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Abatement, Care, and Compliance by Firms in Financial Distress

机译：财务困境中企业的减息，关怀和合规

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摘要

We examine precautionary behavior, specifically compliance with environmental regulations, pollution abatement, and care spending, by firms facing two sources of insolvency risk. If poor profit or a liability triggers insolvency, then the firm forgoes a profitable future. The behavioral implications of this survival motive vary across firms. Firms for whom the principal insolvency risk is liability-related now choose precaution above the level chosen by the solvent firm. For firms whose primary insolvency risk is profit-related, the survival motive reinforces incentives for care below the solvent benchmark arising from the familiar judgment-proof effect. We also characterize how insolvency risks affect incentives to conceal adverse events linked to these choices, such as an accident or a regulatory violation. An understanding of these incentives is particularly important during recessionary periods when firms struggle to survive the downturn.
机译：我们审查面临两种破产风险来源的公司的预防行为，特别是遵守环境法规，减少污染和护理支出的行为。如果利润不佳或负债引发破产，那么该公司放弃可盈利的未来。这种生存动机的行为含义因公司而异。与主要破产风险有关的公司现在选择的防范措施要高于有偿付能力的公司选择的水平。对于主要破产风险与利润相关的公司而言，生存动机会增强由于熟悉的判断力效应而产生的低于偿付能力基准的护理激励。我们还描述了破产风险如何影响隐藏与这些选择相关的不良事件（例如事故或违反法规）的动机。在衰退时期，当企业努力度过低迷时期时，了解这些激励措施尤为重要。

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