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The role of financial constraints for alternative firm exit modes

Author

Listed:
  • Nina Ponikvar

    (University of Ljubljana)

  • Katja Zajc Kejžar

    (University of Ljubljana)

  • Darja Peljhan

    (University of Ljubljana)

Abstract

The paper proposes a new multidimensional instrument for measuring a firm’s latent financial constraints and tests it in explaining their heterogeneous impact on different firm exit routes. Applying the proposed measure to Slovenian manufacturing and service firms in the 2006–2012 period suggests three dimensions of firms’ financial constraints, i.e. liquidity, operational efficiency and profitability. Whereas the liquidity dimension is important for court-driven and law-based exits, the efficiency dimension is critical for firms’ voluntary liquidation, while profitability is for the relative likelihood of being merged or acquired. These effects of financial constraints on firm exit processes tend to be intensified during the crisis period. The results also confirm that SMEs differ systematically from larger firms in terms of the sensitivity of the exit decision to financial constraints for all but merger and acquisition (M&A) exit routes.

Suggested Citation

  • Nina Ponikvar & Katja Zajc Kejžar & Darja Peljhan, 2018. "The role of financial constraints for alternative firm exit modes," Small Business Economics, Springer, vol. 51(1), pages 85-103, June.
    • Handle: RePEc:kap:sbusec:v:51:y:2018:i:1:d:10.1007_s11187-017-9918-y
    DOI: 10.1007/s11187-017-9918-y
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    More about this item

    Keywords

    Firm exit; Financial constraints; Bankruptcy; Liquidation; Mergers and acquisitions (M&A); Competing risk model;
    All these keywords.

    JEL classification:

    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • C25 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions; Probabilities
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics

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