Banks’ credit varied asymmetrically in the upward and downward phases of the business cycles. Board involvement in preparing credit policies, sanctioning big-ticket loans, risk management practices, and overall corporate governance is very important for the functional stability of banks....

We survey the empirical evidence on corporate survival and its determinants in European emerging markets. We demonstrate that (i) institutional quality is a significant preventive factor for firm survival in all sectors of the economy, which holds for small, medium and large firms alike. On the...