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Start-Ups Beyond the Crisis: A Survival Analysis

In: Banking and Beyond

Author

Listed:
  • Giulia Baschieri

    (University of Bologna)

  • Giorgio S. Bertinetti

    (Ca’ Foscari University of Venice)

  • Gloria Gardenal

    (Ca’ Foscari University of Venice)

Abstract

The aim of this paper is to investigate the role of the initial capital structure in the success and duration of entrant manufacturing start-ups. We select all the Italian manufacturing companies incorporated in the database Aida Bureau van Dijk in 2009; we include financial variables such as leverage (measured as debt-to-asset ratio) and study their impact on firm survival. We use duration analysis as the estimation technique and focus on the time span 2009–2016. Our analysis confirms that the relation between initial leverage and firm hazard is positive and significant also for the Italian manufacturing companies. We also find a weak evidence of a positive relation between the quintiles of the leverage distribution and the hazard ratio but this relation requires further investigation.

Suggested Citation

  • Giulia Baschieri & Giorgio S. Bertinetti & Gloria Gardenal, 2020. "Start-Ups Beyond the Crisis: A Survival Analysis," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Caterina Cruciani & Gloria Gardenal & Elisa Cavezzali (ed.), Banking and Beyond, chapter 0, pages 237-256, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-3-030-45752-5_11
    DOI: 10.1007/978-3-030-45752-5_11
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    Cited by:

    1. Beata Bieszk-Stolorz & Krzysztof Dmytrów, 2021. "Evaluation of Changes on World Stock Exchanges in Connection with the SARS-CoV-2 Pandemic. Survival Analysis Methods," Risks, MDPI, vol. 9(7), pages 1-19, June.

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