The aim of this article is to analyze the survival patterns of a group of family firms which have already spent at least 25 years in the market. To this end, we use the Kaplan--Meier product limit estimator supplemented with qualitative information gathered by direct observation and discussions with entrepreneurs. The main findings are that small family firms which have reached their 30th year in the market face a very high risk of sudden exit, increasing with firm age. Further control carried out by means of interviews with entrepreneurs identifies problems connected with succession as one of the main causes of the decision to close down.
Download Info
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
page. Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 12 (2005) Issue (Month): 2 (July) Pages: 183-192 Download reference. The following formats are available: HTML
(with abstract),
plain text
(with abstract),
BibTeX,
RIS (EndNote, RefMan, ProCite),
ReDIF
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
Andrei Shleifer & Fausto Panunzi & Mike Burkart, 2002.
"Family Firms,"
FMG Discussion Papers
dp406, Financial Markets Group.
[Downloadable!] (restricted)
Other versions:
Mike Burkart & Fausto Panunzi & Andrei Shleifer, 2002.
"Family Firms,"
NBER Working Papers
8776, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Mike Burkart & Fausto Panunzi & Andrei Shleifer, 2003.
"Family Firms,"
Journal of Finance,
American Finance Association, vol. 58(5), pages 2167-2202, October.
[Downloadable!] (restricted)
Thomas F. Cooley & Vincenzo Quadrini, 1999.
"Financial Markets and Firm Dynamics,"
Working Papers
99-14, New York University, Leonard N. Stern School of Business, Department of Economics.
[Downloadable!]
Cited by: (explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)
Francesco Caselli & Nicola Gennaioli, 2003.
"Dynastic Management,"
NBER Working Papers
9442, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions: