caa a22 4500 445854278 CHVBK 20180317145423.0 cr unu---uuuuu 170323e20110801xx s 000 0 eng 10.1007/s00191-011-0224-6 doi (NATIONALLICENCE)springer-10.1007/s00191-011-0224-6 Financial and economic determinants of firm default [Elektronische Daten] [Giulio Bottazzi, Marco Grazzi, Angelo Secchi, Federico Tamagni] This paper investigates the relevance of financial and economic variables as determinants of firm default. Our analysis covers a large sample of medium-sized limited liability firms. Since default might lead, through bankruptcy or radical restructuring, to firm's exit, our work also relates to previous contributions on industrial demography. Using non parametric tests we assess to what extent defaulting firms differ from the non-defaulting group. Bootstrap probit regressions confirm that economic variables, in addition to standard financial indicators, 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. Springer-Verlag, 2011 Firm default nationallicence Selection and growth dynamics nationallicence Stochastic equality nationallicence Bootstrap probit regressions nationallicence Distance to Default nationallicence Credit ratings nationallicence Bottazzi Giulio LEM, Scuola Superiore Sant'Anna, Pisa, Italy aut Grazzi Marco LEM, Scuola Superiore Sant'Anna, Pisa, Italy aut Secchi Angelo Università di Pisa, Pisa, Italy aut Tamagni Federico LEM, Scuola Superiore Sant'Anna, Pisa, Italy aut Journal of Evolutionary Economics Springer-Verlag 21/3(2011-08-01), 373-406 0936-9937 21:3<373 2011 21 191 https://doi.org/10.1007/s00191-011-0224-6 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s00191-011-0224-6 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Bottazzi Giulio LEM, Scuola Superiore Sant'Anna, Pisa, Italy aut NATIONALLICENCE 700 1- Grazzi Marco LEM, Scuola Superiore Sant'Anna, Pisa, Italy aut NATIONALLICENCE 700 1- Secchi Angelo Università di Pisa, Pisa, Italy aut NATIONALLICENCE 700 1- Tamagni Federico LEM, Scuola Superiore Sant'Anna, Pisa, Italy aut NATIONALLICENCE 773 0- Journal of Evolutionary Economics Springer-Verlag 21/3(2011-08-01), 373-406 0936-9937 21:3<373 2011 21 191 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer