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Article: Firms in Economic Distress: Survival Strategies and Economic Factors

TitleFirms in Economic Distress: Survival Strategies and Economic Factors
Authors
KeywordsFirms in distress
Survival strategies
Emerging markets
Marketization
Firm characteristics
Industry characteristics
Institution quality
Market competition
Ownership
Issue Date2009
AbstractBased on a large data set containing over 300,000 Chinese firms and detailed micro-level information, this paper conducts an empirical analysis of firms in distress. We focus on economic distress rather than financial distress; we study unlisted firms in an emerging market rather than listed firms in a developed economy. We first identify the economic factors that are important for distressed firms’ survival. We then identify three main survival strategies: reliance on fixed assets, reliance on intangible assets, and reduction of costs. We show a critical role of marketization in a developing economy, where marketization includes market competition, financial access, institution quality, and the private sector’s market share.
Persistent Identifierhttp://hdl.handle.net/10722/141886
SSRN

 

DC FieldValueLanguage
dc.contributor.authorJiang, K-
dc.contributor.authorWang, S-
dc.date.accessioned2011-09-27T09:04:37Z-
dc.date.available2011-09-27T09:04:37Z-
dc.date.issued2009-
dc.identifier.urihttp://hdl.handle.net/10722/141886-
dc.description.abstractBased on a large data set containing over 300,000 Chinese firms and detailed micro-level information, this paper conducts an empirical analysis of firms in distress. We focus on economic distress rather than financial distress; we study unlisted firms in an emerging market rather than listed firms in a developed economy. We first identify the economic factors that are important for distressed firms’ survival. We then identify three main survival strategies: reliance on fixed assets, reliance on intangible assets, and reduction of costs. We show a critical role of marketization in a developing economy, where marketization includes market competition, financial access, institution quality, and the private sector’s market share.-
dc.languageeng-
dc.subjectFirms in distress-
dc.subjectSurvival strategies-
dc.subjectEmerging markets-
dc.subjectMarketization-
dc.subjectFirm characteristics-
dc.subjectIndustry characteristics-
dc.subjectInstitution quality-
dc.subjectMarket competition-
dc.subjectOwnership-
dc.titleFirms in Economic Distress: Survival Strategies and Economic Factorsen_US
dc.typeArticle-
dc.identifier.ssrn1465181-

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