Financial and economic determinants of firm default

Arbeitspapier

This paper investigates the relevance of financial and economic variables as determinants of firm defaults. Our analysis is not limited to publicly traded companies but extends to a large sample of limited liability firms. We consider size, growth, profitability and productivity together with a standard set of financial indicators. Non parametric tests allow to assess to what extent defaulting firms differ from the non-defaulting group. Bootstrap probit regressions confirm that economic variables play both a long and short term effect. Our findings are robust with respect to the inclusion of Distance to Default and risk ratings among the regressors.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: LEM Working Paper Series ; No. 2009/06

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Semiparametric and Nonparametric Methods: General ; Single Equation Models; Single Variables: Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions; Probabilities ; Production and Organizations: General ; Corporate Finance and Governance: General ; Production, Pricing, and Market Structure; Size Distribution of Firms
• Thema: firm default ; financial indicators ; selection and growth dynamics ; kernel densities ; stochastic equality ; bootstrap probit regressions ; Distance to Default ; Insolvenz ; Unternehmenswachstum ; Unternehmensfinanzierung ; Bootstrap-Verfahren ; Industrie ; Italien

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Bottazzi, Giulio ; Grazzi, Marco ; Secchi, Angelo ; Tamagni, Federico
• Ereignis: Veröffentlichung
• (wer): Scuola Superiore Sant'Anna, Laboratory of Economics and Management (LEM)
• (wo): Pisa
• (wann): 2009

Weitere Informationen

• Handle: http://hdl.handle.net/10419/89552
• Letzte Aktualisierung: 10.03.2025, 11:42 MEZ