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Firm survival, uncertainty and financial frictions: Is there a financial uncertainty accelerator?

Joseph Byrne (), Marina-Eliza Spaliara () and Serafeim Tsoukas

No 2015-62, SIRE Discussion Papers from Scottish Institute for Research in Economics (SIRE)

Abstract: Using a large panel of unquoted UK over the period 2000-09, we examine the impact of firm-specific uncertainty on corporate failures. In this context we also distinguish between firms which are likely to be more or less dependant on bank finance as well as public and non-public companies. Our results document a significant effect of uncertainty on firm survival. This link is found to be more potent during the recent financial crisis compared with tranquil periods. We also uncover significant firm-level heterogeneity since the survival chance of bank-dependent and non-public firms are most affected by changes in uncertainty, especially during the recent global financial crisis.

Date: 2014-12
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Related works:
Journal Article: FIRM SURVIVAL, UNCERTAINTY, AND FINANCIAL FRICTIONS: IS THERE A FINANCIAL UNCERTAINTY ACCELERATOR? (2016) Downloads
Working Paper: Firm survival, uncertainty and financial frictions: Is there a financial uncertainty accelerator? (2015) Downloads
Working Paper: Firm survival, uncertainty and financial frictions: Is there a financial uncertainty accelerator? (2015) Downloads
Working Paper: Firm survival, uncertainty and Financial frictions: Is there a Financial uncertainty accelerator? (2015) Downloads
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