Kočenda, Evžen and Iwasaki, Ichiro (2025) Corporate survival in emerging european markets: Impacts of the COVID-19 pandemic and the Russo-Ukrainian war. ECONOMIC SYSTEMS, 49 (4): 101332. ISSN 0939-3625, 1878-5433
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We investigate the determinants of firm survival in 17 emerging European markets during the dual crises of the COVID-19 pandemic and the Russo-Ukrainian war. Using a large dataset of over 59,000 firms and employing a Cox proportional hazards model, the study evaluates how firm-specific characteristics, regional socio-economic conditions, and institutional quality shaped survival outcomes between 2020 and 2023. The analysis reveals that firm exit was more prevalent in EU member states, likely due to stricter crisis-related restrictions. Socio-economic variables such as population density, tourism dependence, and health expenditures played a critical role, while institutional quality, contrary to expectations, was associated with higher exit rates during crises. The banking sector played a role in influencing firm resilience through credit provision and financial support mechanisms. The Russo-Ukrainian war further amplified survival risks, especially for firms located in countries geographically or economically exposed to the conflict. The findings offer valuable insights for designing targeted policy interventions aimed at enhancing business resilience in vulnerable and institutionally diverse environments.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | FINANCIAL CRISIS; FIRM SURVIVAL; ACCESS; DETERMINANTS; GOVERNANCE; OWNERSHIP; CREDIT; firm survival; banking sector; covid pandemic; Russo-Ukrainian war; Central and Eastern Europe; emerging markets; survival and exit determinants |
| Subjects: | 300 Social sciences > 330 Economics 900 History & geography > 940 General history of Europe |
| Divisions: | Institute for East and Southeast European Studies (IESES) |
| Depositing User: | Dr. Gernot Deinzer |
| Date Deposited: | 06 May 2026 09:46 |
| Last Modified: | 06 May 2026 09:46 |
| URI: | https://pred.uni-regensburg.de/id/eprint/67347 |
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