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Moving in and out of financial distress : evidence for newly founded service sector firms

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Author Info
Kaiser, Ulrich

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Abstract

The determinants of transitions between different states of financial distress are analyzed using two versions of Markov chain models: a multinomial logit model without random effects and a multinomial logit model capturing such unobservable factors. The empirical analysis is based on a panel data set containing information on 15,538 East German firms founded between 1994 and 1999. The estimation results indicate that the effect of limited liability depends upon firms' starting state, the existence of corporate shareholders improves firms' financial performance, multiple credit relationships have negative effects and product diversification as well as positive macroeconomic conditions improve firms' financial performance. --

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Publisher Info
Paper provided by ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research in its series ZEW Discussion Papers with number 01-09.

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Date of creation: 2001
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Handle: RePEc:zbw:zewdip:5364

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Related research
Keywords: financial distress; Markov chains; multinomial logit model; simulated maximum;

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Find related papers by JEL classification:
C15 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: General - - - Statistical Simulation Methods
G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data

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.:

  1. Avery, Robert B. & Bostic, Raphael W. & Calem, Paul S. & Canner, Glenn B., 1999. "Consolidation and bank branching patterns," Journal of Banking & Finance, Elsevier, vol. 23(2-4), pages 497-532, February. [Downloadable!] (restricted)
  2. Elston, Julie Ann, 1996. "Investment, Liquidity Constraints and Bank Relationships: Evidence from German Manufacturing Firms," CEPR Discussion Papers 1329, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  3. Kaiser, Ulrich & Voß, Katrin, 1999. "Do business-related services really lag behind manufacturing industries in the business cycle?," ZEW Discussion Papers 99-34, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research. [Downloadable!]
  4. Kaiser, Ulrich & Kreuter, Markus & Niggemann, Hiltrud, 2000. "The ZEW - Creditreform business survey in the business-related services sector : sampling frame, stratification, expansion and results," ZEW Discussion Papers 00-22, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research. [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. Balcaen S. & Ooghe H., 2004. "Alternative methodologies in studies on business failure: do they produce better results than the classic statistical methods?," Vlerick Leuven Gent Management School Working Paper Series 2004-16, Vlerick Leuven Gent Management School. [Downloadable!]
    Other versions:
  2. Ulrich Kaiser & Andrea Szczesny, 2000. "Einfache ökonometrische Verfahren für die Kreditrisikomessung: Verweildauermodelle," Working Paper Series: Finance and Accounting 62, Department of Finance, Goethe University Frankfurt am Main. [Downloadable!]
  3. Dekker, Ronald, 2007. "Non-standard employment and mobility in the Netherlands," MPRA Paper 7385, University Library of Munich, Germany. [Downloadable!]
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This page was last updated on 2009-12-8.

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