The Post-Entry Performance of New Small Firms in German Manufacturing Industries
研究了1979-1982年间进入德国制造业的小企业直到1990年的绩效，发现新企业失败风险高，初期风险递增后递减，退出和萎缩导致的就业下降被幸存企业的增长所补偿，初创规模与生存概率无明确关联。
While recent years have witnessed a growing interest in research on market entry by new firms, evidence regarding their postentry performance is scarce. This paper uses longitudinal data for small firms that entered German manufacturing industries between 1979 and 1982 and monitors their performance until 1990. Entrants face a high risk of failure, hazard rates tend to increase during the first years and to decrease afterwards. Decline of employment in a cohort due to exits and shrinking firms is compensated by growing survivors. No clear-cut nexus between start-up size and probability of survival shows up. Copyright 1994 by Blackwell Publishing Ltd.