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An analysis of new firm survival using a hazard function

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Holmes, Phil; Hunt, Andrew John; Stone, Ian

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Abstract A unique dataset 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 macroeconomic variables. Increases in initial plant size impact negatively on micro-enterprise survival and positively on SME survival.
Classification Business Administration; Economic Statistics, Econometrics, Business Informatics
Free Keywords new firm survival; hazard models; micro-enterprises
Publication Year 2009
Page/Pages p. 185-195
Journal Applied Economics, 42 (2009) 2
Status Postprint; peer reviewed
Licence PEER Licence Agreement (applicable only to documents from PEER project)