Legal forms, organizational architecture, and firm failure: a large survival analysis of Russian corporations

• Ichiro Iwasaki ^[1] ; Byung-Yeon Kim ^[2]
  1. [1] Hitotsubashi University

     Hitotsubashi University

     Japón

     
  2. [2] Seoul National University

     Seoul National University

     Corea del Sur

     
• Localización: European journal of law and economics, ISSN 0929-1261, Vol. 49, Nº 2, 2020, págs. 227-275
• Idioma: inglés
• DOI: 10.1007/s10657-020-09644-8
• Texto completo no disponible (Saber más ...)
• Resumen

  • In this paper, we trace the survival status of more than 110,000 Russian firms from 2007 to 2015 and examine the relationship between legal forms of incorporation and firm survivability across industries and different periods of economic crisis and growth. Applying the Cox proportional hazards model, we find an optimal legal form that maximizes the probability of firm survival: closed joint-stock companies and those adopting limited liability survive longer than open joint-stock companies, partnerships, or cooperatives. This relationship is robust across periods of boom and recession and across industries.