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The Shadow of Death: Pre-exit Performance of Firms in Japan

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Author Info
Kozo Kiyota
Miho Takizawa

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Abstract

This paper examines the pre-exit productivity performance and asks how productivity affects future survival, using firm-level data in Japan for 1995-2002. We found that firms did not face "sudden death" but there was a "shadow of death." Future exiting firms had lower performance four years before their exit. Besides, within a hair 's breadth of death, the unobserved heterogeneity of firm such as management effort played an important role in the firm survival.

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File URL: http://hi-stat.ier.hit-u.ac.jp/research/discussion/2006/pdf/D06-204.pdf
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Paper provided by Institute of Economic Research, Hitotsubashi University in its series Hi-Stat Discussion Paper Series with number d06-204.

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Date of creation: Jan 2007
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Handle: RePEc:hst:hstdps:d06-204

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Related research
Keywords: Pre-exit performance; Productivity; Size; Unobserved heterogeneity; Firm survival;

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Find related papers by JEL classification:
D21 - Microeconomics - - Production and Organizations - - - Firm Behavior
D24 - Microeconomics - - Production and Organizations - - - Production; Capital and Total Factor Productivity; Capacity
L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance

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  14. Richard Disney & Jonathan Haskel & Ylva Heden, 2003. "Entry, Exit and Establishment Survival in UK Manufacturing," Journal of Industrial Economics, Blackwell Publishing, vol. 51(1), pages 91-112, 03. [Downloadable!] (restricted)
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  18. Good, D.H. & Nadiri, M.I. & Roller, L.H. & Sickles, R., 1992. "Efficiency and Productivity Growth Comparisons of European and U.S. Air Carriers : A First Look at the Data," Working Papers 92-22, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
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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.)

  1. Flora Bellone & Patrick Musso & Lionel Nesta & Michel Quéré, 2006. "Productivity and Market Selection of French Manufacturing Firms in the Nineties," Documents de Travail de l'OFCE 2006-04, Observatoire Francais des Conjonctures Economiques (OFCE). [Downloadable!]
  2. HOSONO Kaoru, 2009. "Financial Crisis, Firm Dynamics and Aggregate Productivity in Japan," Discussion papers 09012, Research Institute of Economy, Trade and Industry (RIETI). [Downloadable!]
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