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Ending "Too Big to Fail" : Government Promises vs. Investor Perceptions

Gormley, Todd A. - 2011

Can a government credibly promise not to bailout firms whose failure would have major negative systemic consequences? Our analysis of Korea's 1997-99 crisis, suggests an answer: No. Despite a general "no bailout" policy during the crisis, the largest Korean corporate groups (chaebol) - facing...

Persistent link: https://www.econbiz.de/10013119347

The Structure and Formation of Business Groups : Evidence from Korean Chaebols

Almeida, Heitor; Park, Sang Yong; Subrahmanyam, Marti G.; … - 2021

In this paper we study the determinants of business groups' ownership structure using unique panel data on Korean chaebols. In particular, we attempt to understand how pyramids form over time. We find that chaebols grow vertically (that is, pyramidally) as the family uses well-established group...

Persistent link: https://www.econbiz.de/10013311947

The Impact of Covid-19 on Small Business Owners : The First Three Months after Social-Distancing Restrictions

Fairlie, Robert W. - 2020

Social distancing restrictions and health- and economic-driven demand shifts from COVID-19 are expected to shutter many small businesses and entrepreneurial ventures, but there is very little early evidence on impacts. This paper provides the first analysis of impacts of the pandemic on the...

Persistent link: https://www.econbiz.de/10012825688

Small Business Survival Capabilities and Policy Effectiveness : Evidence from Oakland

Bartlett, Robert P. - 2020

Using unique City of Oakland data during COVID-19, we document that small business survival capabilities vary by firm size as a function of revenue resiliency, labor flexibility, and committed costs. Nonemployer businesses rely on low cost structures to survive 73% declines in own-store foot...

Persistent link: https://www.econbiz.de/10012826638

Interfirm Relationships and Business Performance

Cai, Jing - 2017

We organized business associations for the owner-managers of randomly selected young Chinese firms to study the effect of business networks on firm performance. We randomized 2,800 firms into small groups whose managers held monthly meetings for one year, and into a “no- meetings” control...

Persistent link: https://www.econbiz.de/10012966933

Private Equity and the Innovation Strategies of Entrepreneurial Firms : Empirical Evidence from the Small Business Innovation Research Program

Link, Albert - 2014

There is great interest in evaluating the impact of private equity investments on innovation and economic growth …. However, there is no direct empirical evidence on the effects of such transactions on the innovation strategies of … Business Innovation Research (SBIR) program research awards. We find that SBIR firms attracting private equity investments are …

Persistent link: https://www.econbiz.de/10013065646

The Impact of Foreign Liabilities on Small Firms : Firm-Level Evidence from the Korean Crisis

Kim, Yun Jung - 2012

Using Korean firm-level data on publicly-listed and privately-held firms together with firm exit data, we find strong evidence of the balance-sheet effect for small firms at both the intensive and extensive margins. During the crisis, small firms with more short-term foreign debt are more likely...

Persistent link: https://www.econbiz.de/10013111830

Covid-19 and SME Failures

Gourinchas, Pierre-Olivier; Kalemli-Ozcan, Sebnem; … - 2021

We estimate the impact of COVID-19 on business failures for small and medium sized enterprises (SMEs) using firm-level data in seventeen countries. Absent government support, the failure rate of SMEs would have increased by 9.1 percentage points, representing 4.6 percent of private sector...

Persistent link: https://www.econbiz.de/10013244116

Globalization and Innovation in Emerging Markets

Gorodnichenko, Yuriy - 2014

, vertical linkages with foreign firms, and international trade on several types of innovation by domestic firms. Using … and innovation and show that the supply chain of multinational enterprises and international trade are also important … channels. There is no evidence for an inverted U relationship between innovation and foreign competition. The relationship …

Persistent link: https://www.econbiz.de/10012751127

Does Innovation Stimulate Employment? A Firm-Level Analysis Using Comparable Micro-Data from Four European Countries

Harrison, Rupert - 2014

This paper studies the impact of process and product innovations introduced by firms on employment growth in these firms. A simple model that relates employment growth to process innovations and to the growth of sales separately due to innovative and unchanged products is developed and estimated...

Persistent link: https://www.econbiz.de/10012751345

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