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Survival of service firms in European emerging economies

Author

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  • Ichiro Iwasaki
  • Evžen Kočenda

Abstract

Using a dataset of 126,591 service firms in 17 European emerging economies, this paper aims to estimate firm survivability in the years 2007–2015 and examine its determinants. We found that 31.3%, or 39,557 firms, failed during the observation period. At the same time, however, the failure risk greatly differed among regions, perhaps due to the remarkable gap in the progress of economic and political reforms. Moreover, the results of survival analysis revealed that large shareholding, labor productivity, and firm age played strong roles in preventing business failure beyond differences in regions and sectors.

Suggested Citation

  • Ichiro Iwasaki & Evžen Kočenda, 2020. "Survival of service firms in European emerging economies," Applied Economics Letters, Taylor & Francis Journals, vol. 27(4), pages 340-348, February.
    • Handle: RePEc:taf:apeclt:v:27:y:2020:i:4:p:340-348
    DOI: 10.1080/13504851.2019.1616053
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    Cited by:

    1. Ichiro Iwasaki & Evžen Kočenda & Yoshisada Shida, 2022. "Institutions, financial development, and small business survival: evidence from European emerging markets," Small Business Economics, Springer, vol. 58(3), pages 1261-1283, March.
    2. Kočenda, Evžen & Iwasaki, Ichiro, 2025. "Corporate survival in emerging european markets: Impacts of the COVID-19 pandemic and the Russo-Ukrainian war," Economic Systems, Elsevier, vol. 49(4).
    3. Kočenda, Evžen & Iwasaki, Ichiro, 2020. "Bank survival in Central and Eastern Europe," International Review of Economics & Finance, Elsevier, vol. 69(C), pages 860-878.
    4. Ichiro Iwasaki & Byung-Yeon Kim, 2020. "Legal forms, organizational architecture, and firm failure: a large survival analysis of Russian corporations," European Journal of Law and Economics, Springer, vol. 49(2), pages 227-275, April.
    5. Evžen Kočenda & Ichiro Iwasaki, 2022. "Bank survival around the world: A meta‐analytic review," Journal of Economic Surveys, Wiley Blackwell, vol. 36(1), pages 108-156, February.
    6. Nicolae Stef, 2021. "Institutions and corporate financial distress in Central and Eastern Europe," European Journal of Law and Economics, Springer, vol. 52(1), pages 57-87, August.
    7. Edoardo Ferrucci & Roberto Guida & Valentina Meliciani, 2021. "Financial constraints and the growth and survival of innovative start‐ups: An analysis of Italian firms," European Financial Management, European Financial Management Association, vol. 27(2), pages 364-386, March.
    8. Iwasaki, Ichiro & Kočenda, Evžen & Shida, Yoshisada, 2021. "Distressed acquisitions: Evidence from European emerging markets," Journal of Comparative Economics, Elsevier, vol. 49(4), pages 962-990.
    9. Timothy Waring & Taylor Lange & Sujan Chakraborty, 2022. "Institutional adaptation in the evolution of the ‘co-operative principles’," Journal of Evolutionary Economics, Springer, vol. 32(1), pages 333-365, January.
    10. Kordalska, Aleksandra & Olczyk, Magdalena, 2021. "Linkages between services and manufacturing as a new channel for GVC development: Evidence from CEE countries," Structural Change and Economic Dynamics, Elsevier, vol. 58(C), pages 125-137.
    11. Baumöhl, Eduard & Iwasaki, Ichiro & Kočenda, Evžen, 2020. "Firm survival in new EU member states," Economic Systems, Elsevier, vol. 44(1).

    More about this item

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • G01 - Financial Economics - - General - - - Financial Crises
    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
    • L89 - Industrial Organization - - Industry Studies: Services - - - Other
    • P34 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Finance

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