Learning About Failure: Bankruptcy, Firm Age, and the Resource-Based View
研究了企业早期失败与后期失败的决定因素差异，基于339家加拿大企业破产数据，发现年轻企业失败源于管理知识和财务管理能力不足，而年老企业失败源于无法适应环境变化。
Systematic differences in the determinants of firm failure between firms that fail early in their life and those that fail after having successfully negotiated the early liabilities of newness and adolescence are identified. Analysis of data from 339 Canadian corporate bankruptcies suggests that failure among younger firms may be attributable to deficiencies in managerial knowledge and financial management abilities. Failure among older firms, on the other hand, may be attributable to an inability to adapt to environmental change.