Institutions and determinants of firm survival in European emerging markets
Eduard Baumohl (),
Ichiro Iwasaki () and
Evžen Kočenda ()
No WP 5/2019, Working and Discussion Papers from Research Department, National Bank of Slovakia
We analyze the impact of institutional quality on firm survival in 15 European emerging markets. We employ the Cox proportional hazards model with a large dataset of firms during 2006–2015. Our results show that institutional quality (IQ) is a significant preventive factor for firm survival, and it displays diminishing returns as its effect is largest for low-level IQ countries and smallest for high-level IQ countries. In terms of specific indicators, the level of national governance and the extent of corruption control exhibit the key impacts. In terms of firmspecific controls, indicators of ownership structure and aggregate financial performance are the economically most significant factors associated with increased survival probability of firms in European emerging markets.
Keywords: firm survival; institutions; European emerging markets; survival and exit determinants; hazards model (search for similar items in EconPapers)
JEL-codes: C14 D02 D22 G33 (search for similar items in EconPapers)
Pages: 45 pages
New Economics Papers: this item is included in nep-tra
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (8) Track citations by RSS feed
Downloads: (external link)
https://www.nbs.sk/_img/Documents/PUBLIK/WP_5_2019 ... firm_survival_EN.pdf (application/pdf)
Journal Article: Institutions and determinants of firm survival in European emerging markets (2019)
Working Paper: Institutions and Determinants of Firm Survival in European Emerging Markets (2018)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:svk:wpaper:1063
Access Statistics for this paper
More papers in Working and Discussion Papers from Research Department, National Bank of Slovakia Contact information at EDIRC.
Bibliographic data for series maintained by ().