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On the Geographic and Cultural Determinants of Bankruptcy

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Author Info
Stefan Buehler () (Socioeconomic Institute, University of Zurich)
Christian Kaiser () (Credit Suisse)
Franz Jaeger () (University of St. Gallen)

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Abstract

This paper examines the role of geography and culture in explaining bankruptcy. We adopt survival analyses to model the bankruptcy risk of a firm, allowing for time-varying covariates. Based on a large sample from all major sectors of the Swiss economy, we find the following results: (i) The geographic location of a firm, which is characterized using a core-periphery approach, has a significant impact on its bankruptcy risk; (ii) Variables proxying for the cultural environment of a firm have significant explanatory power; (iii) The results of the previous literature on the standard determinants of bankruptcy are confirmed.

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File URL: http://www.soi.uzh.ch/research/wp/2007/wp0701.pdf
File Format: application/pdf
File Function: Revised version, 2007
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Publisher Info
Paper provided by University of Zurich, Socioeconomic Institute in its series Working Papers with number 0701.

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Length: 35 pages
Date of creation: Feb 2007
Date of revision: Jun 2007
Handle: RePEc:soz:wpaper:0701

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Related research
Keywords: bankruptcy; geography; culture; exit;

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Find related papers by JEL classification:
C41 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Duration Analysis
R10 - Urban, Rural, and Regional Economics - - General Regional Economics - - - General
Z10 - Other Special Topics - - Cultural Economics - - - General

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  1. Ilja Neustadt & Peter Zweifel, 2009. "Social Mobility and Preferences for Income Redistribution: Evidence from a Discrete Choice Experiment," Working Papers 0909, University of Zurich, Socioeconomic Institute. [Downloadable!]
  2. Dario Sacco & Armin Schmutzler, 2008. "Competition and Innovation: An Experimental Investigation," Working Papers 0807, University of Zurich, Socioeconomic Institute. [Downloadable!]
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  3. Sandra Hanslin, 2008. "The effect of trade openness on optimal government size under endogenous firm entry," Working Papers 0802, University of Zurich, Socioeconomic Institute. [Downloadable!]
  4. Johannes Schoder & Peter Zweifel, 2008. "Managed Care Konzepte und Lösungsansätze– Ein internationaler Vergleich aus schweizerischer Sicht," Working Papers 0801, University of Zurich, Socioeconomic Institute. [Downloadable!]
  5. Dennis Gaertner, 2007. "Monopolistic Screening under Learning By Doing," Working Papers 0718, University of Zurich, Socioeconomic Institute. [Downloadable!]
  6. Josef Falkinger, 2008. "Between Agora and Shopping Mall," Working Papers 0805, University of Zurich, Socioeconomic Institute. [Downloadable!]
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  7. Adrian Bruhin, 2008. "Stochastic Expected Utility and Prospect Theory in a Horse Race: A Finite Mixture Approach," Working Papers 0803, University of Zurich, Socioeconomic Institute. [Downloadable!]
  8. Dennis Gaertner, 2007. "Why Bayes Rules: A Note on Bayesian vs. Classical Inference in Regime Switching Models," Working Papers 0719, University of Zurich, Socioeconomic Institute. [Downloadable!]
  9. Dario Sacco & Armin Schmutzler, 2008. "All-Pay Auctions with Negative Prize Externalities: Theory and Experimental Evidence," Working Papers 0806, University of Zurich, Socioeconomic Institute. [Downloadable!]
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