Firm survival in new EU member states |
| |
| Institution: | 1. University of Bergamo and Sant''Anna School of Advanced Studies, Pisa, Italy;2. ISTAT, Regional Office for Lombardy and University of Parma, Department of Economics and Management, Italy;3. University of Bergamo, Italy;1. Brno University of Technology, Faculty of Electrical Engineering and Communication, Technická 3058/10, 616 00 Brno, Czechia;2. Masaryk University, Faculty of Economics and Administration, Lipová 507/41a, 602 00 Brno, Czechia;3. Brno University of Technology, Faculty of Civil Engineering, Veve?í 331/95, 602 00 Brno, Czechia;4. Tatas Shevchenko National University of Kiev, Faculty of Computer Sciences and Cybernetics, Volodymirska str. 64, 01601 Kiev, Ukraine |
| |
| Abstract: | We analyze firm survival determinants in four new European Union member states (the Czech Republic, Hungary, Poland and Slovakia). We employ the Cox proportional hazards model on firm-level data for the period of 2006–2015. We show that in all four countries, less concentrated control of large shareholders, higher solvency and more board directors are linked with an increased probability of firm survival. However, an excessive number of board directors has a detrimental effect. Firms with foreign owners and higher returns on their assets exhibit better survival chances. Conversely, across countries and industries, larger firms and those hiring international auditors have lower probabilities of survival. A number of specific determinants influence firm survival in different ways, emphasizing the importance of country and industry differences when studying firm survival. We also document that, in an economic sense, determinants associated with the legal form, ownership structure and corporate governance show the most beneficial effects with respect to firm survival. |
| |
| Keywords: | Firm survival New EU member states Survival and exit determinants Hazards model |
| 本文献已被 ScienceDirect 等数据库收录！ |
|
