Resumen de Legal environment and firm crisis: some evidence from the cross-border insolvency of the Italian foreign-owned firms

Filippo Reganati, Claudia Tedeschi, Rosanna Pititglio

• SOMMARIO: 1. Introduction. - 2. The cross-border insolvency legal problems. - 2.1.

  Current leading principles: settling a crisis and saving a firm. - 2.2. Differences between crisis and insolvency notions. - 2.3. Comparing key aspects of domestic insolvency rules in some EU countries. - 2.4. The link between competition among legal systems, forum shopping in case of insolvency proceeding and the general freedom of establishment issue. - 2.5. The relocation of the centre of main interests (COMI): UE Court of Justice vs domestic Courts - 2.6 Some considerations about positive aspects of the COMI transfer and creditors' protection. - 3. Empirical analysis. - 3.1. The estimation strategy. - 3.2. Data description. - 3.3 The variables. - 3.3.1. Firm-specific variables. - 3.2.2. Industry- specific variables. - 4. Estimation results. - 4.1. The baseline results. - 4.2 Does the legal environment matter for firms' death and survival. - 5. Conclusion