An analysis of new firm survival using a hazard function

Authors: Holmes, P.; Hunt, A.; Stone, I.

Source: Applied Economics, Volume 42, Number 2, January 2010 , pp. 185-195(11)

Publisher: Routledge, part of the Taylor & Francis Group

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Abstract:

A unique data set is used to provide a detailed examination of the survival of newly established manufacturing firms in north-east England. Using data on 781 firms established between 1973 and 2001, log-logistic hazard models are estimated separately for (i) micro-enterprises and (ii) small and medium establishments (SMEs). Both micro-enterprises and SMEs show clear evidence of positive duration dependence, followed by negative duration dependence. We find the two firm types are differentially affected by firm-specific and macro-economic variables. Increases in initial plant size impact negatively on micro-enterprise survival and positively on SME survival.

Document Type: Research Article

DOI: http://dx.doi.org/10.1080/00036840701579234

Affiliations: School of Economics, Finance and Business, University of Durham, Durham, DH1 3HY, United Kingdom

Publication date: January 1, 2010

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