The Shadow of Death: Pre-exit Performance of Firms in Japan

Kozo Kiyota and Miho Takizawa

Hi-Stat Discussion Paper Series from Institute of Economic Research, Hitotsubashi University

Abstract: This paper examines the pre-exit productivity performance and asks how productivity affects future survival, using firm-level data in Japan for 1995-2002. We found that firms did not face "sudden death" but there was a "shadow of death." Future exiting firms had lower performance four years before their exit. Besides, within a hair 's breadth of death, the unobserved heterogeneity of firm such as management effort played an important role in the firm survival.

Keywords: Pre-exit performance; Productivity; Size; Unobserved heterogeneity; Firm survival (search for similar items in EconPapers)
JEL-codes: D21 D24 L25 (search for similar items in EconPapers)
Date: 2007-01
New Economics Papers: this item is included in nep-bec, nep-eff, nep-ent and nep-tid
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (9)

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Working Paper: The Shadow of Death: Pre-exit Performance of Firms in Japan (2006)
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