Is Bigger Always Better ? The Effect of Size on Defaults
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چکیده
Analyzing a large sample of Italian firms we find that the probability of default increases with size. This contrasts with the common observation, based on measures of exit from business registry data, that firms’ death rate is inversely related to the scale of their operation and suggests a rethinking of the economic role of larger companies. We gratefully acknowledge financial support from MIUR (PROT. 2007HA3S72 003, PRIN 2007) and the European Community’s Seventh Framework Programme (FP7/2007-2013 under Socio-economic Sciences and Humanities, grant agreement n 217466). Corresponding Author: Giulio Bottazzi, LEM-Scuola Superiore Sant’Anna, Piazza Martiri 33, 56127 Pisa, Italy. Email: [email protected].
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تاریخ انتشار 2014