Moving in and out of Financial Distress: Evidence for Newly Founded Service Sector Firms

Kaiser, Ulrich

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URL:	http://ub-madoc.bib.uni-mannheim.de/506
URN:	urn:nbn:de:bsz:180-madoc-5067
Document Type:	Working paper
Year of publication:	2001
The title of a journal, publication series:	None
Publication language:	English
Institution:	Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series:	Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject:	330 Economics
Classification:	JEL: C33 G33 C15 ,
Subject headings (SWD):	Deutschland <Östliche Länder> , Unternehmensgründung , Markov-Modell
Abstract:	The determinants of transitions between different states of financial distress are analyzed using two versions of Markov chain models: a multinomial logit model without random effects and a multinomial logit model capturing such unobservable factors. The empirical analysis is based on a panel data set containing information on 15,538 East German firms founded between 1994 and 1999. The estimation results indicate that the effect of limited liability depends upon firms' starting state, the existence of corporate shareholders improves firms' financial performance, multiple credit relationships have negative effects and product diversification as well as positive macroeconomic conditions improve firms' financial performance.
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