This paper estimates the survival time of nearly 7,000 firms in a dozen high-income and middle-income countries in a scenario of extreme economic distress, using the World Bank's Enterprises Surveys. Under the assumption that firms have no incoming revenues and cover only fixed costs, the median survival time across industries ranges within 8 to 19 weeks, while on average firms have liquidity to survive between 12 and 38 weeks. Schumpeter's theory of creative destruction is not corroborated in the data, as potential exit is not predicated on the size of firms, their age, or their productivity.
Detalhes
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Autor
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Data do documento
2020/05/11
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TIpo de documento
Documento de trabalho sobre pesquisa de políticas
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No. do relatório
WPS9239
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Nº do volume
1
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Total Volume(s)
1
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País
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Região
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Data de divulgação
2020/05/11
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Disclosure Status
Disclosed
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Nome do documento
Survival of Firms during Economic Crisis
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Palavras-chave
descriptive statistic; survival time; retained earnings; corporate income tax rate; access to external finance; metal product manufacturing; total factor productivity
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