Macroeconomic Instability and Business Exit
Determinants of Failures and Acquisitions of UK Firms
Dados Bibliográficos
| ID | 9728344 |
|---|---|
| Autores | Arnab Bhattacharjee (0000-0003-1300-0838, University of St Andrews), Chris Higson (London Business School), Sean Holly (University of Cambridge), Paul Kattuman (0000-0003-1209-5169, University of St Andrews) |
| Ano | 2009 |
| Volume | 76 |
| Fascículo | 301 |
| Páginas | 108-131 |
| Data de publicação | 2009-02-01 |
| Peer Reviewed | Sim |
| Open Access | Sim |
| Tipo | ARTICLE |
| Periódico | Economica (JOURNAL) |
| Identificadores do periódico | ISSN: 0013-0427 • E-ISSN: 1468-0335 |
| Editora | Wiley (PUBLISHER • GB) |
| DOI | 10.1111/j.1468-0335.2007.00662.x |
| OpenAlex | W2027759375 |
| Idioma | EN |
| Citações recebidas | 10 |
| Referências citadas | 50 |
We study the impact of the macroeconomic environment on business exit in a world where acquisition and bankruptcy are co‐determined. We estimate competing risk hazard regression models using data on UK quoted firms spanning a 38‐year period that witnessed several business cycles. We find that the processes determining bankruptcies and acquisitions depend on the macroeconomic environment. In particular, macroeconomic instability has opposing effects on bankruptcy hazard and acquisition hazard, raising the former and lowering the latter. While bankruptcy hazard is counter‐cyclical and acquisition hazard pro‐cyclical, the US business cycle is a better predictor than the UK cycle itself
Bankruptcy · Business · Business administration · Business cycle · Business environment · Econometrics · Economics · Hazard · Hazard model · Hazard ratio · Macroeconomics · Monetary economics · Statistics · Banking stability, regulation, efficiency · Corporate Finance and Governance · Finance · Firm Innovation and Growth
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| Obras citantes distintas | 10 |
|---|---|
| Citações por ano | 0,56 |
| Intervalo de citações | 2008 - 2024 (17) |
| Velocidade de citação | recent |
| Altamente citado | Não |
| Tipos de citação | Neutras: 8 |