The Survival of Cultural Firms: A Study of Multiple Accounting Parameters in Spain

Ma del Pilar Muñoz Dueñas, Antonio Vaamonde Liste and Maria do Rosário Cabrita
Additional contact information
Ma del Pilar Muñoz Dueñas: School of Business Studies, University of Vigo, 36208 Vigo, Spain
Antonio Vaamonde Liste: School of Business Studies, University of Vigo, 36208 Vigo, Spain
Maria do Rosário Cabrita: Unidade de Investigação e Desenvolvimento em Engenharia Mecânica e Industrial (UNIDEMI), Department of Mechanical and Industrial Engineering, Faculty of Science and Technology (FCT), NOVA School of Science and Technology, New University of Lisbon, 2829-516 Caparica, Portugal

Sustainability, 2020, vol. 12, issue 3, 1-14

Abstract: Cultural firms are an important development factor in economic and social terms. Their objectives are often aimed at maintaining and disseminating the traditions and values of societies. The prosperity of these firms in a nation ensures that its tangible and intangible cultural heritage is made known to other nations and generations. Despite their importance, little is known about their survival and the factors associated with it. This paper analyses data from 6951 Spanish firms, of which 2105 are cultural firms. We have studied the survival of non-cultural firms in comparison with cultural firms and also the impact that profitability, solvency and indebtedness may have on their survival. We have used the Kaplan–Meier method in order to assess their survival and the Harrington–Fleming test and the Cox regression model to check the statistical significance of variables. These variables are key factors influencing the survival of cultural enterprises. Particularly, low solvency in firms increases by twenty the risk of disappearance. This paper contributes to literature highlighting some of the key factors for the survival of cultural enterprises. It provides administrations with a roadmap in order to implement measures for the promotion of the cultural industry, favouring the process of enhancement of cultural heritage.

Keywords: cultural firms; accounting parameters; survival analysis; Kaplan–Meier curves (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.mdpi.com/2071-1050/12/3/1159/pdf (application/pdf)
https://www.mdpi.com/2071-1050/12/3/1159/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gam:jsusta:v:12:y:2020:i:3:p:1159-:d:317119

Access Statistics for this article

Sustainability is currently edited by Ms. Alexandra Wu

More articles in Sustainability from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().