This paper explores heterogeneous exits—bankruptcy, voluntary liquidation, and merger—by focusing on new firms. Using a sample of approximately 16,000 firms founded in Japan during 1997–2004, we examine the determinants of new-firm exit according to forms of exit. Regarding...

This paper explores heterogeneous exits-bankruptcy, voluntary liquidation, and merger-by focusing on new firms. Using a sample of approximately 16,000 firms founded in Japan during 1997-2004, we examine the determinants of new-firm exit according to forms of exit. Regarding industry-specific...

This paper explores how the determinants of new-firm duration vary according to exit route: bankruptcy, voluntary liquidation, or merger. Using a sample of new firms in Japan, we provide evidence that the effects of entrepreneur-, firm-, and industry-specific characteristics on new-firm duration...