Entry, exit, mergers and growth

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  • Journals and periodicals: 61-526-X
    Geography: Canada
    Description:

    This study investigates the determinants of failure for new Canadian firms. It explores the role that certain factors play in conditioning the likelihood of survival - factors related to industry structure, firm demographics and macroeconomic cycles. It asks whether the determinants of failure are different for new start-ups than for firms that have reached adolescence, and if the magnitude of these differences is economically significant. It examines whether, after controlling for certain influences, failure rates differ across industries and provinces.

    Two themes figure prominently in this analysis. The first is the impact that certain industry characteristics - such as average firm size and concentration - have on the entry/exit process, either through their influence on failure costs or on the intensity of competition. The second centres on how the dimensions of failure evolve over time as new firms gain market experience.

    Release date: 2000-02-16

  • Journals and periodicals: 88-517-X
    Geography: Canada
    Description:

    New firms are seen to play a key role in the innovation process, especially in certain key sectors of the economy. This study therefore examines the differences in the profiles of successful new firms in science-based industries and other industries. The firms that are examined are entrants who survey into their early teen years. The study examines numerous factors that are seen to influence the success of new businesses. These include the competitive environment, business strategies and the financial structure of the businesses.

    Successful new firms in science-based industries are found to differ in a number of dimensions from new firms in other industries. They are more likely to be exporters. They face greater technological change and intense competition with regards to the rate at which new products are being introduced. They tend to put more emphasis on quality, the frequent introduction of new products and the customization of products. They make greater use of information technology. They place more stress on new technology development, research and development facilities and the use of intellectual property. They are much more likely to innovate and they place more importance on recruiting skilled labour and on training. Finally, they are more likely to use non-traditional financial measures to evaluate performance and they are less likely to rely on secured credit for financing both their research and development activity and their machinery and equipment that are firms in other sectors.

    Release date: 1999-03-31

  • Journals and periodicals: 61-525-X
    Geography: Canada
    Description:

    Bankruptcy rates have been increasing in Canada. Almost half of the firms in Canada that go bankrupt do so primarily because of their own deficiencies rather than externally generated problems. They do not develop the basic internal strengths to survive. Overall weakness in management, combined with a lack of market for their product, cause these firms to fail.

    This study suggests that the underlying factor contributing to financial difficulties is management failure rather than external factors associated with imperfect capital markets. Many bankrupt firms face problems in attaining financing in capital markets; but, it is the internal lack of managerial expertise in many of these firms that prevents exploration of different financing options.

    Release date: 1998-04-01
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  • Journals and periodicals: 61-526-X
    Geography: Canada
    Description:

    This study investigates the determinants of failure for new Canadian firms. It explores the role that certain factors play in conditioning the likelihood of survival - factors related to industry structure, firm demographics and macroeconomic cycles. It asks whether the determinants of failure are different for new start-ups than for firms that have reached adolescence, and if the magnitude of these differences is economically significant. It examines whether, after controlling for certain influences, failure rates differ across industries and provinces.

    Two themes figure prominently in this analysis. The first is the impact that certain industry characteristics - such as average firm size and concentration - have on the entry/exit process, either through their influence on failure costs or on the intensity of competition. The second centres on how the dimensions of failure evolve over time as new firms gain market experience.

    Release date: 2000-02-16

  • Journals and periodicals: 88-517-X
    Geography: Canada
    Description:

    New firms are seen to play a key role in the innovation process, especially in certain key sectors of the economy. This study therefore examines the differences in the profiles of successful new firms in science-based industries and other industries. The firms that are examined are entrants who survey into their early teen years. The study examines numerous factors that are seen to influence the success of new businesses. These include the competitive environment, business strategies and the financial structure of the businesses.

    Successful new firms in science-based industries are found to differ in a number of dimensions from new firms in other industries. They are more likely to be exporters. They face greater technological change and intense competition with regards to the rate at which new products are being introduced. They tend to put more emphasis on quality, the frequent introduction of new products and the customization of products. They make greater use of information technology. They place more stress on new technology development, research and development facilities and the use of intellectual property. They are much more likely to innovate and they place more importance on recruiting skilled labour and on training. Finally, they are more likely to use non-traditional financial measures to evaluate performance and they are less likely to rely on secured credit for financing both their research and development activity and their machinery and equipment that are firms in other sectors.

    Release date: 1999-03-31

  • Journals and periodicals: 61-525-X
    Geography: Canada
    Description:

    Bankruptcy rates have been increasing in Canada. Almost half of the firms in Canada that go bankrupt do so primarily because of their own deficiencies rather than externally generated problems. They do not develop the basic internal strengths to survive. Overall weakness in management, combined with a lack of market for their product, cause these firms to fail.

    This study suggests that the underlying factor contributing to financial difficulties is management failure rather than external factors associated with imperfect capital markets. Many bankrupt firms face problems in attaining financing in capital markets; but, it is the internal lack of managerial expertise in many of these firms that prevents exploration of different financing options.

    Release date: 1998-04-01
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