Characteristics of Contraction of Economic Agents in the Framework of Bankruptcy Institute

  • Tatyana Bukreeva
  • Irena Minakova
  • Natalya Tsukanova
Conference paper
Part of the Springer Proceedings in Business and Economics book series (SPBE)


In modern conditions, bankruptcy institute is intended to preserve the balance of interests of the state and business, to regulate contractions between economic agents. At the same time, parties interacting within bankruptcy institute (a principal of an enterprise in default, shareholders, creditors, employees) have opposite interests, which lead to conflicts among them. In return, conflicts of interest have a big influence on the choice of the priority mechanism for solving the current crisis situation. The article studies the characteristics of economic agents in the situation of insolvency depending on targets and available information. It specifies the impact of identified conflict of interest based on the desire to obtain distributive advantages and the choice of a mechanism for resolving the current crisis situation: preference for rehabilitation or liquidation procedures.


Bankruptcy institute Agency relationship Conflict of interests Shareholders Creditors 


  1. Blazy, R.: La faillite: éléments d’analyse économique. Economica, Paris (2000)Google Scholar
  2. De Meza, D., Webb, D.C.: Too much investment: a problem of asymmetric information. Q. J. Econ. 102, 281–289 (1987). CrossRefGoogle Scholar
  3. Eggertsson, T.: Economic Behavior and Institutions. Cambridge University Press, Cambridge (1990). CrossRefGoogle Scholar
  4. Ermolaev, D., Minakova, I.: Management of Socio-Economic Development of the Region: Theoretical and Methodological Concept and Institutional Constrains. Southwest State University, Kursk (2012.) (in Russian)Google Scholar
  5. Jensen, M.C.: Agency costs of free cash flow, corporate finance and takeovers. Am. Econ. Rev. 76, 323–339 (1986). Google Scholar
  6. Jensen, M., Meckling, W.: Theory of the firm: managerial behavior, agency costs and ownership structure. J. Financ. Econ. 3, 305–360 (1976). CrossRefGoogle Scholar
  7. Leland, H., Pyle, D.: Information asymmetries, financial structure, and financial intermediation. J. Financ. 2, 371–387 (1977). CrossRefGoogle Scholar
  8. Minakova, I.: Behavioral patterns of economic agents in different types of contractual relationships: neo-institutional approach. Izvestia Southwest State University. 2-2(41), 29–34 (2012.) (in Russian)Google Scholar
  9. Myers, S.: Determinants of corporate borrowing. J. Financ. Econ. 5, 147–175 (1977). CrossRefGoogle Scholar
  10. Myers, S.: The capital structure puzzle. J. Financ. 3, 575–592 (1984). CrossRefGoogle Scholar
  11. Ross, S.A.: The determination of financial structure: the incentive Signaling approach. Bell J. Econ. 1, 23–40 (1977). CrossRefGoogle Scholar
  12. Shleifer, A., Vishny, R.W.: Management entrenchment – the case of manager-specific investment. J. Financ. Econ. 25, 123–139 (1989). CrossRefGoogle Scholar

Copyright information

© Springer International Publishing AG 2018

Authors and Affiliations

  • Tatyana Bukreeva
    • 1
  • Irena Minakova
    • 1
  • Natalya Tsukanova
    • 1
  1. 1.Southwest State UniversityKurskRussia

Personalised recommendations