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

Joseph Byrne, Marina-Eliza Spaliara and Serafeim Tsoukas

No 2015-68, SIRE Discussion Papers from Scottish Institute for Research in Economics (SIRE)

Abstract: Using a large panel of unquoted UK firms 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 dependent 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 chances of bank-dependent and non-public firms are most affected by changes in uncertainty, especially during the recent global financial crisis.

Date: 2015-02-03
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

Downloads: (external link)
http://hdl.handle.net/10943/676
Our link check indicates that this URL is bad, the error code is: 404 Not Found

Related works:
Journal Article: FIRM SURVIVAL, UNCERTAINTY, AND FINANCIAL FRICTIONS: IS THERE A FINANCIAL UNCERTAINTY ACCELERATOR? (2016)
Working Paper: Firm survival, uncertainty and financial frictions: Is there a financial uncertainty accelerator? (2015)
Working Paper: Firm survival, uncertainty and Financial frictions: Is there a Financial uncertainty accelerator? (2015)
Working Paper: Firm survival, uncertainty and financial frictions: Is there a financial uncertainty accelerator? (2014)
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:edn:sirdps:676

Access Statistics for this paper

More papers in SIRE Discussion Papers from Scottish Institute for Research in Economics (SIRE) 31 Buccleuch Place, EH8 9JT, Edinburgh. Contact information at EDIRC.
Bibliographic data for series maintained by Research Office ().