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Institutions and determinants of firm survival in European emerging markets

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BAUMÖHL Eduard IWASAKI Ichiro KOČENDA Evžen

Rok publikování 2019
Druh Článek v odborném periodiku
Časopis / Zdroj Journal of Corporate Finance
Fakulta / Pracoviště MU

Ekonomicko-správní fakulta

Citace
www https://www.sciencedirect.com/science/article/pii/S0929119918306497
Doi http://dx.doi.org/10.1016/j.jcorpfin.2019.05.008
Klíčová slova Firm survival; Institutions; European emerging markets; Survival and exit determinants; Hazards model
Popis 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 firm-specific 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.

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