caa a22 4500 445877340 CHVBK 20180317145531.0 cr unu---uuuuu 170323e20110401xx s 000 0 eng 10.1007/s11187-009-9221-7 doi (NATIONALLICENCE)springer-10.1007/s11187-009-9221-7 The shadow of death: analysing the pre-exit productivity of Portuguese manufacturing firms [Elektronische Daten] [Carlos Carreira, Paulino Teixeira] The pre-exiting productivity profile of mature firms relative to survivors is examined along with an evaluation of how productivity affects the probability of exit along various dimensions. An empirical approach, based on an unbalanced panel of Portuguese manufacturing firms covering a 10-year period, is used. The findings confirm that market selection forces low-productivity firms to exit, but there is also evidence that a sizeable portion of low-productivity firms do not shut down. Conversely, there is a non-negligible fraction of high-productivity firms that do actually close. Consistent with some key theoretical predictions, our analysis reveals that exiting firms have a falling productivity level over a number of years prior to exit. Finally, the results from the survival model show that both small firms and ones with low productivity are relatively much more likely to exit the market. Industry and macro-environment are also found to have a non-negligible role on the exit of mature firms. Springer Science+Business Media, LLC., 2009 Exit pattern nationallicence Firm survival nationallicence Portugal nationallicence Pre-exit performance nationallicence Productivity nationallicence Carreira Carlos Faculdade de Economia/GEMF, Universidade de Coimbra, Coimbra, Portugal aut Teixeira Paulino Faculdade de Economia/GEMF, Universidade de Coimbra, Coimbra, Portugal aut Small Business Economics Springer US; http://www.springer-ny.com 36/3(2011-04-01), 337-351 0921-898X 36:3<337 2011 36 11187 https://doi.org/10.1007/s11187-009-9221-7 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s11187-009-9221-7 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Carreira Carlos Faculdade de Economia/GEMF, Universidade de Coimbra, Coimbra, Portugal aut NATIONALLICENCE 700 1- Teixeira Paulino Faculdade de Economia/GEMF, Universidade de Coimbra, Coimbra, Portugal aut NATIONALLICENCE 773 0- Small Business Economics Springer US; http://www.springer-ny.com 36/3(2011-04-01), 337-351 0921-898X 36:3<337 2011 36 11187 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer