Byrne, J. P., Spaliara, M. E. and Tsoukas, S. (2016) Firm survival, uncertainty and financial frictions: is there a financial uncertainty accelerator? Economic Inquiry, 54(1), pp. 375-390. (doi: 10.1111/ecin.12240)
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Abstract
Using a large panel of unquoted UK firms over the period 2000-09, we examine the impact of firm-specific uncertainty on corporate failures. In this context we also distinguish between firms which are likely to be more or less dependent on bank finance as well as public and non-public companies. Our results document a significant effect of uncertainty on firm survival. This link is found to be more potent during the recent financial crisis compared with tranquil periods. We also uncover significant firm-level heterogeneity since the survival chances of bank-dependent and non-public firms are most affected by changes in uncertainty, especially during the recent global financial crisis.
Item Type: | Articles |
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Status: | Published |
Refereed: | Yes |
Glasgow Author(s) Enlighten ID: | Tsoukas, Professor Serafeim and Spaliara, Professor Marina Eliza and Byrne, Dr Joseph |
Authors: | Byrne, J. P., Spaliara, M. E., and Tsoukas, S. |
Subjects: | H Social Sciences > HG Finance |
College/School: | College of Social Sciences > Adam Smith Business School > Economics |
Journal Name: | Economic Inquiry |
Publisher: | Wiley-Blackwell Publishing, Inc. |
ISSN: | 0095-2583 |
ISSN (Online): | 1465-7295 |
Copyright Holders: | Copyright © 2015 Western Economic Association International |
First Published: | First published in Economic Inquiry 54(1):375-390 |
Publisher Policy: | Reproduced in accordance with the copyright policy of the publisher. |
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