메뉴 건너뛰기




Volumn 38, Issue 2, 2010, Pages 281-304

A competing risks analysis of firms' exit

Author keywords

Acquisition; Competing risks hazards model; Exit; Liquidation

Indexed keywords

FINANCIAL CRISIS; INDUSTRIAL COMPETITION; INDUSTRIAL PERFORMANCE; INDUSTRIAL PRODUCTION; MANUFACTURING; MERGER; MODEL TEST; RISK ASSESSMENT;

EID: 77951100454     PISSN: 03777332     EISSN: None     Source Type: Journal    
DOI: 10.1007/s00181-009-0266-x     Document Type: Article
Times cited : (44)

References (63)
  • 1
    • 0035584429 scopus 로고    scopus 로고
    • Does entry size matter? The impact of the life cycle and technology on firm survival
    • Agarwal R, Audretsch DB (2001) Does entry size matter? The impact of the life cycle and technology on firm survival. J Ind Econ 49: 21-43.
    • (2001) J Ind Econ , vol.49 , pp. 21-43
    • Agarwal, R.1    Audretsch, D.B.2
  • 2
    • 0000423065 scopus 로고
    • Even dwarfs started small: Liabilities of size and age and their strategic implications
    • Aldrich HE, Auster E (1986) Even dwarfs started small: liabilities of size and age and their strategic implications. Res Organ Behav 8: 165-198.
    • (1986) Res Organ Behav , vol.8 , pp. 165-198
    • Aldrich, H.E.1    Auster, E.2
  • 3
    • 84980104458 scopus 로고
    • Finan ratios, discriminant analysis, and the prediction of corporate bankruptcy
    • Altman E (1968) Finan ratios, discriminant analysis, and the prediction of corporate bankruptcy. J Finance 23: 580-609.
    • (1968) J Finance , vol.23 , pp. 580-609
    • Altman, E.1
  • 4
    • 0347896625 scopus 로고
    • Innovation, growth and survival
    • Audretsch DB (1995) Innovation, growth and survival. Int J Ind Organ 13: 441-457.
    • (1995) Int J Ind Organ , vol.13 , pp. 441-457
    • Audretsch, D.B.1
  • 5
    • 0029515560 scopus 로고
    • New firm survival: New results using a hazard function
    • Audretsch DB, Mahmood T (1995) New firm survival: new results using a hazard function. Rev Econ Stat 77: 97-103.
    • (1995) Rev Econ Stat , vol.77 , pp. 97-103
    • Audretsch, D.B.1    Mahmood, T.2
  • 8
    • 0039403207 scopus 로고    scopus 로고
    • Block share purchases and corporate performance
    • Bethel JE, Liebeskind JP, Opler T (1998) Block share purchases and corporate performance. J Finance 53: 605-634.
    • (1998) J Finance , vol.53 , pp. 605-634
    • Bethel, J.E.1    Liebeskind, J.P.2    Opler, T.3
  • 10
    • 0001282360 scopus 로고
    • Advertising, market structure and performance
    • Comanor WS, Wilson TA (1967) Advertising, market structure and performance. Rev Econ Stat 49: 423-440.
    • (1967) Rev Econ Stat , vol.49 , pp. 423-440
    • Comanor, W.S.1    Wilson, T.A.2
  • 11
    • 0000336139 scopus 로고
    • Regression models and life tables
    • Cox DR (1972) Regression models and life tables. J Roy Stat Soc 34: 187-220.
    • (1972) J Roy Stat Soc , vol.34 , pp. 187-220
    • Cox, D.R.1
  • 12
    • 0016794660 scopus 로고
    • Partial likelihood
    • Cox DR (1975) Partial likelihood. Biometrica 60: 269-276.
    • (1975) Biometrica , vol.60 , pp. 269-276
    • Cox, D.R.1
  • 13
    • 0000498358 scopus 로고
    • Ownership and board structures in publicly traded Corporations
    • Denis DJ, Sarin A (1989) Ownership and board structures in publicly traded Corporations. J Finan Econ 52: 187-223.
    • (1989) J Finan Econ , vol.52 , pp. 187-223
    • Denis, D.J.1    Sarin, A.2
  • 14
    • 0032364255 scopus 로고    scopus 로고
    • Takeover risk and dividend strategy: A study of UK firms
    • Dickerson AP, Gibson HD, Tsakalotos E (1998) Takeover risk and dividend strategy: a study of UK firms. J Ind Econ 46: 281-300.
    • (1998) J Ind Econ , vol.46 , pp. 281-300
    • Dickerson, A.P.1    Gibson, H.D.2    Tsakalotos, E.3
  • 15
    • 0038381617 scopus 로고    scopus 로고
    • Is attack the best form of defence? A competing risks analysis of acquisition activity in the UK
    • Dickerson AP, Gibson HD, Tsakalotos E (2003) Is attack the best form of defence? A competing risks analysis of acquisition activity in the UK. Cambridge J Econ 27: 337-357.
    • (2003) Cambridge J Econ , vol.27 , pp. 337-357
    • Dickerson, A.P.1    Gibson, H.D.2    Tsakalotos, E.3
  • 16
    • 30244524545 scopus 로고    scopus 로고
    • Entry, exit and establishment survival in UK manufacturing
    • Disney R, Haskel J, Heden Y (2003) Entry, exit and establishment survival in UK manufacturing. J Ind Econ 51: 91-112.
    • (2003) J Ind Econ , vol.51 , pp. 91-112
    • Disney, R.1    Haskel, J.2    Heden, Y.3
  • 17
    • 21844498793 scopus 로고
    • The role of technology use in the survival and growth of manufacturing plants
    • Doms M, Dunne T, Roberts MJ (1995) The role of technology use in the survival and growth of manufacturing plants. Int J Ind Organ 13: 523-545.
    • (1995) Int J Ind Organ , vol.13 , pp. 523-545
    • Doms, M.1    Dunne, T.2    Roberts, M.J.3
  • 18
    • 0000860267 scopus 로고
    • Patterns of Firm Entry and Exit in US Manufacturing Industries
    • Dunne T, Roberts MJ, Samuelson L (1988) Patterns of Firm Entry and Exit in US Manufacturing Industries. Rand J of Econ 19: 495-515.
    • (1988) Rand J of Econ , vol.19 , pp. 495-515
    • Dunne, T.1    Roberts, M.J.2    Samuelson, L.3
  • 19
    • 84950651862 scopus 로고
    • The efficiency of Cox's likelihood function for censored data
    • Efron B (1977) The efficiency of Cox's likelihood function for censored data. J Am Stat Assoc 72: 557-565.
    • (1977) J Am Stat Assoc , vol.72 , pp. 557-565
    • Efron, B.1
  • 20
    • 84959843820 scopus 로고
    • Markov-perfect industry dynamics: A framework for empirical work
    • Ericson R, Pakes A (1995) Markov-perfect industry dynamics: a framework for empirical work. Rev Econ Stud 62: 53-82.
    • (1995) Rev Econ Stud , vol.62 , pp. 53-82
    • Ericson, R.1    Pakes, A.2
  • 21
    • 18244394007 scopus 로고    scopus 로고
    • Exit with vertical product differentiation
    • Esteve-Pérez S (2005) Exit with vertical product differentiation. Int J Ind Organ 23: 227-247.
    • (2005) Int J Ind Organ , vol.23 , pp. 227-247
    • Esteve-Pérez, S.1
  • 22
    • 33646868094 scopus 로고    scopus 로고
    • The determinants of survival of Spanish manufacturing firms
    • Esteve-Pérez S, Sanchis A, Sanchis JA (2004) The determinants of survival of Spanish manufacturing firms. Rev Ind Organ 25: 251-273.
    • (2004) Rev Ind Organ , vol.25 , pp. 251-273
    • Esteve-Pérez, S.1    Sanchis, A.2    Sanchis, J.A.3
  • 23
    • 39149093948 scopus 로고    scopus 로고
    • The resource-based-view of the firm and firm survival
    • Esteve-Pérez S, Máñez JA (2008) The resource-based-view of the firm and firm survival. Small Bus Econ 30: 231-249.
    • (2008) Small Bus Econ , vol.30 , pp. 231-249
    • Esteve-Pérez, S.1    Máñez, J.A.2
  • 24
    • 0033690896 scopus 로고    scopus 로고
    • Firms growth, size and age: A non-parametric approach
    • Fariñas J C, Moreno L (2000) Firms growth, size and age: a non-parametric approach. Rev Ind Organ 17: 249-265.
    • (2000) Rev Ind Organ , vol.17 , pp. 249-265
    • Fariñas, J.C.1    Moreno, L.2
  • 25
    • 0001789720 scopus 로고
    • Honeymoons and the liability of adolescence: A new perspective on duration dependence in social and organizational relationships
    • Fichman M, Levinthal D (1991) Honeymoons and the liability of adolescence: a new perspective on duration dependence in social and organizational relationships. Acad Manage Rev 16: 442-468.
    • (1991) Acad Manage Rev , vol.16 , pp. 442-468
    • Fichman, M.1    Levinthal, D.2
  • 26
    • 58149209072 scopus 로고
    • What do we know about entry?
    • Geroski P (1995) What do we know about entry?. Int J Ind Organ 13: 421-440.
    • (1995) Int J Ind Organ , vol.13 , pp. 421-440
    • Geroski, P.1
  • 27
    • 84978555482 scopus 로고
    • Predicting bankruptcy for firms in financial distress
    • Gilbert L R, Menon K, Schwartz KB (1990) Predicting bankruptcy for firms in financial distress. J Bus Finan Acc 17: 161-171.
    • (1990) J Bus Finan Acc , vol.17 , pp. 161-171
    • Gilbert, L.R.1    Menon, K.2    Schwartz, K.B.3
  • 29
    • 0141888930 scopus 로고    scopus 로고
    • Footlose Multinationals?
    • Görg H, Strobl E (2003) Footlose Multinationals?. Manchester Sch 71: 1-19.
    • (2003) Manchester Sch , vol.71 , pp. 1-19
    • Görg, H.1    Strobl, E.2
  • 30
    • 70449647008 scopus 로고
    • Proportional Hazards Tests and Diagnostics based on Weighted Residuals
    • Grambsch PM, Therneau T M (1994) Proportional Hazards Tests and Diagnostics based on Weighted Residuals. Biometrika 81: 515-526.
    • (1994) Biometrika , vol.81 , pp. 515-526
    • Grambsch, P.M.1    Therneau, T.M.2
  • 31
    • 0032355251 scopus 로고    scopus 로고
    • Rethinking age dependence in organizational mortality: Logical formalizations
    • Hannan M (1998) Rethinking age dependence in organizational mortality: logical formalizations. Am J Sociol 104: 126-164.
    • (1998) Am J Sociol , vol.104 , pp. 126-164
    • Hannan, M.1
  • 32
    • 0032334686 scopus 로고    scopus 로고
    • Legal form, growth and exit of West German Firms
    • Harhoff D, Stahl K, Woywode M (1998) Legal form, growth and exit of West German Firms. J Ind Econ 46: 453-488.
    • (1998) J Ind Econ , vol.46 , pp. 453-488
    • Harhoff, D.1    Stahl, K.2    Woywode, M.3
  • 33
    • 29244435709 scopus 로고    scopus 로고
    • Dynamics in ownership and firm survival: Evidence from corporate Germany
    • Heiss F, Köke J (2004) Dynamics in ownership and firm survival: evidence from corporate Germany. Eur Finan Manage 10: 167-195.
    • (2004) Eur Finan Manage , vol.10 , pp. 167-195
    • Heiss, F.1    Köke, J.2
  • 34
    • 0034411686 scopus 로고    scopus 로고
    • Business failure of new firms: An empirical analysis using multiplicative hazards model
    • Honjo Y (2000) Business failure of new firms: An empirical analysis using multiplicative hazards model. Int J Ind Organ 18: 557-574.
    • (2000) Int J Ind Organ , vol.18 , pp. 557-574
    • Honjo, Y.1
  • 35
    • 0002485234 scopus 로고
    • Selection and the Evolution of Industry
    • Jovanovic B (1982) Selection and the Evolution of Industry. Econometrica 50: 649-670.
    • (1982) Econometrica , vol.50 , pp. 649-670
    • Jovanovic, B.1
  • 37
    • 84978548584 scopus 로고
    • The failure of UK industrial firms for the period 1976-84, logistic analysis and entropy measures
    • Kease K, McGuiness P (1990) The failure of UK industrial firms for the period 1976-84, logistic analysis and entropy measures. J Bus Finan Acc 17: 119-135.
    • (1990) J Bus Finan Acc , vol.17 , pp. 119-135
    • Kease, K.1    McGuiness, P.2
  • 38
    • 0000708409 scopus 로고
    • Economic duration data and hazard functions
    • Kiefer NM (1988) Economic duration data and hazard functions. J Econ Lit 6: 646-670.
    • (1988) J Econ Lit , vol.6 , pp. 646-670
    • Kiefer, N.M.1
  • 39
    • 0033865113 scopus 로고    scopus 로고
    • The making of an oligopoly: Firm survival and technological change in the evolution of the US tire industry
    • Klepper S, Simons KL (2000) The making of an oligopoly: firm survival and technological change in the evolution of the US tire industry. J Pol Econ 108: 728-760.
    • (2000) J Pol Econ , vol.108 , pp. 728-760
    • Klepper, S.1    Simons, K.L.2
  • 40
    • 0036890590 scopus 로고    scopus 로고
    • Determinants of acquisition and failure: Evidence from corporate Germany
    • Köke J (2002) Determinants of acquisition and failure: evidence from corporate Germany. Struct Change Econ Dyn 13: 457-484.
    • (2002) Struct Change Econ Dyn , vol.13 , pp. 457-484
    • Köke, J.1
  • 42
    • 0040925664 scopus 로고    scopus 로고
    • The market for corporate assets: Who engages in mergers and asset sales and are there efficiency gains?
    • Maksimovic V, Phillips G (2001) The market for corporate assets: who engages in mergers and asset sales and are there efficiency gains?. J Finance 56: 2019-2065.
    • (2001) J Finance , vol.56 , pp. 2019-2065
    • Maksimovic, V.1    Phillips, G.2
  • 43
    • 21844514014 scopus 로고
    • The post-entry performance of firms
    • Mata J, Audretsch D (eds), (special issue)
    • Mata J, Audretsch D (eds) (1995) The post-entry performance of firms. Int J Ind Organ 13: 413-614 (special issue).
    • (1995) Int J Ind Organ , vol.13 , pp. 413-614
  • 44
    • 5744243475 scopus 로고
    • Life duration of new firms
    • Mata J, Portugal P (1994) Life duration of new firms. J Ind Econ 42: 227-246.
    • (1994) J Ind Econ , vol.42 , pp. 227-246
    • Mata, J.1    Portugal, P.2
  • 45
    • 0000100194 scopus 로고    scopus 로고
    • Closure and divesture by foreign entrants: The impact of entry and post-entry strategies
    • Mata J, Portugal P (2000) Closure and divesture by foreign entrants: the impact of entry and post-entry strategies. Strat Manage J 21: 549-562.
    • (2000) Strat Manage J , vol.21 , pp. 549-562
    • Mata, J.1    Portugal, P.2
  • 46
    • 0036534973 scopus 로고    scopus 로고
    • The survival of new domestic and foreign-owned firms
    • Mata J, Portugal P (2002) The survival of new domestic and foreign-owned firms. Strat Manage J 23: 323-562.
    • (2002) Strat Manage J , vol.23 , pp. 323-562
    • Mata, J.1    Portugal, P.2
  • 47
    • 3843049164 scopus 로고    scopus 로고
    • Patterns of entry, post-entry growth and survival: A comparison between domestic and foreign owned firms
    • Mata J, Portugal P (2004) Patterns of entry, post-entry growth and survival: a comparison between domestic and foreign owned firms. Small Bus Econ 22: 283-298.
    • (2004) Small Bus Econ , vol.22 , pp. 283-298
    • Mata, J.1    Portugal, P.2
  • 48
    • 58149210370 scopus 로고
    • The survival of new plants: Start-up conditions and post-entry evolution
    • Mata J, Portugal P, Guimaraes P (1995) The survival of new plants: start-up conditions and post-entry evolution. Int J Ind Organ 13: 459-481.
    • (1995) Int J Ind Organ , vol.13 , pp. 459-481
    • Mata, J.1    Portugal, P.2    Guimaraes, P.3
  • 49
    • 0001186812 scopus 로고    scopus 로고
    • Comparing acquisitions and divestures
    • Mulherin JH, Boone AL (2000) Comparing acquisitions and divestures. J Corp Finan 6: 117-131.
    • (2000) J Corp Finan , vol.6 , pp. 117-131
    • Mulherin, J.H.1    Boone, A.L.2
  • 50
    • 84981605119 scopus 로고
    • Simple methods for testing the proportionality of cause-specific hazards in competing risks models
    • Narendranathan W, Stewart MB (1991) Simple methods for testing the proportionality of cause-specific hazards in competing risks models. Oxford Bull Econ Stat 53: 331-340.
    • (1991) Oxford Bull Econ Stat , vol.53 , pp. 331-340
    • Narendranathan, W.1    Stewart, M.B.2
  • 51
    • 84986777786 scopus 로고
    • The liquidation/merger alternative: Some results for the UK corporate sector
    • Peel MJ, Wilson N (1989) The liquidation/merger alternative: some results for the UK corporate sector. Manage Dec Econ 10: 209-220.
    • (1989) Manage Dec Econ , vol.10 , pp. 209-220
    • Peel, M.J.1    Wilson, N.2
  • 52
    • 0000413215 scopus 로고
    • The disciplinary role of takeovers
    • Scharfstein D (1988) The disciplinary role of takeovers. Rev Econ Stud 55: 185-199.
    • (1988) Rev Econ Stud , vol.55 , pp. 185-199
    • Scharfstein, D.1
  • 53
    • 0006627858 scopus 로고
    • The probability of exit
    • Schary M (1991) The probability of exit. RAND J of Econ 22: 339-353.
    • (1991) RAND J of Econ , vol.22 , pp. 339-353
    • Schary, M.1
  • 55
    • 0036172735 scopus 로고    scopus 로고
    • New firms survival and market turbulence: New evidence from Spain
    • Segarra A, Callejón M (2002) New firms survival and market turbulence: new evidence from Spain. Rev Ind Organ 20: 1-14.
    • (2002) Rev Ind Organ , vol.20 , pp. 1-14
    • Segarra, A.1    Callejón, M.2
  • 56
    • 84977721574 scopus 로고
    • Liquidation values and debt capacity: A market equilibrium approach
    • Shleifer A, Vishny RW (1992) Liquidation values and debt capacity: a market equilibrium approach. J Finance 47: 1343-66.
    • (1992) J Finance , vol.47 , pp. 1343-1366
    • Shleifer, A.1    Vishny, R.W.2
  • 57
    • 0000342340 scopus 로고
    • Credit rationing in markets with imperfect information
    • Stiglitz J, Weiss A (1981) Credit rationing in markets with imperfect information. Am Econ Rev 71: 393-410.
    • (1981) Am Econ Rev , vol.71 , pp. 393-410
    • Stiglitz, J.1    Weiss, A.2
  • 58
    • 85041440705 scopus 로고
    • Social structure and organizations
    • J. March (Ed.), Chicago: Rand McNally
    • Stinchcombe F (1965) Social structure and organizations. In: March J (eds) Handbook of organizations. Rand McNally, Chicago, pp 142-193.
    • (1965) Handbook of Organizations , pp. 142-193
    • Stinchcombe, F.1
  • 59
    • 33846207517 scopus 로고    scopus 로고
    • Entrepreneurial survival
    • Strotmann H (2007) Entrepreneurial survival. Small Bus Econ 28: 87-104.
    • (2007) Small Bus Econ , vol.28 , pp. 87-104
    • Strotmann, H.1
  • 61
    • 21344486890 scopus 로고
    • The post-entry performance of new firms in German manufacturing industries
    • Wagner J (1994) The post-entry performance of new firms in German manufacturing industries. J Ind Econ 42: 141-154.
    • (1994) J Ind Econ , vol.42 , pp. 141-154
    • Wagner, J.1
  • 62
    • 84989133012 scopus 로고
    • A resource-based view of the firm
    • Wernerfelt B (1984) A resource-based view of the firm. Strat Manage J 5: 171-180.
    • (1984) Strat Manage J , vol.5 , pp. 171-180
    • Wernerfelt, B.1
  • 63
    • 0034406343 scopus 로고    scopus 로고
    • Why do banks disappear? The determinants of U.S. bank failures and acquisitions
    • Wheelock DC, Wilson PW (2000) Why do banks disappear? The determinants of U. S. bank failures and acquisitions. Rev Econ Stat 82: 127-138.
    • (2000) Rev Econ Stat , vol.82 , pp. 127-138
    • Wheelock, D.C.1    Wilson, P.W.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.