A long-run survival analysis of corporate liquidations in Ireland

A long-run survival analysis of corporate liquidations in Ireland This paper examines the role of credit and the macroeconomy in small and medium enterprise (SME) distress during a prolonged economic downturn. Specifically, we estimate the determinants of SME distress in Ireland during the severe financial and economic crisis which began in 2007/2008. We use a measure of distress, insolvencies, which captures both bank and non-bank forms of credit. We conduct a survival analysis of insolvent liquidations and find that, controlling for firm location and economic activity, both variables capturing a build-up of stress in the macroeconomy and those capturing bank credit standards and availability throughout the cycle are determinants of firm survival. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Small Business Economics Springer Journals

A long-run survival analysis of corporate liquidations in Ireland

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Publisher
Springer US
Copyright
Copyright © 2014 by Springer Science+Business Media New York
Subject
Economics / Management Science; Management/Business for Professionals; Microeconomics; Entrepreneurship; Industrial Organization
ISSN
0921-898X
eISSN
1573-0913
D.O.I.
10.1007/s11187-014-9605-1
Publisher site
See Article on Publisher Site

Abstract

This paper examines the role of credit and the macroeconomy in small and medium enterprise (SME) distress during a prolonged economic downturn. Specifically, we estimate the determinants of SME distress in Ireland during the severe financial and economic crisis which began in 2007/2008. We use a measure of distress, insolvencies, which captures both bank and non-bank forms of credit. We conduct a survival analysis of insolvent liquidations and find that, controlling for firm location and economic activity, both variables capturing a build-up of stress in the macroeconomy and those capturing bank credit standards and availability throughout the cycle are determinants of firm survival.

Journal

Small Business EconomicsSpringer Journals

Published: Aug 27, 2014

References

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