Creation and destruction in transition economies: The SME sector in Slovakia
分析了斯洛伐克私有中小企业在后共产主义时期直至最近衰退期间的生存概率，发现结合转型过程信息能显著提升违约预测模型的准确性。
This article analyses the survival probability of privately owned small and medium sized enterprises (SMEs) in Slovakia during the post-communist period up to and including the recent recessionary period. We build models within a failure prediction context developing ‘transition’ variables that relate to the origin and ownership of the company. Using a sample of 126,649 sets of accounts of 44,597 SMEs in Slovakia, we identify 793 exits by failure during the period 1997–2012. We find that supplementary information relating to the transition process, in combination with the financial and non-financial variables, makes a significant contribution to the default prediction power of risk models built specifically for Slovakian SMEs. We find strong support for our hypothesis that, to some degree, foreign ownership reduces failure probability in addition, there is support for our ‘privatisation trap’ and ‘post-transformation recession’ hypotheses.