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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

Abstract: 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
Date: 2019-06
New Economics Papers: this item is included in nep-tra
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Related works:
Journal Article: Institutions and determinants of firm survival in European emerging markets (2019) Downloads
Working Paper: Institutions and Determinants of Firm Survival in European Emerging Markets (2018) Downloads
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