Supervivencia das empresas innovadoras españolasefectos da innovación

  1. Baltar Salgado, Evangelina
  2. Fernández López, Sara
  3. Vivel Búa, Milagros
  4. Neira Gómez, Isabel
Revista:
Revista galega de economía: Publicación Interdisciplinar da Facultade de Ciencias Económicas e Empresariais

ISSN: 1132-2799

Ano de publicación: 2012

Volume: 21

Número: 2

Páxinas: 107-132

Tipo: Artigo

DIALNET GOOGLE SCHOLAR lock_openDialnet editor

Outras publicacións en: Revista galega de economía: Publicación Interdisciplinar da Facultade de Ciencias Económicas e Empresariais

Resumo

Este trabajo analiza los determinantes del fracaso empresarial a través de un modelo logístico binomial para una muestra de 223 empresas innovadoras españolas en el año 2006. Los resultados obtenidos indican que la rentabilidad, las garantías frente a terceros, la eficiencia y la edad de las empresas influyen negativamente en la probabilidad de fracaso empresarial. Además, también se comprueba que la innovación ejerce un efecto indirecto sobre la probabilidad de quiebra a través de la rentabilidad

Referencias bibliográficas

  • Aharony, J.; Jones, C.P.; Swary, I. (1980): "An Analysis of Risk and Return Characteristics of Corporate Bankruptcy Using Capital Market Data, " Journal of Finance, 35 (4), pp. 1001-1016.
  • Altman, E.I. (1968): "Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy, " The Journal of Finance, 23 (4), pp. 589-609.
  • Aziz, A.; Emanuel, D.C.; Lawson, G.H. (1988): "Bankruptcy Prediction-An Investigation of Cash Flow Based Models, " Journal of Management Studies, 25 (5), pp. 419-437.
  • Brüderl, J.; Preisendörfer, P.; Ziegler, R. (1992): "Survival Chances of Newly Founded Business Organizations, " American Sociological Review, 57 (2), pp. 227-242.
  • Buddelmeyer, H.; Jensen, P.H.; Webster, E. (2009): Innovation and the Determinants of Company Survival. (Oxford Economic Papers). <http://oep.oxfordjournals.org/content/early/2009/05/15/oep.gpp012.abstract>. Oxford University Press.
  • Chancharat, N.; Davy, P.; McCrae, M.S.; Tian, G.G. (2007): "Firms In Financial Distress, a Survival Model Analysis, " Proceedings of the 20th Australasian Finance y Banking Conference 2007. Sydney: Macquarie University.
  • Cefis, E.; Marsili, O. (2005): "A Matter of Life and Death: Innovation and Firm Survival, " Industrial and Corporate Change, 14 (6), pp. 1167-1192.
  • Cockburn, I.M.; Wagner, S. (2007): Patents and the Survival of Internet-Related IPOs. (NBER Working Paper, 13146). <http://www.nber.org/papers/w13146>. Cambridge, MA: National Bureau of Economic Research.
  • Comisión Europea (2003): Commission Recommendation of 6 May 2003 Concerning the Definition of Micro, Small and Medium-Sized Enterprises. Official Journal of the European Union, L 124/36, de 06/05/03.
  • Cowling, M. (2006): "Early Stage Survival and Growth, " en S.C. Parker [ed.]: The Life Cycle of Entrepreneurial Ventures, pp. 479-506. Springer.
  • Cowling, M.; Fryges, H.; Licht, G.; Murray, G.C. (2009): "Survival of New Technology Based Firms in the UK and Germany, " Babson College Entrepreneurship Research Conference (BCERC) 2006. Babson Park, MA: Babson College.
  • Crutzen, N.; Van Caillie, D. (2007): The Business Failure Process: Towards an Integrative Model of the Literature. (Working Paper Series, 200705/02). Liège: HEC-ULg.
  • Dimitras, A.I.; Zanakis, S.H.; Zopounidis, C. (1996): "A Survey of Business Failures with an Emphasis on Prediction Methods and Industrial Applications, " European Journal of Operational Research, 90 (3), pp. 487-513.
  • Fariñas, J.C.; Moreno, L. (2000): "Firms' Growth, Size and Age: A Nonparametric Approach, " Review of Industrial Organization, 17 (3), pp. 249-265.
  • Fontana, R.; Nesta, L. (2007): Entry, Innovation and Exit: Evidence from the LAN Switch Industry. (Working Paper, 2007-02). Paris: OFCE.
  • Esteve Pérez, S.; Mañez Castillejo, J.A. (2008): "The Resource-Based Theory of the Firm and Firm Survival, " Small Business Economics, 30 (3), pp. 231-249.
  • Esteve Pérez, S.; Sanchís Llopis, A.; Sanchís Llopis, J.A. (2004): "The Determinants of Survival of Spanish Manufacturing Firms, " Review of Industrial Organization, 25, pp. 251-273.
  • Gepp, A.; Kumar, K. (2008): "The Role of Survival Analysis in Financial Distress Prediction, " International Research Journal of Finance and Economics (Euro Journal), 16, pp. 13-34. <http://www.eurojournals.com/finance.htm>.
  • Giovannetti, G.; Ricchiuti, G.; Velucchi, M. (2007): Size, Innovation and Internationalization: A Survival Analysis of Italian Firms. (Working Paper, 07). Firenze: Università degli Studi di Firenze, Dipartimento di Scienze Economiche. <www.dse.unifi.it >.
  • Guisán, M.C. (1997): Econometría. Madrid: McGraw-Hill.
  • Hair, J.; Anderson, R.; Tatham, R.; Black, W. (1998): Multivariate Analysis. Englewood Cliffs, NJ: Prentice Hall International.
  • Jensen, P.H.; Webster, E.; Buddelmeyer, H. (2008): "Innovation, Technological Conditions and New Firm Survival, " The Economic Record, 84 (267), pp. 434-448.
  • Laitinen, T.; Kankaanpää, M. (1999): "Comparative Analysis of Failure Prediction Methods: The Finnish Case, " European Accounting Review, 8 (1), p. 67-92.
  • Lin, B.W.; Chen, J.S. (2005): "Corporate Technology Portfolios and R&D Performance Measures: A Study of Technology Intensive Firms, " R&D Management, 35, pp. 157-170.
  • Luoma, M.; Laitinen, E. (1991): "Survival Analysis as a Tool for Company Failure Prediction, " Omega, 19 (6), pp. 673-678.
  • Mossman, C.E.; Bell, G.G.; Swartz, L.M.; Turtle, H. (1998): "An Empirical Comparison of Bankruptcy Models, " Financial Review, 33 (2), pp. 35-54.
  • Narin, F.; Noma, E.; Perry, R. (1987): "Patents as Indicators of Corporate Technological Strength, " Research Policy, 16 (2-4), pp. 143-155.
  • Nerkar, A.; Shane, S. (2003): "When do Start-Ups that Exploit Patented Academic Knowledge Survive?, " International Journal of Industrial Organization, 21 (9), pp. 1391-1410.
  • Ohlson, J.A. (1980): "Financial Ratios and the Probabilistic Prediction of Bankruptcy, " Journal of Accounting Research, 18 (1), pp. 109-131.
  • Ortega Argilés, R.; Moreno, R. (2007): Firm Competitive Strategies and Likelihood of Survival. The Spanish Case. (Papers on Entrepreneurship, Growth and Public Policy, 5). Jena: Max Planck Institute of Economics.
  • Otero González, L.; Vivel Búa, M.; Fernández López, S.; Rodríguez Sandiás, A. (2008): "Determinantes de la cobertura del riesgo de cambio con productos derivados: evidencia para el mercado español, " Revista Española de Financiación y Contabilidad, 140, pp. 723-763.
  • Rommer, A.D. (2004): Firms in Financial Distress: An Exploratory Analysis. (Working Paper, 17). Copenhagen: Danmarks Nationalbank/Centre for Applied Microeconometrics (CAM)/University of Copenhagen, Institute of Economics.
  • Rommer, A.D. (2005): A Comparative Analysis of the Determinants of Financial Distress in French, Italian and Spanish Firms. (Working Paper, 2005/26). Copenhagen: Danmarks Nationalbank.
  • Segarra, A.; Callejón, M. (2002): "New Firms' Survival and Market Turbulence: New Evidence from Spain, " Review of Industrial Organization, 20 (1), pp. 1-14.
  • Shapiro, A.C.; Titman, S. (1985): "An Integrated Approach to Corporate Risk Management, " Midland Corporate Finance Journal, 3 (2), pp. 41-56.
  • Shumway, T. (2001): "Forecasting Bankruptcy More Accurately: A Simple Hazard Model, " The Journal of Business, 74 (1), pp. 101-124.
  • Srinivasan, R.; Lilien, G.L.; Rangaswamy, A. (2008): "Survival of High Tech Firms: The Effects of Diversity of Product-Market Portfolios, Patents, and Trademarks, " International Journal of Research in Marketing, 25 (2), pp. 119-128.
  • Sun, L.; Ettredge, M.; Srivastava, R.P. (2005): A Further Investigation on the Bankruptcy Probability of Firms with Unhealthy Z-Score. (Working Paper). <www.center forpbbefr.rutgers.edu/2005/Paper%202005/lili.doc>. New Brunswick, NJ: Rutgers University at New Brunswick.
  • Wilbon, A.D. (2002): "Predicting Survival of High-Technology Initial Public Offering Firms, " Journal of High Technology Management Research, 13 (1), pp. 127-141.
  • Zmijewski, M.E. (1984): "Methodological Issues Related to the Estimation of Financial Distress Prediction Models, " Journal of Accounting Research, 22, pp. 59-82.
Fonte de datos: Dialnet