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Institutions and determinants of firm survival in European emerging markets

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  • Eduard Baumohl

    (Narodna banka Slovenska, Bratislava)

  • Ichiro Iwasaki

    (Institute of Economic Research, Hitotsubashi University, Tokyo, Japan)

  • Evzen Kocenda

    (Institute of Economic Studies, Charles University, Prague, Czech Republic)

Abstract

We analyze the impact of institutional quality on firm survival in 15 European emerging markets. We employ the Cox proportional hazards model with a large dataset of firms during 2006–2015. Our results show that institutional quality (IQ) is a significant preventive factor for firm survival, and it displays diminishing returns as its effect is largest for low-level IQ countries and smallest for high-level IQ countries. In terms of specific indicators, the level of national governance and the extent of corruption control exhibit the key impacts. In terms of firmspecific controls, indicators of ownership structure and aggregate financial performance are the economically most significant factors associated with increased survival probability of firms in European emerging markets.

Suggested Citation

  • Eduard Baumohl & Ichiro Iwasaki & Evzen Kocenda, 2019. "Institutions and determinants of firm survival in European emerging markets," Working and Discussion Papers WP 5/2019, Research Department, National Bank of Slovakia.
    • Handle: RePEc:svk:wpaper:1063
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    Keywords

    firm survival; institutions; European emerging markets; survival and exit determinants; hazards model;
    All these keywords.

    JEL classification:

    • C14 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Semiparametric and Nonparametric Methods: General
    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact
    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation

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