Determinants of firm survival: a duration analysis using the generalized gamma distribution |
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Authors: | Serguei Kaniovski Michael Peneder |
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Institution: | (1) Austrian Institute of Economic Research (WIFO), Vienna, P.O. Box 91, Vienna, 1103, Austria |
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Abstract: | We use parametric duration analysis to study the survival of Austrian firms. We find that hazard rates in both manufacturing
and services initially increase, reach a peak after the first year of operation and then decrease with age. The maximum hazard
rate is higher in services. We also find differences in hazard rates among different types of manufacturing industries distinguished
by the nature of their sunk costs, their reliance on human resources and inputs from external services. Finally, we find that
larger initial size and higher market growth, and at the same time lower net entry and declining market concentration prolong
the life of an entrant.
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Keywords: | Firm survival Duration analysis Sectoral taxonomies |
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