Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/247361 
Year of Publication: 
2020
Series/Report no.: 
IES Working Paper No. 39/2020
Publisher: 
Charles University in Prague, Institute of Economic Studies (IES), Prague
Abstract: 
In this paper, we traced the survival status of 94,401 small businesses in 17 European emerging markets from 2007-2017 and empirically examined the determinants of their survival, focusing on institutional quality and financial development. We found that institutional quality and the level of financial development exhibit statistically significant and economically meaningful impacts on the survival probability of the SMEs being researched. The evidence holds even when we control for a set of firm-level characteristics such as ownership structure, financial performance, firm size, and age. The findings are also uniform across industries and country groups and robust beyond the difference in assumption of hazard distribution, firm size, region, and time period.
Subjects: 
small business
institutions
financial development
survival analysis
European emerging markets
JEL: 
C14
D02
D22
G33
M21
Document Type: 
Working Paper

Files in This Item:
File
Size
840.18 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.