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The duration of new firms in banking: an application of Cox regression analysis

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  • Enrico Santarelli

    ()
    (UniversitÁ di Bologna, Dipartimento di Scienze Economiche - Strada Maggiore, 45, I-40125 BOLOGNA, ITALY)

Abstract

This paper studies the duration of two cohorts of entrants in the Italian financial intermediation industry. Using the Cox (1972) Proportional Hazards Model, it analyses the link between duration of each newborn firm and its start-up size, as well as a series of industry-specific characteristics. It emerges that not only did regulatory reform in 1990 result in a process of branch proliferation and industry concentration, but it also set in motion a pre-entry selection mechanism. Conversely, before completion of the regulatory reform, in 1989, entry was possible even for very small firms, and larger new entrants survived longer than their smaller counterparts, and this independently of the features of spatial and structural competition.

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Bibliographic Info

Article provided by Springer in its journal Empirical Economics.

Volume (Year): 25 (2000)
Issue (Month): 2 ()
Pages: 315-325

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Handle: RePEc:spr:empeco:v:25:y:2000:i:2:p:315-325

Note: received: Nov. 98/final version received: Oct. 99
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Related research

Keywords: Proportional Hazards Model; Entry; Survival; Banking;

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Cited by:
  1. Louri, Helen & Peppas, Costas & Tsionas, Efthymios, 2006. "Foreign presence, technical efficiency and firm survival in Greece: a simultaneous equation model with latent variables approach," MPRA Paper 29274, University Library of Munich, Germany.
  2. Giorgio Gobbi & Francesca Lotti, 2004. "Entry decisions and adverse selection: an empirical analysis of a local credit markets," Temi di discussione (Economic working papers) 535, Bank of Italy, Economic Research and International Relations Area.
  3. Massimo Libertucci & Francesco Piersante, 2012. "Start-up banks’ default and the role of capital," Temi di discussione (Economic working papers) 890, Bank of Italy, Economic Research and International Relations Area.
  4. Robert DeYoung, 2000. "For how long are newly chartered banks financially fragile?," Working Paper Series WP-00-9, Federal Reserve Bank of Chicago.
  5. DeYoung, Robert, 2003. "The failure of new entrants in commercial banking markets: a split-population duration analysis," Review of Financial Economics, Elsevier, vol. 12(1), pages 7-33.
  6. Santarelli, Enrico & Vivarelli, Marco, 2006. "Entrepreneurship and the Process of Firms’ Entry, Survival and Growth," IZA Discussion Papers 2475, Institute for the Study of Labor (IZA).
  7. Martin Carree & Ingrid Verheul & Enrico Santarelli, 2011. "Sectoral patterns of firm exit in Italian provinces," Journal of Evolutionary Economics, Springer, vol. 21(3), pages 499-517, August.
  8. Andrea Bellucci & Ilario Favaretto & Germana Giombini, 2014. "Does Innovation Affect Credit Access? New Empirical Evidence from Italian Small Business Lending," IAW Discussion Papers 104, Institut für Angewandte Wirtschaftsforschung (IAW).

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