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The tendency of corporate managers to delay filing for insolvency proceedings is a prevalent problem across jurisdictions. Following the introduction, Sect. 16.2 of this chapter defines the optimal time for initiating insolvency proceedings, first from the perspective of social welfare maximisation and then in relation to shareholder value maximisation. Section 16.3 explores the factors contributing to initiation delays, with particular focus on behavioural barriers. Section 16.4 analyses contractual mechanisms that shareholders may employ to align managerial incentives to initiate insolvency proceedings at the point that maximises shareholder value. Finally, Sect. 16.5 concludes and outlines potential directions for further research.

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Behavioural Barriers in Corporate Governance: Overcoming Biases in Insolvency Initiation

  • 会议论文

  • 发表日期：

    2026年

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  • Lana K. Gotvan

摘要

The tendency of corporate managers to delay filing for insolvency proceedings is a prevalent problem across jurisdictions. Following the introduction, Sect. 16.2 of this chapter defines the optimal time for initiating insolvency proceedings, first from the perspective of social welfare maximisation and then in relation to shareholder value maximisation. Section 16.3 explores the factors contributing to initiation delays, with particular focus on behavioural barriers. Section 16.4 analyses contractual mechanisms that shareholders may employ to align managerial incentives to initiate insolvency proceedings at the point that maximises shareholder value. Finally, Sect. 16.5 concludes and outlines potential directions for further research.