IDEAS home Printed from
   My bibliography  Save this paper

Selection dynamics in the manufacturing industry during the crisis years: some evidences based on microdata


  • Marco Mariani

    () (Istituto Regionale per la Programmazione Economica della Toscana)

  • Elena Pirani

    () (Istituto Regionale per la Programmazione Economica della Toscana)

  • Elena Radicchi

    () (University of Florence)


The economic crisis of the late 2000s has led many manufacturing companies to exit the market, due to poor performance or financial difficulties. The purpose of this study is to analyze which characteristics, both static and dynamic, play a role in the shaping of the firms’ exit decision. For this goal, we apply survival analysis techniques to an Italian regional case study, Tuscany, accounting for features of the firms observed both before and during the early years of the crisis. Our findings evidence that the selection process hits companies belonging to supplier-dominated sectors and industrial districts and, more in general, firms that before the crisis were already characterized by a low level of productivity or a poor overall efficiency. Results also suggest that lack of liquidity and inability to cover interest expenses are likely to bring to the exit during the crisis.

Suggested Citation

  • Marco Mariani & Elena Pirani & Elena Radicchi, 2012. "Selection dynamics in the manufacturing industry during the crisis years: some evidences based on microdata," Studi e approfondimenti 361, Istituto Regionale per la Programmazione Economica della Toscana.
  • Handle: RePEc:irp:essays:361

    Download full text from publisher

    File URL:
    Download Restriction: no

    More about this item


    business demography; survival; economic crisis;

    JEL classification:

    • C41 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Duration Analysis; Optimal Timing Strategies
    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • L60 - Industrial Organization - - Industry Studies: Manufacturing - - - General
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:irp:essays:361. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Stefania Salvucci). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.