haku: @journal_id 550 / yhteensä: 339
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| Tekijä: | Carreira, C. Teixeira, P. |
| Otsikko: | The shadow of death: analysing the pre-exit productivity of Portuguese manufacturing firms |
| Lehti: | Small business economics
2011 : MAR, VOL. 36:3, p. 337-351 |
| Asiasana: | productivity markets economics Portugal market exit manufacturing |
| Kieli: | eng |
| Tiivistelmä: | The pre-exiting productivity profile of mature firms compared to survivors is investigated along with an evaluation of productivity's effects on the exit probability in various dimensions. An empirical approach, based on an unbalanced panel about Portuguese manufacturing firms for a 10-year period, is used. The findings confirm market selection forcing low-productivity firms to exit, but evidence is also found of a sizable amount of low-productivity firms not shutting down. On the contrary, there is a non-negligible fraction of high-productivity firms that do actually close. Consistent with some essential theoretical predictions, the analysis reveals exiting firms having a falling productivity level over a number of years before exit. Finally, the results from the survival model indicate that both small firms and the ones with low productivity are relatively much more likely to exit the market. Industry and macro-environment also seem to have a non-negligible role on the exit of mature firms. |
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