This paper presents new evidence on the determinants of firm exits that occurred in Japanese manufacturing industries over the period 1981--1989. Gross-number measure is used for exits. Many structural factors have exerted a definite influence on the extent of exit; across industries, capital intensity and subcontracting relationships have an exit-promoting effect, while profits, industry growth, concentration, and R&D opportunity have a negative relationship with exit. In addition, the minimum efficient size has an inverted-U-shaped relationship. However, export opportunity has only a marginal effect. These results are likely to reflect exits of small business.
Small Business Economics – Springer Journals
Published: Sep 30, 2004
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