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Firms that went out of business during the crisis

Sabrina Ferretti (), Andrea Filippone () and Giacinto Micucci ()
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Sabrina Ferretti: Bank of Italy
Andrea Filippone: Bank of Italy
Giacinto Micucci: Bank of Italy

No 317, Questioni di Economia e Finanza (Occasional Papers) from Bank of Italy, Economic Research and International Relations Area

Abstract: This paper analyzes the Italian companies that filed for bankruptcy or underwent voluntary liquidation between 2008 and 2012 and identifies the main characteristics of this phenomenon. The econometric analysis based on firms� balance sheet data suggests that the probability of going out of business was greater for smaller and younger companies. Other characteristics being equal, such as size, sector and geographical location, the likelihood of a firm initiating bankruptcy proceedings was more strongly correlated with imbalances in its financial structure such as a high leverage ratio, while a firm�s likelihood of opting for voluntary liquidation was influenced to a greater extent by low profitability.

Keywords: bankruptcies; liquidations; financial structure (search for similar items in EconPapers)
JEL-codes: G33 K20 L25 (search for similar items in EconPapers)
Date: 2016-03
New Economics Papers: this item is included in nep-bec, nep-cfn, nep-ent, nep-eur, nep-law and nep-sbm
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Persistent link: https://EconPapers.repec.org/RePEc:bdi:opques:qef_317_16

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