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Survival and Distinct Exit Routes of New Firms

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Author Info

  • Masatoshi Kato

    ()
    (School of Economics, Kwansei Gakuin University)

  • Yuji Honjo

    ()
    (Faculty of Commerce, Chuo University)

Abstract

This paper explores how the determinants of new-firm duration vary according to exit route: bankruptcy, voluntary liquidation, or merger. Using a sample of new firms in Japan, we provide evidence that the effects of entrepreneur-, firm-, and industry-specific characteristics on new-firm duration are significantly different across exit routes. In particular, the determinants of bankruptcy are fairly different from those of merger. While firms with highly educated entrepreneurs are less likely to go bankrupt, such firms tend to dissolve their businesses voluntarily or be merged by other firms. Our findings suggest that while industry-specific characteristics, such as industry growth and R&D intensity, play a significant role in determining bankruptcy, they do not affect exit through merger.

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File URL: http://192.218.163.163/RePEc/pdf/kgdp101.pdf
File Function: First version, 2013
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Bibliographic Info

Paper provided by School of Economics, Kwansei Gakuin University in its series Discussion Paper Series with number 101.

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Length: 41 pages
Date of creation: Mar 2013
Date of revision: Mar 2013
Handle: RePEc:kgu:wpaper:101

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Related research

Keywords: New firm; Survival; Exit; Bankruptcy; Voluntary liquidation; Merger;

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