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| Author: | Hyunh, K.P. Petrunia, R.J. Vola, M. |
| Title: | The impact of initial financial state on firm duration across entry cohorts |
| Journal: | Journal of Industrial Economics
2010 : SEP, VOL. 58:3, p. 661-689 |
| Index terms: | financial performance finance financial statements Canada companies manufacturing industry |
| Language: | eng |
| Abstract: | Recent theories of industry dynamics highlight the role of financial frictions in determining post entry firm performance. Testing these theories has been difficult because of the insufficient financial data on small, young and private firms. Using a unique data set, T2LEAP, this paper examines the survival of new firms in Canadian manufacturing from a financial point of view. Duration analysis quantifies the impacts of firm, industry and aggregate factors. The results show that nonlinear influences are found with firm leverage. Finally, likelihood decompositions offer insights into the factors of firm hazard for nine entry cohorts in 19851997. |
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