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Macroeconomic Factors in the Birth and Death of U.K. Firms: Evidence from Quarterly VAT Registrations

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  • Robson, Martin T

Abstract

Quarterly data on VAT registrations and deregistrations is used to investigate the influence of macroeconomic factors on rates of business formation and dissolution in the United Kingdom over the period 1980-90. Evidence is found in support of the proposition that rising levels of housing wealth may be an important source of collateral for individuals seeking to raise the finances necessary to start up in business. In addition, the paper finds evidence against the 'recession-push' theory of business formations, suggesting instead that high rates of unemployment may lead to fewer business formations and more business closures. Copyright 1996 by Blackwell Publishers Ltd and The Victoria University of Manchester

Suggested Citation

  • Robson, Martin T, 1996. "Macroeconomic Factors in the Birth and Death of U.K. Firms: Evidence from Quarterly VAT Registrations," The Manchester School of Economic & Social Studies, University of Manchester, vol. 64(2), pages 170-188, June.
  • Handle: RePEc:bla:manch2:v:64:y:1996:i:2:p:170-88
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    Cited by:

    1. Hunter, John & Isachenkova, Natalia, 2006. "Aggregate economy risk and company failure: An examination of UK quoted firms in the early 1990s," Journal of Policy Modeling, Elsevier, vol. 28(8), pages 911-919, November.
    2. Arnab Bhattacharjee & Chris Higson & Sean Holly & Paul Kattuman, 2007. "Macroeconomic Conditions and Business Exit: Determinants of Failures and Acquisitions of UK Firms," CDMA Working Paper Series 200713, Centre for Dynamic Macroeconomic Analysis.
    3. Taylor, Mark P, 1999. "Survival of the Fittest? An Analysis of Self-Employment Duration in Britain," Economic Journal, Royal Economic Society, vol. 109(454), pages 140-155, March.

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