels of economic munificence and complexity, uncertainty is a significantly more lethal characteristic of organizational environments. The results support Schumpeterian perspectives linking industry turnover to 'waves of creative destruction', but suggest more broadly that an organization's ability to cope with uncertainty is a key determinant of its life chances. [ABSTRACT FROM AUTHOR]

This study investigates the impact of unionization on closures of firms, business lines, and establishments. Analyzing data from two major data sets--one (from the COMPUSTAT files) on the union status of solvent and insolvent enterprises and business lines, and one (obtained by matching files from the Current Population Survey) on the union status of workers who have lost their jobs due to permanent plant closures or business failures--the authors find little support for the hypothesis that unionization increases the insolvency of firms. The results are consistent with the hypothesis that unions behave in an economically rational manner, pushing wages to the point where union firms may expand less rapidly than nonunion firms, but not to the point where the firm, plant, or business line closes down. [ABSTRACT FROM AUTHOR]