Start-Ups Beyond the Crisis: A Survival Analysis

Giulia Baschieri (), Giorgio S. Bertinetti () and Gloria Gardenal ()
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Giulia Baschieri: University of Bologna
Giorgio S. Bertinetti: Ca’ Foscari University of Venice

Chapter Chapter 11 in Banking and Beyond, 2020, pp 237-256 from Palgrave Macmillan

Abstract: Abstract The aim of this paper is to investigate the role of the initial capital structure in the success and duration of entrant manufacturing start-ups. We select all the Italian manufacturing companies incorporated in the database Aida Bureau van Dijk in 2009; we include financial variables such as leverage (measured as debt-to-asset ratio) and study their impact on firm survival. We use duration analysis as the estimation technique and focus on the time span 2009–2016. Our analysis confirms that the relation between initial leverage and firm hazard is positive and significant also for the Italian manufacturing companies. We also find a weak evidence of a positive relation between the quintiles of the leverage distribution and the hazard ratio but this relation requires further investigation.

Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-3-030-45752-5_11

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DOI: 10.1007/978-3-030-45752-5_11

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