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Start-Ups Beyond the Crisis: A Survival Analysis

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Abstract

The aim of this paper is to investigate the role of the initial capital structure in the success and duration of entrant manufacturing start-ups. We select all the Italian manufacturing companies incorporated in the database Aida Bureau van Dijk in 2009; we include financial variables such as leverage (measured as debt-to-asset ratio) and study their impact on firm survival. We use duration analysis as the estimation technique and focus on the time span 2009–2016. Our analysis confirms that the relation between initial leverage and firm hazard is positive and significant also for the Italian manufacturing companies. We also find a weak evidence of a positive relation between the quintiles of the leverage distribution and the hazard ratio but this relation requires further investigation.

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Notes

  1. 1.

    SMEs are characterized by the privacy of contracts, limited accounting disclosure and the minimal presence in public markets.

  2. 2.

    See note 4.

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Author information

Authors and Affiliations

  1. Department of Management, University of Bologna, Bologna, Italy

    Giulia Baschieri

  2. Department of Management, Ca’ Foscari University of Venice, Venice, Italy

    Giorgio S. Bertinetti & Gloria Gardenal

Authors
  1. Giulia Baschieri
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  2. Giorgio S. Bertinetti
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  3. Gloria Gardenal
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Correspondence to Gloria Gardenal .

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Editors and Affiliations

  1. Department of Management, Ca’ Foscari University of Venice, Venice, Italy

    Caterina Cruciani

  2. Department of Management, Ca’ Foscari University of Venice, Venice, Italy

    Gloria Gardenal

  3. Department of Management, Ca’ Foscari University of Venice, Venice, Italy

    Elisa Cavezzali

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Baschieri, G., Bertinetti, G.S., Gardenal, G. (2020). Start-Ups Beyond the Crisis: A Survival Analysis. In: Cruciani, C., Gardenal, G., Cavezzali, E. (eds) Banking and Beyond. Palgrave Macmillan Studies in Banking and Financial Institutions. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-45752-5_11

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  • DOI: https://doi.org/10.1007/978-3-030-45752-5_11

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