értekezés - Budapesti Corvinus Egyetem

1. függelék - Közvetlen csődköltségek
Indirect costs include any kind of implicit loss due to the possibility of financial distress.
These costs will be incurred as the probability of financial distress exceeds some threshold
value, above which they constitute a continuum of costs that increase at an accelerating
rate as the likelihood of financial distress increases. These indirect costs take many forms,
but primarily they are the result of the experienced negative influence on explicit or
implicit contracts with customers, suppliers, employees, creditors, that is, stakeholders 158
in the firm. If these stakeholders have an important business relationship with the firm,
they are particularly dependent on its future existence due to their low degree of
diversification.
Financial distress affects the relationship with customers primarily in cases where
companies produce goods for which service and warranties are very important. Financial
problems are also detrimental to the sale of products whose quality is hard to assess before
using them, hence, it may reduce customers’ trust and their willingness to buy the
product. 159 In addition, financial distress has a negative impact on the sourcing of the firm,
because suppliers offer less attractive payment conditions, and are less willing to adjust
their production schedules and capacities to the needs of customers whose distressed
financial situation indicates a possibly limited future existence in the market. 160
The threat of bankruptcy induces the employees of a firm to demand a premium from their
employer for the risk of losing their job/or some of their income. Likewise, a higher
turnover may follow, causing extra costs of searching and training new workers. Other
indirect costs arise because the attention of management and employees is distracted from
value-increasing activities and profitable investment opportunities may be passed up as a
result. Situations of financial distress can thus lead to a permanent loss of reputation and
human capital. 161
158 Stakeholders are all groups of people with claims to the company. They include shareholders, debtholders,
customers, suppliers, employees, the authorities, etc.
159 Stulz [2000]
160 Bartram [2000]
161 Shapiro/Titman [1986]
162