Legal Form, Growth and Exit of West German Firms--Empirical Results for Manufacturing, Construction, Trade and Service Industries
AbstractUsing a sample of approximately 11,000 West German firms from all major sectors of the economy, the authors test predictions on the relationship between legal form, firm survival, and employment growth. In their tests, the authors distinguish between voluntary liquidation without losses to creditors and bankruptcy, that is forced liquidation. They demonstrate that, in all sectors, firms under limited liability have higher growth and higher insolvency rates than comparable firms under full liability. Firms whose owners are approaching retirement age are characterized by relatively high hazards of voluntary liquidation, while the propensity to declare insolvency is not affected by the owner's age. Copyright 1998 by Blackwell Publishing Ltd
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Journal of Industrial Economics.
Volume (Year): 46 (1998)
Issue (Month): 4 (December)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-1821
Other versions of this item:
- Harhoff, Dietmar & Stahl, Konrad O. & Woywode, Michael, 1996. "Legal Form, Growth and Exit of West German Firms - Empirical Results for Manufacturing, Construction, Trade and Service Industries," CEPR Discussion Papers 1401, C.E.P.R. Discussion Papers.
- D92 - Microeconomics - - Intertemporal Choice - - - Intertemporal Firm Choice, Investment, Capacity, and Financing
- J23 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Demand
- K20 - Law and Economics - - Regulation and Business Law - - - General
- L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
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