Journal articles: 'Debt off'

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Syukriah, H. G., Yaswirman Yaswirman, Firman Hasan, Kurniawarman Kurniawarman, and Taufiqurrahman Taufiqurrahman. "Debt Guarantee Settlement Patterns in Minangkabau." International Journal of Criminology and Sociology 10 (December 31, 2020): 313–19. http://dx.doi.org/10.6000/1929-4409.2021.10.38.

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Debt collateral is often unacceptable to the execution of debt collateral because there is coercion and leads to court so that many debts are not collected. In Minangkabau customary law, there is no compulsion to pay off debts. This research answers how people make debt-receivables agreements and must be repaid by the debtors in the Minangkabau customary law arrangement in Sungai Dareh village, West Sumatra. This research method is through observation and interviews of local customary leaders. The implementation of the pattern of execution of debt collateral settlement in Minangkabau is motivated by the legal relationship between the creditor and the collateral in the form of land. The creditor only has the right to cultivate or take the proceeds from the land given by the debt recipient until the debt is paid off or redeemed by the debt recipient, so that debt settlement will never transfer ownership rights to the land. In an urgent situation, the creditor can transfer the debt to the new lender, which stops the legal relationship between the first creditor and the debt recipient and creates a new legal relationship between the second creditor and the debt recipient. Creditors' rights remain a priority, and there is no time limit in paying off debts. This debt settlement is very different from debt settlement in positive law in Indonesia. The creditor has the right to sell the land as collateral for the debt if the debt cannot be settled after a certain period, which results in the loss of ownership of the debt recipient over the land that is used as debt collateral. There is a need for positive legal reform in Indonesia regarding the execution of debt guarantees.

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Jeong, Seong-ho. "Does the size of local government debt affect the level of debt of off-budget entities? The case of local government in Korea." International Review of Administrative Sciences 86, no. 2 (January 22, 2018): 333–48. http://dx.doi.org/10.1177/0020852317733314.

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The rapid growth of debt of off-budget entities is the result of budgetary constraints. When local governments face fiscal stress, with rising debt, they tend to rely on local public enterprise debt to minimize debt limits and budgetary constraints. This study tests how the debt level of local governments affects the debt level of off-budget entities in 16 Korean metropolitan cities and provinces from 2008 to 2013, applying panel regressions. The results assert that as the debt of a local government increases, public enterprise debt increases accordingly. The findings confirm that public enterprises are used to lessen budget pressure by increasing the total public debt. This practice is like concealing local government debt by using off-budget entities, which eventually creates a fiscal illusion. Points for practitioners Off-budget entities are tools for bigger government and larger debt, so it is necessary to control the use of off-budget debt by imposing ceilings on the off-budget debt limit. From a comprehensive debt management perspective, off-budget entities should be used less to pursue government projects. Additionally, a segmented accounting system should be introduced within the off-budget entities.

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Mutume, Gumisai. "Industrial countries write off Africa’s debt." Africa Renewal 19, no. 3 (October 31, 2005): 8–9. http://dx.doi.org/10.18356/5561aa79-en.

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Evans, Anthony J., Terence Tse, and Jeremy Baker. "The Great EU Debt Write-Off." Simulation & Gaming 47, no. 4 (May 4, 2016): 543–56. http://dx.doi.org/10.1177/1046878116645252.

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Stowers, John C. "Write Off Losses as Bad Debt." Emergency Medicine News 29, no. 10 (October 2007): 15–16. http://dx.doi.org/10.1097/01.eem.0000296552.02013.c2.

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&NA;. "Write Off Losses as Bad Debt." Emergency Medicine News 29, no. 10 (October 2007): 16. http://dx.doi.org/10.1097/01.eem.0000296553.27316.02.

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Afanasiev, Mst, and I. Krivogov. "Management of Equation of the Federal Budget: Foreign Debt to Russia." Voprosy Ekonomiki, no. 4 (April 20, 2005): 4–22. http://dx.doi.org/10.32609/0042-8736-2005-4-4-22.

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The quality of state budget planning and implementation process is directly connected with issues of management of foreign state debt and foreign financial assets. The article analyzes legal regulation of foreign debt management issues in Russia, the structure of its public debt and debt of foreign states to Russia. Possible schemes of debt restructuring including write-off, buy-back, several types of conversion and securitization are described. Principles of foreign debt settlement and Russia's participation in the Paris Club are presented. The article also deals with practical problems of settlement of foreign debts owed to Russia.

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Chatterjee, Satyajit, and Burcu Eyigungor. "A Seniority Arrangement for Sovereign Debt." American Economic Review 105, no. 12 (December 1, 2015): 3740–65. http://dx.doi.org/10.1257/aer.20130932.

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A sovereign’s inability to commit to a course of action regarding future borrowing and default behavior makes long-term debt costly (the problem of debt dilution). One mechanism to mitigate this problem is the inclusion of a seniority clause in debt contracts. In the event of default, creditors are to be paid off in the order in which they lent (the “absolute priority” or “first-in-time” rule). In this paper, we propose a modification of the absolute priority rule suited to sovereign debts contracts and analyze its positive and normative implications within a quantitatively realistic model of sovereign debt and default. (JEL E32, E44, F34, G15, H63, O16, O19)

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Lukashina, Olga, Zaiga Oborenko, and Marga Zhivitere. "Extinguishing Financial Liabilities with Equity Instruments: Theory and Practice Problems." Global Journal of Business, Economics and Management: Current Issues 6, no. 1 (October 25, 2016): 35. http://dx.doi.org/10.18844/gjbem.v6i1.984.

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EU introduced “fair value” accounting rules to evaluate equity instruments issued by the debtor for creditors to extinguish financial liabilities to them. These rules are not applied if the creditor is also a direct or indirect shareholder. This paper examines approaches to the evaluation debt when the shareholder’s liabilities are capitalized. Evaluation of those debts should include an audit of the documents related to incurring of debt, followed by an analysis of the debtor’s liquid assets to secure the debt. This is necessary to prevent the use of loopholes in legislation. Then the methods of business evaluation could be applied in any private enterprise.Keywords: capitalization of debts, set-off of claims , fair value, income tax, “internal” liabilities

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Hackbarth, Dirk, Christopher A. Hennessy, and Hayne E. Leland. "Can the Trade-off Theory Explain Debt Structure?" Review of Financial Studies 20, no. 5 (January 4, 2007): 1389–428. http://dx.doi.org/10.1093/revfin/hhl047.

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Chavanne, David. "Shaking Off Burdens - Debt Relief and Moral Intuitions." Kyklos 70, no. 3 (July 6, 2017): 381–401. http://dx.doi.org/10.1111/kykl.12142.

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Meltzer, H., P. Bebbington, T. Brugha, R. Jenkins, S. McManus, and M. S. Dennis. "Personal debt and suicidal ideation." Psychological Medicine 41, no. 4 (June 16, 2010): 771–78. http://dx.doi.org/10.1017/s0033291710001261.

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BackgroundPersonal debt is one of many factors associated with anxiety, depression and suicidality. The aim of this study was to examine the relationship between personal debt and suicidal ideation in the context of sociodemographic factors, employment and income, lifestyle behaviours, and recently experienced traumatic events.MethodInterviews were conducted with a random probability sample comprising 7461 respondents for the third national survey of psychiatric morbidity of adults in England. Fieldwork was carried out throughout 2007. The prevalence of suicidal thoughts in the past week, past year and lifetime was assessed and current sources of debt were recorded.ResultsIn 2007, 4.3% of adults in England had thought about taking their own life in the past 12 months, ranging from 1.8% of men aged ⩾55 years to 7.0% of women aged 35–54 years. Those in debt were twice as likely to think about suicide after controlling for sociodemographic, economic, social and lifestyle factors. Difficulty in making hire purchase or mail order repayments and paying off credit card debt, in addition to housing-related debt (rent and mortgage arrears), was strongly associated with suicidal thoughts. Feelings of hopelessness partially mediated the relationship between debt and suicidal ideation.ConclusionsThe number of debts, source of the debt and reasons for debt are key correlates of suicidal ideation. Individuals experiencing difficulties in repaying their debts because they are unemployed or have had a relationship breakdown or have heavy caring responsibilities may require psychiatric evaluation in addition to debt counselling.

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Krumer-Nevo, Michal, Anastasia Gorodzeisky, and Yuval Saar-Heiman. "Debt, poverty, and financial exclusion." Journal of Social Work 17, no. 5 (May 22, 2016): 511–30. http://dx.doi.org/10.1177/1468017316649330.

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Summary Over-indebtedness of impoverished households and its relevance to the social work profession have not received sufficient attention in the professional discourse. It is the intention of this article to put over-indebtedness on the professional agenda, to review the literature about it, and to present initial data from a study on over-indebtedness in Israel carried out with special attention to debtors’ coping with their debts. The research was conducted as a door-to-door survey in a neighborhood with low socio-economic characteristics and included questions about the nature of the debts, the strategies people use to cope with debts and the obstacles they face while doing so. Findings The research findings indicate a severe debt problem among the participants. Out of 142 interviewees, 61% had debt that was overdue and 27% of them did not have an active bank account – a significant parameter of financial exclusion. Moreover, the proliferation of debts per household, and the high level of debt-to-income ratio also indicate high risk for financial exclusion. Notwithstanding, the findings indicate that most debtors made active efforts in order to close their debts, using two distinct strategies, namely: trying to reach a payment arrangement with the creditor or paying off the debt by increasing their financial resources. Most debtors used the first strategy, although it was found as the less successful one. Applications The article discusses these findings in the framework of the concept of financial exclusion and proposes policy and direct interventions as well as further research on the topic.

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Biglaiser, Glen, and Ronald J. McGauvran. "The effects of debt restructurings on income inequality in the developing world." European Journal of International Relations 27, no. 3 (March 25, 2021): 808–29. http://dx.doi.org/10.1177/13540661211001425.

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Developing countries, saddled with debts, often prefer investors absorb losses through debt restructurings. By not making full repayments, debtor governments could increase social spending, serving poorer constituents, and, in turn, lowering income inequality. Alternatively, debtor governments could reduce taxes and cut government spending, bolstering the assets of the rich at the expense of the poor. Using panel data for 71 developing countries from 1986 to 2016, we assess the effects of debt restructurings on societal income distribution. Specifically, we study the impact of debt restructurings on social spending, tax reform, and income inequality. We find that countries receiving debt restructurings tend to use their newly acquired economic flexibility to reduce taxes and lower social spending, worsening income inequality. The results are also robust to different model specifications. Our study contributes to the globalization and the poor debate, suggesting the economic harm caused to the less well-off following debt restructurings.

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Stobieniecka, Weronika, and Anna Białek-Jaworska. "Do local governments use municipal companies for off-balance-sheet financing?" Central European Economic Journal 7, no. 54 (December 12, 2020): 242–57. http://dx.doi.org/10.2478/ceej-2020-0014.

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AbstractThis paper investigates whether municipalities in Poland use their municipal companies to increase debt capacity beyond the limitations imposed by the fiscal debt rules. The article presents corporate governance and agency problems on the example of relations between local government units and affiliated companies. We review and link literature on corporate finance, in particular capital structure, and public finance - debt liabilities of municipalities. We analyse a sample of 2,019 observations of municipalities and their municipal companies using the Ordinary Least Squares (OLS) method, where explanatory variables were taken from the public and corporate finance (leverage and its determinants). Results show that long-term debt of municipalities is positively associated with the leverage and size of municipal companies, but it is negatively related to their profitability.

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Fedriyanti, Irma, Sutiarnoto Sutiarnoto, and Surya Perdana. "Akibat Hukum Putusan Pernyataan Pailit Debitor terhadap Kreditor (Analisis Putusan Mahkamah Agung Nomor 443K/Pdt.Sus/2012)." Journal of Education, Humaniora and Social Sciences (JEHSS) 3, no. 3 (March 3, 2021): 1300–1306. http://dx.doi.org/10.34007/jehss.v3i3.552.

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The purpose of this paper is to review and analyze legal provisions in the case of a decision on a debtor's bankruptcy statement against creditors, to review and analyze legal remedies that can be taken by creditors in the event that the debtor's asset value has not been able to pay off debts to creditors and To review and analyze the legal consequences of bankruptcy statements by debtors in the Decision of the Commercial Court of the Central Jakarta District Court Number 12 / PAILIT / 2012 in conjunction with the Decision of the Supreme Court No.443K / Pdt. Sus / 2012. This type of research is normative legal research. Data analysis is the process of organizing and sorting data into categories and basic description units, so that themes are found and work hypotheses can be formulated, as suggested by the data. The data analysis was done qualitatively. With associated research objectives. The results showed that the legal provisions in the stipulation of a decision on a debtor bankruptcy statement against creditors are regulated in Law Number 37 of 2004, namely in article 2 paragraph (1), which explains that the requirements for filing a bankruptcy application are two or more creditors and have not paid off the minimum debt. against one creditor and the debt is due. Legal remedies that can be taken by creditors in the event that the value of the debtor's assets has not been able to pay off the debt to the creditor is to bankrupt the new business of the debtor if the debtor is still in default and does not pay off the debt even though it has been collected properly before.

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Kusuma, Putu Sri Arta Jaya, and Gerianta Wirawan Yasa. "Comparative analysis of company market reactions on right issue for pay debt and investment." International research journal of management, IT and social sciences 6, no. 3 (April 24, 2019): 29–37. http://dx.doi.org/10.21744/irjmis.v6n3.626.

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The right issue is the issuance of new shares conducted by companies where the right to buy new shares is given to the old shareholders. Funds from the rights issue can be used by companies for various purposes, namely paying off debt and investment. In this study wanted to test the market reaction to the announcement of the rights issue aimed at paying off debt and rights issues aimed at investment and comparing the market reaction to the rights issue aimed at paying off debt and investment. The research was conducted on companies listed on the Indonesia Stock Exchange (IDX) and which issued rights issues in 2015-2017 with a sample of 76 rights issues. The analysis techniques used were one sample t-test and independent sample t-test. Based on the results of the study, it was found that there was a positive market reaction to the rights issue aimed at investment. Whereas in the rights issue aimed at paying debt there is no market reaction. This research also proved that there was no difference in the market reaction to the rights issue aimed at paying off debt and investment.

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Derham, S. Rory. "Set-Off and Agency." Cambridge Law Journal 44, no. 3 (November 1985): 384–414. http://dx.doi.org/10.1017/s0008197300114916.

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The purpose of this article is to examine when a right to set off independent cross demands may be available in a case in which an agent acting on behalf of a principal has contracted with a third party. Three particular situations are considered. The first involves the series of cases dealing with undisclosed principals, in which the third party was not aware at the time of the contract that the person with whom he was dealing was merely acting as an agent on behalf of another. The principal subsequently sues the third party on the contract, and the question is whether the third party may bring into account a debt owing to him by the agent on a separate and independent transaction. The second situation arises when the agent, rather than the principal, is the person in whose name the action against the third party is being prosecuted. The third party may wish to set off in that action a debt owing to him by either the principal or the agent on another transaction. Finally, the question of a right to set off independent cross demands may arise in an action brought by the third party against the agent.

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Ong, Qiyan, Walter Theseira, and Irene Y. H. Ng. "Reducing debt improves psychological functioning and changes decision-making in the poor." Proceedings of the National Academy of Sciences 116, no. 15 (March 25, 2019): 7244–49. http://dx.doi.org/10.1073/pnas.1810901116.

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We examine how chronic debt affects behavior by studying how a large, unanticipated debt-relief program affected psychological functioning and economic decision-making in beneficiaries. A charity granted low-income households debt relief worth up to Singapore dollars 5,000 (∼3 month’s household income). We exploited quasiexperimental variation in the structure of debt relief: For the same dollar amount of relief, some beneficiaries had more debt accounts eliminated, while others had fewer paid off. Comparing 196 beneficiaries before and after debt relief, and controlling for debt-relief amount, having an additional debt account paid off improves cognitive functioning by about one-quarter of a SD and reduces the likelihood of exhibiting anxiety by 11% and of present bias by 10%. To achieve the same effect on cognitive functioning of eliminating one debt account, a beneficiary must receive debt relief worth ∼1 month’s household income. There is no effect of debt-relief magnitude on anxiety and decision-making. We exclude training and calendar effects, debt-causing behaviors, and liquidity constraints as explanations. Instead, these results support the hypothesis that chronic debt impairs behavior because the mental-accounting costs of owing distinct debt accounts consume mental bandwidth. Poverty-alleviation policies aimed at the indebted poor should consider addressing mental accounting and bandwidth taxes.

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ABEL, ANDREW B. "Optimal Debt and Profitability in the Trade-Off Theory." Journal of Finance 73, no. 1 (December 14, 2017): 95–143. http://dx.doi.org/10.1111/jofi.12590.

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Serrasqueiro, Zélia, and Ana Caetano. "TRADE-OFF THEORY VERSUS PECKING ORDER THEORY: CAPITAL STRUCTURE DECISIONS IN A PERIPHERAL REGION OF PORTUGAL." Journal of Business Economics and Management 16, no. 2 (December 16, 2014): 445–66. http://dx.doi.org/10.3846/16111699.2012.744344.

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This paper seeks to analyse whether the capital structure decisions of Small and Medium-Sized Enterprises (SMEs) are closer to the assumptions of Trade-Off Theory or to those of Pecking Order Theory. We use a sample of SMEs located in the interior region of Portugal, using the LSDVC dynamic estimator as method of estimation, the empirical evidence obtained allows us to conclude that the most profitable and oldest SMEs resort less to debt, which corroborates the forecasts of Pecking Order Theory. SMEs, with greater size, resort more to debt, corroborating the forecasts of Trade-Off Theory and Pecking Order Theory. In addition, SMEs adjust noticeably their current level of debt towards the optimal debt ratio, which corroborates what is forecast by Trade-Off Theory. Therefore, this paper enhances that Trade-Off and Pecking Order Theories are not mutually exclusive in explaining the capital structure decisions of SMEs. The results suggest that younger and smaller SMEs should be object of public financing support, when the internal financing is clearly insufficient to fund those firms’ activities.

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Lemmon, Michael L., and Jaime F. Zender. "Asymmetric Information, Debt Capacity, and Capital Structure." Journal of Financial and Quantitative Analysis 54, no. 1 (October 5, 2018): 31–59. http://dx.doi.org/10.1017/s0022109018000443.

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Capital structure choice based on costs associated with asymmetric information is examined in order to present a new perspective on the standard pecking order and trade-off theories. In the model, both the face value of debt and the restrictiveness of the associated debt covenants are chosen as part of the financial structure, allowing a more complete characterization of this decision. Debt structure choice balances ex ante adverse selection against ex post moral hazard, providing a natural integration of the pecking order and trade-off theories and the development of interesting empirical implications.

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Ju, Nengjiu, Robert Parrino, Allen M. Poteshman, and Michael S. Weisbach. "Horses and Rabbits? Trade-Off Theory and Optimal Capital Structure." Journal of Financial and Quantitative Analysis 40, no. 2 (June 2005): 259–81. http://dx.doi.org/10.1017/s0022109000002301.

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AbstractThis paper examines optimal capital structure choice using a dynamic capital structure model that is calibrated to reflect actual firm characteristics. The model uses contingent claim methods to value interest tax shields, allows for reorganization in bankruptcy, and maintains a long-run target debt to total capital ratio by refinancing maturing debt. Using this model, we calculate optimal capital structures in a realistic representation of the traditional trade-off model. In contrast to previous research, the calculated optimal capital structures do not imply that firms tend to use too little leverage in practice. We also estimate the costs borne by a firm whose capital structure deviates from its optimal target debt to total capital ratio. The costs of moderate deviations are relatively small, suggesting that a policy of adjusting leverage infrequently is likely to be reasonable for many firms.

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Jaafar, Mohamad Nizam, Amirul Afif Muhamat, Ismail Ahmad, and Sharifah Faigah Syed Alwi. "Determinants of capital structure: Empirical evidence from Shariah compliant plantation firms in Malaysia." Journal of Emerging Economies and Islamic Research 5, no. 4 (December 30, 2017): 1. http://dx.doi.org/10.24191/jeeir.v5i4.6235.

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Capital structure choice is vital in corporate financial management due to its effect on both return and risk to investors. As such, the objective of this research is to analyse the capital structure of listed shariah compliant plantation companies in Bursa Malaysia. The factors that influence the level of debt in this research are profitability, tangibility and liquidity respectively. The research is conducted by observing financial data of 34 listed shariah compliant plantation firms in Malaysia from period 2006 to 2016. The study has used panel data and the regression analysis is based on ordinary least square (OLS). Capital structure is the dependaple variable referring to debt ratio of the companies, decomposed into total debts over total assets. The independent variables are profitability, liquidity and tangibility. Three theories of capital structure have guided this study i.e. the Trade-Off Theory, Asymmetric Information and the Pecking Order Theory. The study shows that profitability and tangibility have significant positive relationship capital structure. Nevertheless, liquidity does not have any significant relationshipwith the debt ratio. It is most likely that liquidity is not taken into account by listed plantation companies in Malaysia in making their capital structure decision. Since profitability and tangibility have significant relationship with the level of debt, the Theory of Capital Structure such as Trade Off Theory is applicable to plantation shariah compliant firms listed in Bursa Malaysia.

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Lin, Feng-Li. "Do DJIA Firms Reflect Stationary Debt Ratios?" Economies 8, no. 4 (September 28, 2020): 76. http://dx.doi.org/10.3390/economies8040076.

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To form optimum firm capital structure strategies to face unanticipated economic events, firm managers should understand the stability of a firm’s capital structure. The aim of this research was to study whether the debt ratio is stationary in listed firms on the Dow Jones Industrial Average (DJIA). Two vital capital structure concepts regarding pecking order and trade-off theory are fairly contradictory. Using opposing theoretical contexts, the Sequential Panel Selection Method apparently categorizes which and how many series are stationary processes in the panel. This method was used to test the mean reverting properties of the 25 companies listed on Dow Jones Industrial Average between 2001 and 2017 in this study, which is expected to fill the current gap in the literature. The overall results show that stationary debt ratios exist in 10 of the 25 studied firms, supporting the trade-off theory. Moreover, the 10 firms utilizing trade-off theory are affected by firm size, profitability, growth opportunity, and dividend payout ratio. These results provide vital information for firms to certify strategies to optimize capital structure.

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Khan, Hidayat, and Moazzam Shah. "http://habibiaislamicus.com/index.php/hirj/article/view/207." Habibia Islamicus 5, no. 2 (June 21, 2021): 56–70. http://dx.doi.org/10.47720/hi.2021.0502u04.

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In Islamic law of Business rules, there is a terminology of “Muqassah”, which in Arabic etymology means, Debt settlement by a contra transaction when someone is indebted to a person and this person in the same time is indebted to the first one of the similar amounts of money. In terminology point of view, Muqassah means the discharge of a debt receivable against a debt payable or. Thus, muqassah is one of the ways to pay someone’s debt. New forms of Muqassah have been introduced in the modern Islamic banking system. It has turned into a complexed system after the emergence of modern technology. Therefore, there is a great need to discuss the modern application of the rules of set-off already set forth by Shariah to modern financial transaction. These modern applications include set-off between customer and financial institution and also between tow financial institutions through cheque and sometimes through clearing house. This sett-off may take place through national and international networking system. This article proceeds with an introduction of the term “Muqassah” and other related terms. It further discusses the classification, conditions and shariah ruling of each type of “Muqassah” (Set off). The article ends with conclusion of this discussion about set-off.

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Karlan, Dean, Sendhil Mullainathan, and Benjamin N. Roth. "Debt Traps? Market Vendors and Moneylender Debt in India and the Philippines." American Economic Review: Insights 1, no. 1 (June 1, 2019): 27–42. http://dx.doi.org/10.1257/aeri.20180030.

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A debt trap occurs when someone takes on a high-interest-rate loan and is barely able to pay back the interest, and thus perpetually finds themselves in debt (often by refinancing). Studying such practices is important for understanding financial decision-making of households in dire circumstances, and also for setting appropriate consumer protection policies. We conduct a simple experiment in three sites in which we paid off high-interest moneylender debt of individuals. Most borrowers returned to debt within six weeks. One to two years after intervention, treatment individuals were borrowing at the same rate as control households. (JEL D14, D18, D91)

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오수원. "Legal quality of cumulative assumption of debt and sett-off of the person assuming the debt." Lawyers Association Journal 56, no. 1 (January 2007): 246–89. http://dx.doi.org/10.17007/klaj.2007.56.1.009.

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Pangestu, Puja Dwi. "Actio Pauliana as the Rights Protection Efforts for Creditors in the Bankruptcy Case." Journal of Private and Commercial Law 3, no. 1 (May 31, 2019): 26–29. http://dx.doi.org/10.15294/jpcl.v3i1.18673.

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The implementation of a debt agreement is often found in bad faith by the debtor where the debtor is unable to pay off his debts. When the debtor is deemed unable to pay off all of his debt, the debtor can voluntarily submit palitit to the Commercial Court. Submission of bankruptcy can also be applied by creditors, of course, bankruptcy permits by debtors or creditors must fulfill the conditions mandated in the bankruptcy law. When debtors are declared bankrupt, all assets owned by the debtor are collateral for their debts.However, in its implementation, it is often found that ill will is carried out by the debtor, namely when the debtor feels that he is no longer able to repay his debts, the debtor transfers his assets to the third party for his own benefit. To protect the interests of each creditor then curator can make an action with actio pauliana, , Actio Pauliana is cancellation of all of the legal action of the assets taken by debtors. The research objective of this article is to know and understand the bankruptcy determination process based on the Bankruptcy Act and how actio pauliana attempts to protect the rights of each creditor.

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Ahmed, Syed, and Shehzad Mian. "CAPTIVE FINANCE SUBSIDIARIES, DEBT CAPACITY AND OFF-BALANCE SHEET FINANCING." Financial Review 22, no. 3 (August 1987): 16. http://dx.doi.org/10.1111/j.1540-6288.1987.tb01150.x.

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Altman, Edward I., José F. González-Heres, Ping Chen, and Steven S. Shin. "The Return/Volatility Trade-Off of Distressed Corporate Debt Portfolios." Journal of Portfolio Management 40, no. 2 (January 31, 2014): 69–85. http://dx.doi.org/10.3905/jpm.2014.40.2.069.

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Hiebert, Paul, Javier J. Pérez, and Massimo Rostagno. "The trade-off between public debt reduction and automatic stabilisation." Economic Modelling 26, no. 2 (March 2009): 464–72. http://dx.doi.org/10.1016/j.econmod.2008.10.001.

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Wiszniowski, Edward. "Balance Sheet and Tax Aspects of Bank Debt Remission." Olsztyn Economic Journal 9, no. 2 (June 27, 2014): 119–28. http://dx.doi.org/10.31648/oej.3169.

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Tax and balance sheet aspects of bank debt redemption. This paper is devoted to the redemption of bank liabilities, which constitutes one of the tools used by banks in the re-structuring of borrowers' debts. This is not an optimal form of shaping the relationship between the creditor and the debtor but under certain conditions, in the case of a partial redemption or redemption of a certain components of the debt, it may at least partially off-set the outstanding claims of the creditor. From the point of view of the banks, in the case of debt relief, tax laws should be considered restrictive as they contain a very limited cost catalogue qualifying them to be considered as revenue costs. From the perspective of the balance sheet, liability redemption tends to be the most neutral because the banks are obligated to perform regular write-downs on receivables. Debt redemption usually occurs after possible execution alternatives against the debtor have been pursued, and therefore when a full write-down has been created on bank's liability.

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Seetharaman, Ananth, Zane L. Swanson, and Bin Srinidhi. "Analytical and Empirical Evidence of the Impact of Tax Rates on the Trade-off between Debt and Managerial Ownership." Journal of Accounting, Auditing & Finance 16, no. 3 (July 2001): 249–72. http://dx.doi.org/10.1177/0148558x0101600306.

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We show that, for a firm facing a high marginal tax rate, the benefit of using debt relative to managerial ownership to control agency costs increases at a decreasing rate. Debt and managerial stock ownership represent alternative mechanisms for reducing agency costs of the relationship between owner-investors and managers in firms. However, although debt and managerial ownership provide overlapping benefits, only debt can provide the differential benefit of reducing the firm's tax liability. While the tax benefit from using debt relative to managerial ownership to control agency conflicts is an increasing function of the firm's marginal tax rate, the decreased managerial ownership results in external investors bearing a larger part of the cost of debt that accrues to the firm. Effectively, for external investors, the relative cost of debt decreases at a decreasing rate when the marginal tax rate increases. Therefore, the trade-off between debt and managerial ownership predicted by the agency literature is expected to be strong at low marginal tax rates, but get progressively weaker at higher marginal tax rates. In this paper, we build an analytical model of this hypothesis and provide strong empirical evidence in its support. Our study contributes to a further understanding of how tax rates might affect the interaction of capital structure decisions with the incentive compatibility issues and corporate governance. The study also provides a basis for future studies to examine factors other than tax rates that differentially affect debt and managerial ownership costs.

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Trubina, M. V., and A. V. Sereda. "GENERALIZATION OF THE WORLD PRACTICE OF RISK ANALYSIS IN TAX DEBT MANAGEMENT." Legal horizons, no. 18 (2019): 148–54. http://dx.doi.org/10.21272/legalhorizons.2019.i18.p148.

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The article is devoted to the world experience of tax debt management. The authors discuss the experience of organizing public administration of tax debt of OECD countries and European Union countries, which may become a benchmark for the development of the tax debt administration system in Ukraine. It is in the context of European integration that it is necessary to find ways to improve the administration of tax debt on the basis of new approaches that meet the goals and objectives of the state in the tax field. A clear division of taxpayers with tax debt into segments and sub-segments according to the risk factors of debt repayment will make changes to the organization of the administration of tax debt in order to prevent the emergence and accumulation of new debts before the budget and ensure the repayment of existing ones. The problems of tax debt optimization are investigated. Risk oriented approaches to tax debt management are considered. In the process of research, the countries in which the controlling authorities are noted for their efficiency in particular in paying off tax debt are highlighted. Debtor segmentation criteria and priority areas for improving tax debt administration procedures in the context of the implementation of the global experience are identified and systematized, and taxpayer segmentation criteria for tax debt are further substantiated to further determine priorities in tax administration. The proposed approaches are based on the study of foreign experience and take into account the factors of value and probability of repayment of tax debt. Tax debt administration strategies are applied to each segment of debtors. Emphasis is placed on the need to apply an individual approach to the debtor in the application of impact measures to collect a tax debt. Tactical and strategic measures to collect taxpayer debt are summarized. Keywords: tax debt, collection authorities, tax debt management, taxpayers, automated analytical models.

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Bukalska, Elżbieta. "Testing trade-off theory and pecking order theory under managerial overconfidence." International Journal of Management and Economics 55, no. 2 (August 29, 2019): 99–117. http://dx.doi.org/10.2478/ijme-2019-0008.

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Abstract We address our research to the problem of managerial overconfidence and financing behavior. The aim of the paper is, hence, to ascertain the pattern of financing decisions of overconfident managers and identify the relevant capital structure theory (trade-off or pecking order theory) that can be used to explain financing decisions of overconfident managers. We collected a sample of 145 private companies. The degree of overconfidence was distinguished by surveying the managers on overestimation, overplacement, and overoptimism. The financial data covers the period of 2010–2015. We calculated static ratios of capital structure and uncovered the determinants of capital structure. We then unveiled the target debt ratios using Fama and French methodology and identified the difference between target and actual debt ratios. We also calculated the value of deficit and the sources of financing according to Shyam-Sunder and Myers. We found that the companies managed by overconfident managers use higher value of equity and display similar debt ratios. They also utilize reverse pecking order preference—trying to use internal funds and then turning to equity. Moreover, we noted that companies managed by overconfident managers come closer to target debt ratios and implement more risky fixed assets financing strategies. The significance of our research is that we contribute to the understanding of capital structure decisions by taking into account behavioral biases and conducting comprehensive research on both static and dynamic capital structure.

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Шамшеев, Сергей, and Sergey Shamsheev. "Problems of Accounting and Internal Control of Overdue Receivables in Russia and Ways to Solve Them." Auditor 5, no. 5 (June 5, 2019): 29–37. http://dx.doi.org/10.12737/article_5cde68664629c6.14636582.

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Th e article deals with the problems of accounting and internal fi nancial control of non-recoverable debt in Russia, the causes of understating the indicators of statistical reporting due to the lack of legal framework governing the accounting services of institutions in the accounting of bad debts are given; the ways to solve the problem in accounting and a new classifi cation of accounts receivable are off ered.

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Shah, S. M. Amir. "Corporate Debt Policy—Pre- and Post-financial Market Reforms: The Case of the Textile Industry of Pakistan." Pakistan Development Review 46, no. 4II (December 1, 2007): 465–78. http://dx.doi.org/10.30541/v46i4iipp.465-478.

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The literature provides evidence that the capital structure of a firm is often a combination of several securities; it can arrange (1) Bank loan (2) issue debentures/bonds, (3) issue shares (4) lease financing, or (5) utilise its retained earnings. Eventually number of ideas and theories has been developed to discuss the optimal capital structure. Optimum is the trade-off between the benefit of tax and costs of financial distress; a firm faces due to the borrowed money. Although extensive research work has been done on the capital structure but still it remains one of the unsettled topics in finance. Optimal capital structure has an impact on corporate profits. Debt is considered as the cheapest source of financing due to tax shield, higher the firm’s tax bracket more the debt is advantageous to a firm. The trade off theory states that higher debt is associated with higher profitability. Three reasons support this theory; one debt allow tax shield. Second, more trust is built on profitable companies considering more sustainable and less prone to bankruptcy; hence high profitable companies are able to seek more debt. Third, agency cost, for the profitable firms, lenders/creditors give relaxation in monitoring charges, which reduces the debt cost. This motivates profitable firms to go for more debt.

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Zhang, Yi, Ronald T. Wilcox, and Amar Cheema. "The Effect of Student Loan Debt on Spending: The Role of Repayment Format." Journal of Public Policy & Marketing 39, no. 3 (August 26, 2019): 305–18. http://dx.doi.org/10.1177/0743915619847465.

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Across three studies, the authors investigate the effect of student loan debt on spending. Evidence from consumer finance data and experimental scenarios reveals that borrowers with moderate student loan debt are less likely to spend than people with low (or no) debt. However, borrowers with high debt are more likely to spend relative to those with moderate debt. The latter effect is consistent with goal disengagement, as paying off high student loan debt seems difficult. Importantly, the spending propensity associated with high student loan debt is attenuated by presenting the debt in a monthly payment (vs. lump-sum) format, which reduces perceived payoff difficulty. From a public policy perspective, the authors recommend that estimated monthly payments be included in all student loan disclosures.

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Jadoua, Zainab Abdulawood, and Nihal Farid Mostapha. "The Effect of Access to Debt on Lebanese Small and Medium Enterprises Performance." ACRN Journal of Finance and Risk Perspectives 9, no. 1 (2020): 32–44. http://dx.doi.org/10.35944/jofrp.2020.9.1.003.

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Since thirties access to debt has been considered as one of the main challenges facing the growth of Small and medium-sized enterprises (SMEs). Therefore, empirical studies focused on how facilitating access to debt affects SMEs financial performance in developed countries. However, this is not the case in the developing economies countries such as Lebanon due to the lack of financial transparency and poor financial reporting. In addition, very few studies discussed the theoretical pillar behind SMEs financial behavior on how access to debt affects firm performance in developed and developing countries. Therefore, this study attempts to investigate the effect of access to debt on Lebanese SMEs financial performance in terms of profitability and tangibility. In addition, the study explores the theoretical explanation of how Lebanese SMEs access to debt affects profitability (PR) and tangibility (ST) using trade-off theory (TOT) and pecking order theory (POT). Data of 102 SMEs for the period 2014 till 2017 from 12 official audit firms located in Beirut-Lebanon. Additionally, generalized least squares (GLS) method was used to conduct regression analysis. The analysis reveals the positive effect of Lebanese SMEs access to debt on SMEs profitability and tangibility confirming the adoption of trade-off theory as an approach by Lebanese SMEs and lenders. It is concluded that facilitating Lebanese SMEs access to debt to reach proper debt level improves SMEs performance which in return affects positively the lenders and economy as whole.

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Aziz, Abdul, and Ramdansyah Ramdansyah. "ESENSI UTANG DALAM KONSEP EKONOMI ISLAM." BISNIS : Jurnal Bisnis dan Manajemen Islam 4, no. 1 (September 29, 2016): 124. http://dx.doi.org/10.21043/bisnis.v4i1.1689.

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Meeting the needs of life is something that must be done. To meet these needs is constrained because keterbatas money as a tool applicable in the transaction, for which one needs the help of others for the fulfillment of the terms muamalah called the debt. Debt is an obligation for someone to pay if the debt maturity has been up, even the debt shall be the duty of someone since he was alive until he dies. We often hear when the bodies would be buried, who often say is the debt that will be transferred to the heirs of the new corpses to be buried. Seeing this context debt is an important role for someone to pay it off.

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Hishow, Ognian N. "Russia's external debt: infinite rescheduling?☆." Communist and Post-Communist Studies 34, no. 1 (March 1, 2001): 113–28. http://dx.doi.org/10.1016/s0967-067x(00)00026-x.

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Since Russia defaulted on her sovereign domestic debt in the aftermath of the August 1998 crisis, questions were raised as to whether she would do the same for her huge external liabilities. Creditors worry about the possibility that Moscow will try to confront them either with a unilateral moratorium or will try to achieve an “infinite” debt restructuring. The latter would eventually mean the same since the original claims would not be serviced, but kept on the books whereas written off claims get erased. Given the economic resources of that country such a solution cannot be recommended despite some voices that Russia needs even more aid. To relieve the debt service burden the West should, however, agree to reschedule the payments.

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Rakhaev, Valery Alexandrovich. "Modern approaches to evaluating and selecting methods of servicing difficult loan debts." Vestnik of Astrakhan State Technical University. Series: Economics 2019, no. 4 (December 16, 2019): 104–11. http://dx.doi.org/10.24143/2073-5537-2019-4-104-111.

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The article suggests the significant proportion of bad debt to be one of the main problems of the modern bank lending system in Russia. In banking practice, the debt of borrowers is considered problematic if there is a delay in the principal debt and / or interest during 60 calendar days or more (the last 180 calendar days). The presence of bad debt requires creating reserves for possible losses on loans, which can reduce the financial result and the loan portfolio quality of banks, so paying off bad loans is an urgent task for commercial banks. There is no single algo-rithm for choosing the best way for debt repayment. There has been analyzed the research of evaluating the value of claims and calculating the maximum amount of debt repayment. The factors determining the existing structure of problem debt repayment in banks have been investigated; factors of assessing the effectiveness of debt repayment by concluding assignment contracts have been considered. The author's approach to calculating the financial result and cash flow under different ways of fulfilling the obligations of borrowers has been proposed. The calculations and comparison of variants to pay off a debt of a specific borrower on the basis of a financial model have been made. Due to the divergence of cash flows, the assignment of claims to the bank is found the preferred method for debt repayment. It has been stated that the assignment of claims has several advantages over other methods of debt repayment: it helps to save the lender from the costs related to the repayment of bad loans; from the need to reserve additional funds provided for compensation of possible losses; replenishment of working capital, partial coverage of their losses, improvement of official statistical indicators by reducing the share of problem loans; concentration on their business.

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Barua, Samir K., V. Raghunathan, Jayanth R. Varma, and N. Venkiteswaran. "Analysis of the Indian Securities Industry: Market for Debt." Vikalpa: The Journal for Decision Makers 19, no. 3 (July 1994): 3–24. http://dx.doi.org/10.1177/0256090919940301.

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In the current liberalized environment, the Indian debt market appears to be all set to take off. With the commencement of trading of debt instruments by the National Stock Exchange this year, the secondary market of the Indian debt market is expected to achieve a significant level of activity. In this context, a closer understanding of the Indian debt market in terms of the private corporate sector, public sector, government sector, and the housing finance sector assumes increased importance. In this paper, the authors provide the much needed perspective on the Indian debt market as a whole and make recommendations for its development wherever necessary.

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Gagarina, M., and T. Goroshnikova. "Psychological Factors of Multiple Debt Repayment Strategies." Review of Business and Economics Studies 6, no. 3 (September 30, 2018): 57–64. http://dx.doi.org/10.26794/2308-944x-2018-6-2-57-64.

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The article presents a review of the literature and the results of an empirical study of strategies for repayment of multiple debts in a laboratory experiment and their connection with the personality traits of the respondents (N = 348). The main strategies of debt repayment are identified - Rational, Semi-rational, Aversive, Distributive, Chaotic and Ignoring of small numbers. The smallest group in the empirical study is the group of respondents with Rational strategy. Respondents of all the groups, except Rational, were compared among themselves on personal characteristics. Respondents with the Semi-rational strategy, in contrast to respondents with other strategies, demonstrate a greater propensity for risk. An Aversive strategy is characterised by a tendency to reduce the number of debts and is demonstrated by respondents when performing various tasks. Respondents with a Chaotic strategy made multiple mistakes in the simulation and, in comparison with all other respondents, are less open to new experience. Respondents with a strategy for paying off debts Ignoring small numbers turned out to be more benevolent than Chaotic respondents and respondents with the Close to rational strategy.

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Henrique, Marcelo Rabelo, Sandro Braz Silva, Wendell Alves Soares, and Sérgio Roberto da Silva. "Determinants of the Capital Structure of Brazilian Companies: An Empirical Analysis of Pecking Order and Trade-Off Theories in 2005 and 2014." Revista Ibero-Americana de Estratégia 17, no. 1 (November 7, 2018): 130–44. http://dx.doi.org/10.5585/ijsm.v17i1.2542.

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This study investigates the determinants of capital structure, using multiple regression technique data for a sample of 723 companies from various sectors of the Brazilian economy between 2005 and 2014 in order to determine the relative importance of the factors specific company. The theory of pecking order provides the existence of a hierarchy in the use of funding sources, while the trade-off theory considers the existence of a target capital structure that would be pursued by the company. Twelve financial variables were used in which five were dependent (related to indebtedness) and seven independent variables (explanatory of the determinants of capital structure). These were: a) indebtedness: Total Indebtedness; Short-term debt; Long-term debt; Costly Financial debt Short-term; and Financial Debt Costly Long-term; b) Determinants of Capital Structure: Current liquidity; Tangibility; Return on assets; Return to Investors; Payment level of income tax; Sales Growth; and Asset Growth. The main results of this study as a contribution were: a) positive relationships in asset tangibility and negative for asset returns; b) the current ratio is negatively related with the debt indicators; c) the return to investors could not confirm their relationship with debt indicators; d) growth of assets is positively related to short-term debt and negatively related to the indebtedness of short and long onerous financial terms; e) sales growth is negatively related to the debt indicators; f) the level of income tax payment showed a positive relationship with the short-term debt, it is not possible to compare it to other levels of indebtedness.

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Bhattacharya, Debapriya, and Zeeshan Ashraf. "Is Bangladesh Rolling towards Debt Stress? An Exploration of Debt Sustainability in the Context of Recent External Financial Flows." South Asian Journal of Macroeconomics and Public Finance 7, no. 2 (September 18, 2018): 137–73. http://dx.doi.org/10.1177/2277978718795755.

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This article examines the sustainability of public debt in Bangladesh under alternative future scenarios based on simulation exercises for the period of FY2017 to FY2026. It adopts the debt-stabilizing primary balance approach (DPSBA) and International Monetary Fund/World Bank Debt Sustainability Framework (DSF). The findings of the former indicate that Bangladesh will be able to service its increasing public debt as long as its economic growth rate remains higher than the real interest rate payable on debt. Public debt also appears to be sustainable according to variables tested under the DSF. However, findings indicate that Bangladesh has been and would continue allocating an increasing share of its revenue to external debt repayment, creating a trade-off with investment in growth-oriented sectors. JEL Classification: H63, H68, H69, H81, G28

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Navas, Javier F. "Secured Debt, Agency Problems, and the Classic Model of the Firm." Quarterly Journal of Finance 11, no. 03 (June 3, 2021): 2150015. http://dx.doi.org/10.1142/s2010139221500154.

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In the traditional literature on firm models it is generally accepted that secured debt reduces the agency costs of debt, as it alleviates the underinvestment and overinvestment problems. We demonstrate that secured debt can also produce the opposite effects. Under the [Merton 1974, On the Pricing of Corporate Debt: The Risk Structure of Interest Rates, Journal of Finance 29, 442–470] framework, we provide numerical examples where junior secured debt produces underinvestment and senior and all-assets secured debt bring about overinvestment. Project financing and independent-firm financing eliminate these problems but may induce suboptimal decisions for shareholders. We show that shareholders will finance a project as an independent firm if its net present value is sufficiently high. Otherwise, they are better off financing the project with all-assets secured debt.

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Sverdlove, Ronald. "Debt seniority and mergers." Managerial Finance 41, no. 6 (June 8, 2015): 550–62. http://dx.doi.org/10.1108/mf-01-2014-0022.

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Purpose – The purpose of this paper is to show how corporate policy with respect to the seniority structure of debt changes after a merger. Design/methodology/approach – The author uses data on the seniority and other properties of outstanding bonds of acquiring and target firms before mergers and of the combined firm after the merger. The author tests whether a combined firm that has acquired junior debt in the merger attempts to move toward the senior-only structure of the acquiring firm before the merger. Findings – The author finds that acquiring firms do not rapidly move back toward that structure after acquiring senior debt. Research limitations/implications – The results of this study are consistent with those of many recent studies on capital structure, which find that changes in capital structure tend to persist, and that firms are slow to revert to previous structures aftershocks, such as those that may result from mergers. Practical implications – The paper suggests that there may be an advantage for firms to sell off acquired junior debt after a merger. Originality/value – This paper extends previous studies of capital structure to the more detailed level of debt seniority structure.

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Mawardi, Imron, Tika Widiastuti, Debrina Farrah Anova, Muhammad Ubaidillah Al Mustofa, Dewie Saktia Ardiantono, and Taqiyah Dinda Insani. "PUBLIC DEBT AS A SOURCE OF FINANCING FOR GOVERNMENT EXPENDITURES IN THE PERSPECTIVE OF ISLAMIC SCHOLARS." Humanities & Social Sciences Reviews 7, no. 4 (September 7, 2019): 285–90. http://dx.doi.org/10.18510/hssr.2019.7436.

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Purpose of the study: This study aims to examine foreign debt as a source of financing for economic development. This research is expected to provide (1) an overview of debt as a source of funding for state projects, (2) investigate its impacts and (3) offer additional knowledge of its Islamic perspective. Methodology: This research is a qualitative study using the study literature approach. This research is conducted by analysing books, literature, journals, and magazines with themes related to the focus of the discussion on this study. It is expected that the method used can provide insight, general knowledge, and develop the view of Islam in relation to foreign debt. Main Findings: The government has to ensure that the state has the ability to pay off its obligations in the future; guarantee that loans have to be free from interest; prioritize taking loans from internal sources rather than external sources. In Addition, debts are not intended for deferred needs and not taking loans that exceed their needs. Applications of this study: basically the results of this study can be applied to any country that considers the use of public debt, like other Islamic systems. Novelty/Originality of this study: This research is conceptual research in an Islamic perspective. This study successfully examined comprehensively related to the public debt with the Islamic approach.

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Journal articles on the topic 'Debt off'

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