Ashta, A., Bretones, F. D. & Tolle, L. (2007) Behavioral influences in Selecting Restructuring Strategies for Sick Companies. The ICFAI Journal of Behavioral Finance, 4, 7-31. Behavioral influences in Selecting Restructuring Strategies for Sick Companies Arvind ASHTA Department of Law, Finance and Control CEREN, Burgundy School of Business (France) Francisco DIAZ BRETONES Department of Social Psychology University of Granada (Spain) Lionel TOLLE Ph.D. Candidate attached to research centres LEG / FARGO (UMR CNRS 5118) Economics and Business Section IAE Dijon, Université de Bourgogne (France) Abstract The paper provides a review of features of restructuring strategies and the criteria taken into consideration in selecting among alternative strategies, indicating that distress may limit the choice available. It then introduces the decision theory to show that the final choice may be influenced by objective criteria and by subjective or non-rational criteria as well as by social 1