Institutions, Financial Development, and Small Business Survival: Evidence from European Emerging Economies

0533385 - ÚTIA 2021 CZ eng V - Výzkumná zpráva
Iwasaki, I. - Kočenda, Evžen - Shida, Y.
Institutions, Financial Development, and Small Business Survival: Evidence from European Emerging Economies.
Praha: UK FSV – IES, 2020. 43 s. IES Working Paper Series, 2020/39.
Institucionální podpora: RVO:67985556
Klíčová slova: small business * survival analysis * European emerging markets
Obor OECD: Applied Economics, Econometrics
http://library.utia.cas.cz/separaty/2020/E/kocenda-0533385.pdf

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 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.
Trvalý link: http://hdl.handle.net/11104/0311792