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Firm Survival and Financial Development: Evidence from a Panel of Emerging Asian Economies

Serafeim Tsoukas

No 142012, Working Papers from Hong Kong Institute for Monetary Research

Abstract: Using a panel of five Asian economies - Indonesia, Korea, Malaysia, Singapore and Thailand - over the period 1995-2007 we analyze the links between firm survival and financial development. We find that traditionally used measures of financial development play an important role in influencing firm survival. When stock markets become larger or more liquid firms' survival chances improve. On the contrary, we show that higher levels of financial intermediation can increase firm failures. We also find that the beneficial effects of stock market development are more pronounced during the later years of our sample, while the adverse effects of bank intermediation have declined over time. Finally, large firms are more likely to benefit from developments in financial markets compared to small firms.

Keywords: Firm Survival; Firm-Specific Characteristics; Financial Development (search for similar items in EconPapers)
JEL-codes: E44 D92 L20 O10 (search for similar items in EconPapers)
Pages: 40 pages
Date: 2012-05
New Economics Papers: this item is included in nep-ent, nep-ifn and nep-sea
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Journal Article: Firm survival and financial development: Evidence from a panel of emerging Asian economies (2011) Downloads
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