Legal forms, organizational architecture, and firm failure: a large survival analysis of Russian corporations

Ichiro Iwasaki and Byung-Yeon Kim

European Journal of Law and Economics, 2020, vol. 49, issue 2, No 4, 227-275

Abstract: Abstract In this paper, we trace the survival status of more than 110,000 Russian firms from 2007 to 2015 and examine the relationship between legal forms of incorporation and firm survivability across industries and different periods of economic crisis and growth. Applying the Cox proportional hazards model, we find an optimal legal form that maximizes the probability of firm survival: closed joint-stock companies and those adopting limited liability survive longer than open joint-stock companies, partnerships, or cooperatives. This relationship is robust across periods of boom and recession and across industries.

Keywords: Firm failure; Legal form; Cox proportional hazards model; Russia (search for similar items in EconPapers)
JEL-codes: D22 G01 G33 G34 P34 (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (9)

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Persistent link: https://EconPapers.repec.org/RePEc:kap:ejlwec:v:49:y:2020:i:2:d:10.1007_s10657-020-09644-8

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DOI: 10.1007/s10657-020-09644-8

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