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Identifier to cite or link to this item: https://hdl.handle.net/10086/29190

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Title
Heterogeneous Exits: Evidence from New Firms
Creator
Creator Name
Kato, Masatoshi Kato, Masatoshi
加藤, 雅俊 加藤, 雅俊
Affiliation
Affiliation Name
Kwansei Gakuin University
Affiliation
Affiliation Name
Hitotsubashi University
Creator Name
Honjo, Yuji Honjo, Yuji
Affiliation
Affiliation Name
Faculty of Commerce, Chuo University
Editor
Contributor Name
Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University
Affiliation
Affiliation Name
Institute of Economic Research, Hitotsubashi University
Key Word
New firm
exit
bankruptcy
voluntary liquidation
merger
competing risks proportional hazards model
Abstract
This paper explores heterogeneous exits-bankruptcy, voluntary liquidation, and merger-by focusing on new firms. Using a sample of approximately 16,000 firms founded in Japan during 1997-2004, we examine the determinants of new-firm exit according to forms of exit. Regarding industry-specific characteristics, our findings indicate that new firms in capital-intensive and R&D-intensive industries are less likely to go bankrupt. In industries characterized by large amounts of capital and low price-cost margins, new firms are more likely to exit through voluntary liquidation and merger. Region-specific characteristics, such as regional agglomeration and unemployment rate, have significant effects on the hazards of exit, and their effects vary across different forms of exit. Moreover, we provide evidence that firm-specific characteristics, such as the number of employees, and entrepreneur-specific characteristics, such as educational background and age, play significantly different roles in determining each form of exit.
Publisher
Institute of Economic Research, Hitotsubashi University
Issued Date
2010-10
Language
English(eng)
Resource Type
technical report
Version Type
VoR
Is Part OfRelation -
Related Title
CEI Working Paper Series, No. 2010-3
Relation
Related Identifier
URI
  http://cei.ier.hit-u.ac.jp/English/index.html
NCID
AA11590659
Number of Pages
38
Appears in Collections
CEI Working Paper Series
URL
https://hdl.handle.net/10086/29190