Firm shutdown during the financial and sovereign debt crises: empirical evidence from Portugal

Bibliographic Details
Main Author: Ferreira, Priscila
Publication Date: 2016
Other Authors: Saridakis, George
Format: Article
Language: eng
Source: Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
Download full: http://hdl.handle.net/1822/42010
Summary: Working paper series, nr. 61
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spelling Firm shutdown during the financial and sovereign debt crises: empirical evidence from PortugalFirm survivalSMEsFinancial crisisSovereign debt crisisPortugalCiências Sociais::Economia e GestãoWorking paper series, nr. 61We examine how the impact of the recent crises on firm performance, in terms of risk of shutdown, differed depending on firm size. We use a panel of linked employer-employee data covering the period 2002-2012 and investigate whether the effect of firm size varies over the business cycle and with the type of shock associated with two phases of economic contraction: the Financial Crisis and the Sovereign Debt Crisis. Our results show that smaller firms are more likely to shutdown than larger firms, with micro firms being nearly three times more likely to shutdown than large firms. However, within each size band, micro firms are found to experience at least similar rates of survival during the two crises, relative to large firms, to those observed in the pre-crisis period; while medium sized firms are found to be more vulnerable during the financial crisis period, but show more resilience during the sovereign debt crisis. Overall, however, the results suggest that during the sovereign debt crisis firms faced higher probability of closing than during the financial crisis.Universidade do Minho. Núcleo de Investigação em Microeconomia Aplicada (NIMA)Universidade do MinhoFerreira, PriscilaSaridakis, George2016-062016-06-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/1822/42010enginfo:eu-repo/semantics/openAccessreponame:Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)instname:FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologiainstacron:RCAAP2024-05-11T06:38:06Zoai:repositorium.sdum.uminho.pt:1822/42010Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireinfo@rcaap.ptopendoar:https://opendoar.ac.uk/repository/71602025-05-28T15:59:30.626768Repositórios Científicos de Acesso Aberto de Portugal (RCAAP) - FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologiafalse
dc.title.none.fl_str_mv Firm shutdown during the financial and sovereign debt crises: empirical evidence from Portugal
title Firm shutdown during the financial and sovereign debt crises: empirical evidence from Portugal
spellingShingle Firm shutdown during the financial and sovereign debt crises: empirical evidence from Portugal
Ferreira, Priscila
Firm survival
SMEs
Financial crisis
Sovereign debt crisis
Portugal
Ciências Sociais::Economia e Gestão
title_short Firm shutdown during the financial and sovereign debt crises: empirical evidence from Portugal
title_full Firm shutdown during the financial and sovereign debt crises: empirical evidence from Portugal
title_fullStr Firm shutdown during the financial and sovereign debt crises: empirical evidence from Portugal
title_full_unstemmed Firm shutdown during the financial and sovereign debt crises: empirical evidence from Portugal
title_sort Firm shutdown during the financial and sovereign debt crises: empirical evidence from Portugal
author Ferreira, Priscila
author_facet Ferreira, Priscila
Saridakis, George
author_role author
author2 Saridakis, George
author2_role author
dc.contributor.none.fl_str_mv Universidade do Minho
dc.contributor.author.fl_str_mv Ferreira, Priscila
Saridakis, George
dc.subject.por.fl_str_mv Firm survival
SMEs
Financial crisis
Sovereign debt crisis
Portugal
Ciências Sociais::Economia e Gestão
topic Firm survival
SMEs
Financial crisis
Sovereign debt crisis
Portugal
Ciências Sociais::Economia e Gestão
description Working paper series, nr. 61
publishDate 2016
dc.date.none.fl_str_mv 2016-06
2016-06-01T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/1822/42010
url http://hdl.handle.net/1822/42010
dc.language.iso.fl_str_mv eng
language eng
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Universidade do Minho. Núcleo de Investigação em Microeconomia Aplicada (NIMA)
publisher.none.fl_str_mv Universidade do Minho. Núcleo de Investigação em Microeconomia Aplicada (NIMA)
dc.source.none.fl_str_mv reponame:Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
instname:FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologia
instacron:RCAAP
instname_str FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologia
instacron_str RCAAP
institution RCAAP
reponame_str Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
collection Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
repository.name.fl_str_mv Repositórios Científicos de Acesso Aberto de Portugal (RCAAP) - FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologia
repository.mail.fl_str_mv info@rcaap.pt
_version_ 1833595668307902464

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