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@article{1541616,
author = {Baumöhl, Eduard and Iwasaki, Ichiro and Kočenda, Evžen},
article_number = {October},
doi = {http://dx.doi.org/10.1016/j.jcorpfin.2019.05.008},
keywords = {Firm survival; Institutions; European emerging markets; Survival and exit determinants; Hazards model},
language = {eng},
issn = {0929-1199},
journal = {Journal of Corporate Finance},
title = {Institutions and determinants of firm survival in European emerging markets},
url = {https://www.sciencedirect.com/science/article/pii/S0929119918306497},
volume = {58},
year = {2019}
}
TY - JOUR
ID - 1541616
AU - Baumöhl, Eduard - Iwasaki, Ichiro - Kočenda, Evžen
PY - 2019
TI - Institutions and determinants of firm survival in European emerging markets
JF - Journal of Corporate Finance
VL - 58
IS - October
SP - 431-453
EP - 431-453
SN - 09291199
KW - Firm survival
KW - Institutions
KW - European emerging markets
KW - Survival and exit determinants
KW - Hazards model
UR - https://www.sciencedirect.com/science/article/pii/S0929119918306497
L2 - https://www.sciencedirect.com/science/article/pii/S0929119918306497
N2 - 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.
ER -
BAUMÖHL, Eduard, Ichiro IWASAKI a Evžen KOČENDA. Institutions and determinants of firm survival in European emerging markets. \textit{Journal of Corporate Finance}. 2019, roč.~58, October, s.~431-453. ISSN~0929-1199. Dostupné z: https://dx.doi.org/10.1016/j.jcorpfin.2019.05.008.
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