FIRM SURVIVAL, UNCERTAINTY, AND FINANCIAL FRICTIONS: IS THERE A FINANCIAL UNCERTAINTY ACCELERATOR?
利用2000-2009年英国非上市企业面板数据，研究发现企业特定不确定性显著影响企业生存，且在金融危机期间影响更强；银行依赖型和非上市企业的生存概率受不确定性冲击最大。
Using a large panel of unquoted UK firms over the period 2000–2009, we examine the impact of firm‐specific uncertainty on corporate failures. In this context we also distinguish between firms which are likely to be more or less dependent on bank finance as well as public and nonpublic companies. Our results document a significant effect of uncertainty on firm survival. This link is found to be more potent during the recent financial crisis compared with tranquil periods. We also uncover significant firm‐level heterogeneity because the survival chances of bank‐dependent and nonpublic firms are most affected by changes in uncertainty, especially during the recent global financial crisis.