Finanční aspekty insolvenčního řízení z pohledu teorie zastoupení

The aim of the thesis Financial aspects of insolvency proceedings from the agency theory point of view was to evaluate the main factors influencing the recovery rate and the opening phase of bankruptcies in the Czech Republic using the agency theory. The thesis focuses on the commencement of the insolvency proceedings, the identification of who triggered the insolvency proceedings, the impact of the costs related to the initiation of the insolvency process and the recovery rate from the completed procedure. The declaration of bankruptcy has a significant impact on the company's performance and its value, but can only be declared if the insolvency is filed. The debtor or creditor may commence the proceedings. Motivation of debtors and creditors depends on different variables, depending primarily on the expected recoveries. The motivation of the initiators negatively affects the costs associated with the commencement of the proceedings, which are part of the costs of bankruptcy. Given that the highest benefits (as measured by the recovery rate) are secured by creditors, as evidenced by the literature review and the empirical survey in the Czech Republic, they should initiate be the first to trigger procedure in an unfavorable situation. The conclusion of the examination shows that it has not been possible to confirm that banks as the most important representative of secured creditors, which have this disciplinary role, are starting proceedings in the Czech Republic. At the same time, it was confirmed that ordinary creditors do not have the necessary information to initiate proceedings in most cases. From the factual survey of the final reports on insolvency proceedings, the most likely return was found to be under 10%. In the follow-up research, it would be interesting to investigate extended sample to search the bankruptcy initiator in the Czech Republic. Next part of the thesis deals with firms’ defaults and empirically tests its key macroeconomic determinants. The conducted empirical analysis employs quarterly time series of the number of insolvency petitions filed in the period 1996-2009. The obtained results point out prediction ability of the growth rate of real consumption and investment, change in the growth rate of real foreign demand, interest rates, change in the growth rate of the nominal exchange rate and change in the growth rate of real wages on firms’ defaults development. The study confirms a strong link between firms’ bankruptcy rates and the macroeconomic development in the Czech economy. Moreover, it would be beneficial to repeat the investigation of repeated insolvency petitions (repeatedly submitted and then discarded) to better understand issues in the opening phase, to map the reason for these withdraw of the proposals and to compare with the situation found in this thesis.