Correction to: Small Business Economics
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The original version of this article unfortunately contained a mistake in Table 2. The entries of the last nine rows of the table were incorrectly presented.
The corrected table is presented below:
Table 2
Relationship between failure experience and new business closure, marginal effects
Dep. var.: survival of the following year (y/n) | Dep. var.: survival/voluntary dissolution/bankruptcy of/in the following year | Dep. var.: survival of the following year (y/n) | Dep. var.: survival/ voluntary dissolution/bankruptcy of/in the following year | |||
|---|---|---|---|---|---|---|
Failure event 1: dissolution | Failure event 2: bankruptcy | Failure event 1: dissolution | Failure event 2: bankruptcy | |||
(1) | (2) | (3) | (4) | (5) | (6) | |
Failure experience | − 0.038*** | 0.021*** | 0.019*** | |||
(0.006) | (0.005) | (0.004) | ||||
Dissolution | − 0.033*** | 0.020*** | 0.013*** | |||
(0.007) | (0.005) | (0.004) | ||||
Bankruptcy | − 0.065*** | 0.022** | 0.039*** | |||
(0.012) | (0.011) | (0.007) | ||||
Degree qualification | 0.014** | 0.003 | − 0.017*** | 0.014** | 0.003 | -0.017*** |
(0.006) | (0.005) | (0.004) | (0.006) | (0.005) | (0.004) | |
Mastercraft qualification | 0.029*** | − 0.015*** | − 0.013*** | 0.029*** | -0.015*** | -0.013*** |
(0.006) | (0.005) | (0.004) | (0.006) | (0.005) | (0.004) | |
Female | − 0.011* | 0.006 | 0.005 | − 0.011* | 0.006 | 0.005 |
(0.006) | (0.005) | (0.004) | (0.006) | (0.005) | (0.004) | |
Founder's age | 0.036*** | − 0.024*** | − 0.012* | 0.038*** | -0.024*** | -0.014** |
(0.011) | (0.009) | (0.007) | (0.011) | (0.009) | (0.007) | |
Industrial experience | 0.013*** | − 0.008*** | − 0.004* | 0.013*** | -0.008*** | -0.004** |
(0.003) | (0.003) | (0.002) | (0.003) | (0.003) | (0.002) | |
Managerial experience | 0.002 | − 0.005 | 0.001 | 0.002 | -0.005 | 0.002 |
(0.005) | (0.004) | (0.003) | (0.005) | (0.004) | (0.003) | |
Opportunity | − 0.001 | − 0.002 | 0.004 | − 0.001 | -0.002 | 0.004 |
(0.006) | (0.004) | (0.004) | (0.006) | (0.004) | (0.004) | |
Necessity | − 0.016*** | 0.004 | 0.013*** | − 0.016*** | 0.004 | 0.013*** |
(0.006) | (0.005) | (0.004) | (0.006) | (0.005) | (0.004) | |
Size | − 0.009*** | − 0.008*** | 0.013*** | − 0.009*** | -0.008*** | 0.013*** |
(0.003) | (0.003) | (0.002) | (0.003) | (0.003) | (0.002) | |
Limited company | 0.002 | − 0.017*** | 0.014*** | 0.002 | -0.017*** | 0.014*** |
(0.006) | (0.005) | (0.004) | (0.006) | (0.005) | (0.004) | |
R&D | − 0.000 | 0.000 | 0.002 | − 0.000 | 0.000 | 0.002 |
(0.007) | (0.005) | (0.004) | (0.007) | (0.005) | (0.004) | |
Investment | 0.008*** | − 0.006*** | − 0.002 | 0.008*** | -0.006*** | -0.002 |
(0.002) | (0.002) | (0.001) | (0.002) | (0.002) | (0.001) | |
Investment dummy | 0.045** | − 0.038** | − 0.001 | 0.045** | -0.038** | -0.002 |
(0.021) | (0.016) | (0.014) | (0.021) | (0.016) | (0.014) | |
Retained earnings | 0.040*** | − 0.032*** | − 0.009* | 0.040*** | -0.032*** | -0.009* |
(0.007) | (0.006) | (0.005) | (0.007) | (0.006) | (0.005) | |
External funding | − 0.001 | − 0.002 | 0.001 | − 0.001 | -0.002 | 0.002 |
(0.009) | (0.007) | (0.005) | (0.009) | (0.007) | (0.005) | |
Government funding | 0.012** | − 0.013*** | 0.002 | 0.012** | -0.013*** | 0.002 |
(0.005) | (0.004) | (0.003) | (0.005) | (0.004) | (0.003) | |
Financial problems | − 0.050*** | 0.004 | 0.039*** | − 0.049*** | 0.004 | 0.038*** |
(0.006) | (0.005) | (0.003) | (0.006) | (0.005) | (0.003) | |
Regional unemployment rate | − 0.191*** | 0.051 | 0.149*** | − 0.189*** | 0.051 | 0.147*** |
(0.068) | (0.054) | (0.044) | (0.068) | (0.054) | (0.044) | |
Regional GDP | − 0.009 | 0.016 | − 0.006 | − 0.010 | 0.016 | -0.005 |
(0.017) | (0.013) | (0.012) | (0.017) | (0.013) | (0.012) | |
Sector dummies | Yes | Yes | Yes | Yes | ||
Cohort dummies | Yes | Yes | Yes | Yes | ||
Year dummies | Yes | Yes | Yes | Yes | ||
Number of observations | 16,860 | 16,860 | 16,860 | 16,860 | ||
Wald Chi2 (47) | 730.84*** | |||||
Wald Chi2 (94) | 1,139.61*** | |||||
Wald Chi2 (48) | 737.25*** | |||||
Wald Chi2 (100) | 1,153.10*** | |||||
Pseudo-R2 | 0.070 | 0.088 | 0.070 | 0.089 | ||
The original article has been corrected.
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