Economic crisis and firm exit: do intangibles matter?

References

• Agarwal, R., and M. Gort. 1996. “The Evolution of Markets and Entry, Exit and Survival of Firms.” Review of Economics and Statistics 78 (3): 489–498. doi:10.2307/2109796.
   Web of Science ®Google Scholar
• Agarwal, R., and M. Gort. 2002. “Firm and Product Life Cycles and Firm Survival.” American Economic Review 92: 184–190. doi:10.1257/000282802320189221.
   Web of Science ®Google Scholar
• Alessandria, G., J. Kaboski, and V. Midrigan. 2010. “The Great Trade Collapse of 2008–09: An Inventory Adjustment?” IMF Economic Review 58 (2): 254–294. doi:10.1057/imfer.2010.10.
   Web of Science ®Google Scholar
• Al-Mashari, M., A. Al-Mudimigh, and M. Zairi. 2003. “Enterprise Resource Planning: A Taxonomy of Critical Factors.” European Journal of Operational Research 146 (2): 352–364. doi:10.1016/S0377-2217(02)00554-4.
   Web of Science ®Google Scholar
• Almeida, H., M. Campello, B. Laranjeira, and S. Weisbenner. 2012. “Corporate Debt Maturity and the Real Effects of the 2007 Credit Crisis.” Critical Finance Review 1 (1): 3–58. doi:10.1561/104.00000001.
   Google Scholar
• Altomonte, C., F. Di Mauro, G. Ottaviano, A. Rungi, and V. Vicard. 2012. "Global Value Chains during the Great Trade Collapse: A Bullwhip Effect?" CEP Discussion Paper No. 1131.
   Google Scholar
• Arrighetti, A., F. Landini, and A. Lasagni. 2014. “Intangible Assets and Firms Heterogeneity: Evidence from Italy.” Research Policy 43 (1): 202–213. doi:10.1016/j.respol.2013.07.015.
   Web of Science ®Google Scholar
• Arrighetti, A., F. Landini, and A. Lasagni. 2015b. “Intangible Assets Dynamics and Firm Behaviour.” Industry and Innovation 22 (5): 402–422. doi:10.1080/13662716.2015.1064256.
   Web of Science ®Google Scholar
• Arrighetti, A., R. Brancati, A. Lasagni, and A. Maresca. 2015a. "Firms’ Heterogeneity and Performance in Manufacturing during the Great Recession." Department of Economics Working Papers No. 2015–EP03, University of Parma.
   Google Scholar
• Audretsch, D. B. 1991. “New Firm Survival and the Technological Regime.” Review of Economics and Statistics 73 (3): 441–450. doi:10.2307/2109568.
   Web of Science ®Google Scholar
• Audretsch, D. B. 1995. “Innovation, Growth and Survival.” International Journal of Industrial Organization 13: 441–457. doi:10.1016/0167-7187(95)00499-8.
   Web of Science ®Google Scholar
• Audretsch, D. B., and T. Mahmood. 1994. “The Rate of Hazard Confronting New Firms and Plants in U.S. Manufacturing.” Review of Industrial Organization 9: 41–56. doi:10.1007/BF01024218.
   Google Scholar
• Baldwin, J. R. 1995. The Dynamics of Industrial Competition. Cambridge UK: Cambridge University Press.
   Google Scholar
• Banbury, C. M., and W. Mitchell. 1995. “The Effect of Introducing Important Incremental Innovations on Market Share and Business Survival.” Strategic Management Journal 16 (S1): 161–182. doi:10.1002/(ISSN)1097-0266.
   Web of Science ®Google Scholar
• Barney, J. 1991. “Firm Resources and Sustained Competitive Advantage.” Journal of Management 17: 99–120. doi:10.1177/014920639101700108.
   Web of Science ®Google Scholar
• Barney, J. B. 2001. “Is the Resource-Based ‘View’ a Useful Perspective for Strategic Management Research? Yes.” Academy of Management Review 26: 41–56.
   Web of Science ®Google Scholar
• Bartel, A., C. Ichniowski, and K. Shaw. 2007. “How Does Information Technology Affect Productivity? Plant-Level Comparisons of Product Innovation, Process Improvement, and Worker Skills.” Quarterly Journal of Economics 122: 1721–1758. doi:10.1162/qjec.2007.122.4.1721.
   Web of Science ®Google Scholar
• Basile, R., R. Pittiglio, and F. Reganati. 2017. “Do Agglomeration Externalities Affect Firm Survival?” Regional Studies 51 (4): 548–562. doi:10.1080/00343404.2015.1114175.
   Web of Science ®Google Scholar
• Bates, T. 1990. “Entrepreneur Human Capital Inputs and Small Business Longevity.” Review of Economics and Statistics 72: 551–559. doi:10.2307/2109594.
   Web of Science ®Google Scholar
• Battisti, M., F. Belloc, and M. Del Gatto. 2015. “Unbundling Technology Adoption and TFP at the Firm Level: Do Intangibles Matter?” Journal of Economics and Management Strategy 24 (2): 386–410. doi:10.1111/jems.12094.
   Web of Science ®Google Scholar
• Becchetti, L., and G. Trovato. 2002. “The Determinants of Growth of Small and Medium Sized Firms: The Role of the Availability of External Finance.” Small Business Economics 19 (4): 291–306. doi:10.1023/A:1019678429111.
   Web of Science ®Google Scholar
• Bontempi, M. E., and J. Mairesse. 2008. "Intangible Capital and Productivity: An Exploration on a Panel of Italian Manufacturing Firms." NBER Working Paper Series No. 14108.
   Google Scholar
• Borgo, M. D., P. Goodridge, J. Haskel, and A. Pesole. 2013. “Productivity and Growth in UK Industries: An Intangible Investment Approach.” Oxford Bulletin of Economics and Statistics 75 (6): 806–834. doi:10.1111/obes.2013.75.issue-6.
   Web of Science ®Google Scholar
• Brancati, E., R. Brancati, and A. Maresca. 2017. “Global Value Chains, Innovation and Performance: Firm-Level Evidence from the Great Recession.” Journal of Economic Geography 17 (1): 1039–1073. doi:10.1093/jeg/lbx003.
   Google Scholar
• Brancati, R. 2008. Stato e imprese: Rapporto MET 2007. Roma: Donzelli Editore.
   Google Scholar
• Brüderl, J., P. Preisendörfer, and R. Ziegler. 1992. “Survival Chances of Newly Founded Business Organizations.” American Sociological Review 72: 227–242. doi:10.2307/2096207.
   Google Scholar
• Buddelmeyer, H., P. H. Jensen, and E. Webster. 2010. “Innovation and the Determinants of Company Survival.” Oxford Economic Papers 62 (2): 261–285. doi:10.1093/oep/gpp012.
   Web of Science ®Google Scholar
• Cainelli, G., S. Montresor, and G. Vittucci Marzetti. 2014. “Spatial Agglomeration and Firm Exit: A Spatial Dynamic Analysis for Italian Provinces.” Small Business Economics 43 (1): 213–228. doi:10.1007/s11187-013-9532-6.
   Web of Science ®Google Scholar
• Carlsson, B., S. Jacobsson, M. Holméen, and A. Rickne. 2002. “Innovation Systems: Analytical and Methodological Issues.” Research Policy 31 (2): 233–245. doi:10.1016/S0048-7333(01)00138-X.
   Web of Science ®Google Scholar
• Cefis, E., and O. Marsili. 2005. “A Matter of Life and Death: Innovation and Firm Survival.” Industrial and Corporate Change 14 (6): 1167–1192. doi:10.1093/icc/dth081.
   Web of Science ®Google Scholar
• Cefis, E., and O. Marsili. 2006. “Survivor: The Role of Innovation in Firms’ Survival.” Research Policy 35 (5): 626–641. doi:10.1016/j.respol.2006.02.006.
   Web of Science ®Google Scholar
• Cefis, E., and O. Marsili. 2012. “Going, Going, Gone. Exit Forms and the Innovative Capabilities of Firms.” Research Policy 41 (5): 795–807. doi:10.1016/j.respol.2012.01.006.
   Web of Science ®Google Scholar
• Cefis, E., and O. Marsili. forthcoming. “Good Times, Bad Times: Innovation and Survival over the Business Cycle.” Industrial and Corporate Change.
   Web of Science ®Google Scholar
• Chesbrough, H. W. 2003. Open Innovation: The New Imperative for Creating and Profiting from Technology. Cambridge MA: Harvard Business Press.
   Google Scholar
• Claessens, S., H. Tong, and S. J. Wei. 2012. “From the Financial Crisis to the Real Economy: Using Firm-Level Data to Identify Transmission Channels.” Journal of International Economics 88 (2): 375–387. doi:10.1016/j.jinteco.2012.02.015.
   Web of Science ®Google Scholar
• Clarke, G. R. G., R. Cull, and G. Kisunko. 2012. “External Finance and Firm Survival in the Aftermath of the Crisis: Evidence from Eastern Europe and Central Asia.” Journal of Comparative Economics 40: 372–392. doi:10.1016/j.jce.2012.01.003.
   Web of Science ®Google Scholar
• Cohen, W. M., and S. Klepper. 1996. “Firm Size and the Nature of Innovation within Industries: The Case of Process and Product R&D.” The Review of Economics and Statistics 78 (2): 232–243. doi:10.2307/2109925.
   Web of Science ®Google Scholar
• Colombo, M. G., and M. Delmastro. 2001. “Technology Use and Plant Closure.” Research Policy 30 (1): 21–34. doi:10.1016/S0048-7333(99)00079-7.
   Web of Science ®Google Scholar
• Corrado, C., J. Haskel, C. Jona-Lasinio, and M. Iommi. 2013. “Innovation and Intangible Investment in Europe, Japan, and the United States.” Oxford Review of Economic Policy 29 (2): 261–286. doi:10.1093/oxrep/grt017.
   Web of Science ®Google Scholar
• Corrado, C. A., C. R. Hulten, and D. Sichel. 2005. “Measuring Capital and Technology: An Expanded Framework.” In Measuring Capital in the New Economy, edited by C. Corrado, J. Haltiwanger, and D. E. Sichel, 11–41. Chicago: University of Chicago Press.
   Google Scholar
• Corrado, C. A., D. E. Sichel, and C. R. Hulten. 2009. “Intangible Capital and U.S. Economic Growth.” Review of Income and Wealth 55 (3): 661–685. doi:10.1111/j.1475-4991.2009.00343.x.
   Web of Science ®Google Scholar
• Coutu, D. L. 2002. “How Resilience Works.” Harvard Business Review 80 (5): 46–55.
   PubMed Web of Science ®Google Scholar
• Daviaud, F., D. Grimaldi, A. Dechartres, J. Charpentier, G. Geri, N. Marin, J. Chiche, A. Cariou, J. Mira, and F. Pène. 2015. “Timing and Causes of Death in Septic Shock.” Annals of Intensive Care 5 (1): 16. doi:10.1186/s13613-015-0058-8.
   PubMedGoogle Scholar
• Delgado-Gómez, J., and M. Ramirez-Aleson. 2004. “Intangible Resources as a Key Factor in the Internationalisation of Spanish Firms.” Journal of Economic Behavior and Organization 53: 477–494. doi:10.1016/j.jebo.2002.11.001.
   Web of Science ®Google Scholar
• Dimelis, S., I. Giotopoulos, and H. Louri. 2013. "The Credit Crunch and Firm Growth in the Euro Area: 2005–2011. A Quantile Panel Analysis." Bank of Greece Working Paper Series No. 165.
   Google Scholar
• Doms, M., T. Dunne, and M. J. Roberts. 1995. “The Role of Technology Use in the Survival and Growth of Manufacturing Plants.” International Journal of Industrial Organization 13: 523–542. doi:10.1016/0167-7187(95)00503-X.
   Web of Science ®Google Scholar
• Dosi, G., R. Nelson, and S. G. Winter. 2000. The Nature and Dynamics of Organizational Capabilities. New York: Oxford University Press.
   Google Scholar
• Dunne, T., M. J. Roberts, and L. Samuelson. 1988. “Patterns of Firm Entry and Exit in the U.S. Manufacturing Industries.” RAND Journal of Economics 19: 495–515. doi:10.2307/2555454.
   Web of Science ®Google Scholar
• Evans, D. S. 1987. “The Relationship between Firm Growth, Size, and Age: Estimates for 100 Manufacturing Industries.” The Journal of Industrial Economics 35: 567–581. doi:10.2307/2098588.
   Web of Science ®Google Scholar
• Fernandes, A. M., and C. Paunov. 2015. “The Risks of Innovation: Are Innovating Firms Less Likely to Die?” Review of Economics and Statistics 97 (3): 638–653. doi:10.1162/REST_a_00446.
   Web of Science ®Google Scholar
• Filippetti, A., and D. Archibugi. 2011. “Innovation in Times of Crisis: National Systems of Innovation, Structure, and Demand.” Research Policy 40 (2): 179–192. doi:10.1016/j.respol.2010.09.001.
   Web of Science ®Google Scholar
• Fukao, K., T. Miyagawa, K. Mukai, Y. Shinoda, and K. Tonogi. 2009. “Intangible Investment in Japan: Measurement and Contribution to Economic Growth.” Review of Income and Wealth 55 (3): 717–736. doi:10.1111/roiw.2009.55.issue-3.
   Web of Science ®Google Scholar
• Geurts, K., and P. Vets. 2013. "Employee Flows to Study Firm and Employment Dynamics." DynaM Working Paper, KU Leuven.
   Google Scholar
• Gimeno, J., T. Folta, A. Cooperand, and C. Woo. 1997. “Survival of the Fittest? Entrepreneurial Human Capital and the Persistence of Underperforming Firms.” Administrative Science Quarterly 42: 750–783. doi:10.2307/2393656.
   Web of Science ®Google Scholar
• Godart, O., H. Gorg, and A. Hanley. 2012. “Surviving the Crisis: Foreign Multinationals versus Domestic Firms.” The World Economy 35 (10): 1305–1321. doi:10.1111/j.1467-9701.2012.01485.x.
   Web of Science ®Google Scholar
• Gómez, J., and P. Vargas. 2012. “Intangible Resources and Technology Adoption in Manufacturing Firms.” Research Policy 41 (9): 1607–1619. doi:10.1016/j.respol.2012.04.016.
   Web of Science ®Google Scholar
• Greenhalgh, C., and M. Rogers. 2006. “The Value of Innovation: The Interaction of Competition, R&D and IP.” Research Policy 35 (4): 562–580.
   Web of Science ®Google Scholar
• Hall, B. H. 1987. “The Relationship between Firm Size and Firm Growth in the US Manufacturing Sector.” The Journal of Industrial Economics 35: 583–606. doi:10.2307/2098589.
   Web of Science ®Google Scholar
• Hall, B. H., A. Jaffe, and M. Trajtenberg. 2005. “Market Value and Patent Citations.” RAND Journal of Economics 36: 16–38.
   Web of Science ®Google Scholar
• Hall, B. H., F. Lotti, and J. Mairesse. 2013. “Evidence on the Impact of R&D and ICT Investments on Innovation and Productivity in Italian Firms.” Economics of Innovation and New Technology 22 (3): 300–328. doi:10.1080/10438599.2012.708134.
   Google Scholar
• Helmers, C., and M. Rogers. 2010. “Innovation and the Survival of New Firms in the UK.” Review of Industrial Organization 36 (3): 227–248. doi:10.1007/s11151-010-9247-7.
   Web of Science ®Google Scholar
• Holling, C. 1973. “Resilience and Stability of Ecological Systems.” Annual Review of Ecology and Systematics 4: 1–23. doi:10.1146/annurev.es.04.110173.000245.
   Google Scholar
• Holtz-Eakin, D., D. Joulfaian, and H. Rosen. 1994. “Sticking It Out: Entrepreneurial Survival and Liquidity Constraints.” Journal of Political Economy 102: 53–75. doi:10.1086/261921.
   Web of Science ®Google Scholar
• Horne, J. F. I., and J. E. Orr. 1998. “Assessing Behaviors that Create Resilient Organizations.” Employment Relations Today 24 (4): 29–39.
   Google Scholar
• Hulten, C. R., and X. Hao. 2008. "What Is a Company Really Worth? Intangible Capital and the ‘Market to Book Value’ Puzzles." NBER Working Paper Series No. 14548.
   Google Scholar
• Jenkins, S. P. 1995. “Practitioners Corner: Easy Estimation Methods for Discrete-Time Duration Models.” Oxford Bulletin of Economics and Statistics 57 (1): 129–138. doi:10.1111/j.1468-0084.1995.tb00031.x.
   Web of Science ®Google Scholar
• Jiménez-Rodríguez, R. 2012. “Evaluating the Effects of Investment in Information and Communication Technology.” Economics of Innovation and New Technology 21 (2): 203–221. doi:10.1080/10438599.2011.561998.
   Google Scholar
• Jovanovic, B. 1982. “Selection and the Evolution of Industry.” Econometrica 50: 649–670. doi:10.2307/1912606.
   Web of Science ®Google Scholar
• Klepper, S., and K. Simons. 2000. “The Making of an Oligopoly: Firm Survival and Technological Change in the Evolution of the US Tire Industry.” Journal of Political Economy 108: 728–760. doi:10.1086/316100.
   Web of Science ®Google Scholar
• Klepper, S., and P. Thompson. 2006. “Submarkets and the Evolution of Market Structure.” RAND Journal of Economics 37: 861–886. doi:10.1111/j.1756-2171.2006.tb00061.x.
   Web of Science ®Google Scholar
• Laperche, B., G. Lefebvre, and D. Langlet. 2011. “Innovation Strategies of Industrial Groups in the Global Crisis: Rationalization and New Paths.” Technological Forecasting and Social Change 78 (8): 1319–1331. doi:10.1016/j.techfore.2011.03.005.
   Web of Science ®Google Scholar
• Lengnick-Hall, C. A., and T. E. Beck. 2005. “Adaptive Fit versus Robust Transformation: How Organizations Respond to Environmental Change.” Journal of Management 31 (5): 738–757. doi:10.1177/0149206305279367.
   Web of Science ®Google Scholar
• Lengnick-Hall, C. A., T. E. Beck, and M. L. Lengnick-Hall. 2011. “Developing a Capacity for Organizational Resilience through Strategic Human Resource Management.” Human Resource Management Review 21 (3): 243–255. doi:10.1016/j.hrmr.2010.07.001.
   Web of Science ®Google Scholar
• Liao, C. H. 2013. “R&D Performance and Credit Ratings.” Journal of Accounting, Finance and Economics 3 (2): 53–71.
   Google Scholar
• Mallak, L. A. 1998. “Putting Organizational Resilience to Work.” Industrial Management 40 (6): 8–13.
   Google Scholar
• Marrano, M. G., J. Haskel, and G. Wallis. 2009. “What Happened to the Knowledge Economy? ICT, Intangible Investment, and Britain’s Productivity Record Revisited.” Review of Income and Wealth 55 (3): 686–716. doi:10.1111/roiw.2009.55.issue-3.
   Web of Science ®Google Scholar
• Marrocu, E., R. Paci, and M. Pontis. 2012. “Intangible Capital and Firms Productivity.” Industrial and Corporate Change 21 (2): 377–402. doi:10.1093/icc/dtr042.
   Web of Science ®Google Scholar
• Martin, R. 2012. “Regional Economic Resilience, Hysteresis and Recessionary Shocks.” Journal of Economic Geography 12: 1–32. doi:10.1093/jeg/lbr019.
   Web of Science ®Google Scholar
• Martin-Loeches, I., R. G. Wunderink, R. Nanchal, J. Y. Lefrant, F. Kapadia, Y. Sakr, and J. Vinvent. 2016. “Determinants of Time to Death in Hospital in Critically Ill Patients around the World.” Intensive Care Medicine 42 (9): 1454–1460. doi:10.1007/s00134-016-4479-0.
   PubMed Web of Science ®Google Scholar
• Mata, J., and P. Portugal. 1994. “Life Duration of New Firms.” The Journal of Industrial Economics 42: 227–245. doi:10.2307/2950567.
   Web of Science ®Google Scholar
• Meyer, A. D. 1982. “Adapting to Environmental Jolts.” Administrative Science Quarterly 27: 515–537.
   PubMed Web of Science ®Google Scholar
• Montresor, S., and A. Vezzani. 2016. “Intangible Investments and Innovation Propensity. Evidence from the Innobarometer 2013.” Industry and Innovation 23 (4): 331–352. doi:10.1080/13662716.2016.1151770.
   Web of Science ®Google Scholar
• Nelson, R. R., and S. G. Winter. 2009. An Evolutionary Theory of Economic Change. Cambridge, MA: Belknap Harvard.
   Google Scholar
• O’Mahony, M., and M. Vecchi. 2009. “R&D, Knowledge Spillovers and Company Productivity Performance.” Research Policy 38 (1): 35–44. doi:10.1016/j.respol.2008.09.003.
   Web of Science ®Google Scholar
• Paunov, C. 2012. “The Global Crisis and Firms’ Investments in Innovation.” Research Policy 41 (1): 24–35. doi:10.1016/j.respol.2011.07.007.
   Web of Science ®Google Scholar
• Pavitt, K. 1984. “Sectoral Patterns of Technical Change: Towards a Taxonomy and a Theory.” Research Policy 13 (6): 343–373. doi:10.1016/0048-7333(84)90018-0.
   Web of Science ®Google Scholar
• Penrose, E. 1959. The Theory of the Growth of the Firm. London: Basil Blackwell.
   Google Scholar
• Reggiani, A., T. De Graaff, and P. Nijkamp. 2002. “Resilience: An Evolutionary Approach to Spatial Economic Systems.” Networks and Spatial Economics 2: 211–229. doi:10.1023/A:1015377515690.
   Google Scholar
• Sandner, P. G., and J. Block. 2011. “The Market Value of R&D, Patents, and Trademarks.” Research Policy 40 (7): 969–985. doi:10.1016/j.respol.2011.04.004.
   Web of Science ®Google Scholar
• Stam, E., R. Thurikand, and P. Van der Zwan. 2010. “Entrepreneurial Exit in Real and Imagined Markets.” Industrial and Corporate Change 19 (4): 1109–1139. doi:10.1093/icc/dtp047.
   Web of Science ®Google Scholar
• Sutton, J. 1997. “Gibrat’s legacy.” Journal of Economic Literature 35 (1): 40–45.
   Web of Science ®Google Scholar
• Tanaka, K. 2009.” Trade Collapse and Vertical Foreign Direct Investment.” Vox 7th May.
   Google Scholar
• Teece, D. J., G. Pisano, and A. Shuen. 1997. “Dynamic Capabilities and Strategic Management.” Strategic Management Journal 18 (7): 509–533. doi:10.1002/(ISSN)1097-0266.
   Web of Science ®Google Scholar
• Tong, H., and S. J. Wei. 2008. "Real Effects of the Subprime Mortgage Crisis: Is It a Demand or a Finance Shock?" NBER Working Paper Series No. 14205.
   Google Scholar
• Wagner, J. 1994. “The Post-Entry Performance of New Small Firms in German Manufacturing Industries.” The Journal of Industrial Economics 42: 141–154. doi:10.2307/2950486.
   Web of Science ®Google Scholar
• Wagner, J. 2013. “Exports, Imports and Firm Survival: First Evidence for Manufacturing Enterprises in Germany.” Review of World Economics 149 (1): 113–130. doi:10.1007/s10290-012-0141-2.
   Web of Science ®Google Scholar
• Wagner, J., and J. P. W. Gelübcke. 2013. “Risk or Resilience? the Role of Trade Integration and Foreign Ownership for the Survival of German Enterprises during the Crisis 2008 – 2010.” Working Paper Series in Economics- University of Lüneburg No. 288.
   Google Scholar
• Winker, P. 1999. “Causes and Effects of Financing Constraints at the Firm Level.” Small Business Economics 12 (2): 169–181. doi:10.1023/A:1008035826914.
   Web of Science ®Google Scholar