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Prof. Evžen Kočenda publikoval článek v Journal of Corporate Finance

07.10.2019

Článek našeho kolegy prof. Evžena Kočendy Institutions and determinants of firm survival in European emerging markets, jehož spoluatory jsou Eduard Baumöhl z Ekonomické univerzity v Bratislavě a Ichiro Iwasaki z tokijské Hitotsubashi University, byl publikován v časopise Journal of Corporate Finance, který se zaměřuje na vysoce kvalitní výzkumné články věnované tématu podnikových financí.  

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Anotace:  

We analyze the impact of institutional quality on firm survival in 15 European emerging markets. We employ the Cox proportional hazards model with a large dataset of firms during 2006–2015. Our results show that institutional quality (IQ) is a significant preventive factor for firm survival, and it displays diminishing returns as its effect is largest for low-level IQ countries and smallest for high-level IQ countries. In terms of specific indicators, the level of national governance and the extent of corruption control exhibit the key impacts. In terms of firm-specific controls, indicators of ownership structure and aggregate financial performance are the economically most significant factors associated with increased survival probability of firms in European emerging markets.  

Autor - Mgr. Ema C. Stašová

Partneři

Deloitte
McKinsey & Company
Moneta Money Bank

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