Start-ups beyond the crisis a survival analysis
The aim of this paper is to investigate the role of the initial capital structure in the success and duration of entrant manufacturing start-ups. We select all the Italian manufacturing companies incorporated in the database Aida Bureau van Dijk in 2009; we include financial variables such as levera...
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| Veröffentlicht in: | Wolpertinger Conference (2019 : Venedig) Banking and beyond |
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| Format: | UnknownFormat |
| Sprache: | eng |
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2020
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Tag hinzufügen | Zusammenfassung: | The aim of this paper is to investigate the role of the initial capital structure in the success and duration of entrant manufacturing start-ups. We select all the Italian manufacturing companies incorporated in the database Aida Bureau van Dijk in 2009; we include financial variables such as leverage (measured as debt-to-asset ratio) and study their impact on firm survival. We use duration analysis as the estimation technique and focus on the time span 2009-2016. Our analysis confirms that the relation between initial leverage and firm hazard is positive and significant also for the Italian manufacturing companies. We also find a weak evidence of a positive relation between the quintiles of the leverage distribution and the hazard ratio but this relation requires further investigation. |
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| ISBN: | 9783030457518 |