Crisi e declino dell'impresa. Interventi di turnaround e modelli previsionali

Translated title of the contribution: [Autom. eng. transl.] Crisis and decline of the company. Turnaround interventions and forecasting models

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Abstract

[Autom. eng. transl.] The contribution analyzes, with an economic-business and comparative approach with international experiences, the crisis and the decline of the company, understood as a cell and actor of the economic fabric. The states of decline and crisis of the business unit are described through the investigation of the possible causes and the related effects, starting from the consideration that the company, in order to carry out its activities in a profitable way, must show an aptitude for adequate economics and lasting. According to value theory, the viability of the company can be measured in terms of prospective capacity to increase the value of economic capital (W); if the propensity for growth slows down and then reverses, it means that the company is destroying value over time, revealing the situation of decline. If the negative profitability is followed by serious and growing repercussions in terms of financial flows, solvency, credit loss and trust, we are facing a crisis situation. If the state of crisis had an exclusively financial matrix, it would be sufficient to restore this balance to resolve the state of failure. However, in most cases, the financial imbalance only represents the ultimate manifestation, which certainly exacerbates the losses even further, of pathologies having other, especially economic, origins. The crisis is then usually a consequence of the progressive deterioration of situations of imbalance and inefficiency of internal and / or external origins; that is, it is given by a latent situation that becomes manifest only when it has reached the acute phase, upon the occurrence of the so-called trigger event, consequence of a late or absent effective reaction by the company management. In the first chapter, on the basis of these premises and emphasizing that the very etymology of the term "crisis", borrowed from the scientific field, highlights its multi-faceted nature in the context of business-economic analysis, the training process was investigated of the business crisis and the relative stages. The second chapter is dedicated to the analysis of the turnaround processes, intended as an organic set of remedial measures, formulated and implemented within the framework of the recovery plans supporting the process. In the third chapter are analyzed, in particular, the operations through which the debt is restructured and the interventions in which this is articulated: recourse to new financial resources, participation in the risk capital of the company Risananda and asset restructuring operations ( that is, those interventions on the balance sheet assets aimed at producing an additional amount of liquidity compared to that generated by ordinary operations, in order to implement credible debt repayment plans for creditors to whom the restructuring plan is proposed). In the fourth chapter, particular attention was devoted to the analysis of predictive models of the state of crisis of the company, investigating the discriminating analysis based on balance sheet indices and on the market value of listed companies (stock market capitalization).
Translated title of the contribution[Autom. eng. transl.] Crisis and decline of the company. Turnaround interventions and forecasting models
Original languageItalian
PublisherGiuffrè Editore
Number of pages262
ISBN (Print)9788814155109
Publication statusPublished - 2012

Keywords

  • crisi d'impresa
  • crisis management
  • strategie risanamento
  • turnaround

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