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What makes new firms resilient? A spatial analysis for Romania

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  • Zizi Goschin
Abstract
Resilient regions seem to be able to retain a higher level of entrepreneurial activity in times of crisis, when the capacity of new firms to survive and thrive is severely put to test. Aiming to find which regional characteristics sustain entrepreneurship resilience, this paper explores the impact of the recent economic and financial crisis on the survival of new firms, using Romania as an exponent of post‐communist countries in Central and Eastern Europe. After testing a wide range of potential explicative factors, we found that the most consequential ones are the foreign direct investments, population growth and the agglomeration of active firms. A custom‐made economic crisis variable differentiated the recession time span for each county, according to its individual response to crisis, and allowed us to find how the economic crisis changes the spatial influence of the variables. The spatial panel framework used for this analysis showed that location matters for the survival of newly born firms. Las regiones resilientes parecen ser capaces de mantener un nivel más alto de actividad empresarial emprendedora en tiempos de crisis, cuando la capacidad de las nuevas empresas para sobrevivir y prosperar se pone seriamente a prueba. Con el fin de determinar las características regionales que sostienen la capacidad de recuperación de la iniciativa empresarial, en este artículo se analizan los efectos de la reciente crisis económica y financiera en la supervivencia de las nuevas empresas, para lo cual utiliza a Rumanía como exponente de los países poscomunistas de Europa central y oriental. Después de probar una amplia gama de posibles factores explicativos, se descubrió que los más importantes son la inversión extranjera directa, el crecimiento demográfico y la aglomeración de empresas activas. Una variable de crisis económica hecha a medida ayudó a establecer diferencias entre el lapso de tiempo de la recesión para cada condado, de acuerdo con su respuesta individual a la crisis, lo que permitió descubrir cómo la crisis económica cambia la influencia espacial de las variables. El marco de panel espacial utilizado para este análisis mostró que la ubicación es importante para la supervivencia de las empresas de reciente creación. 回復力のある地域は、新しい企業の生き残りと繁栄の能力が厳しく試される危機の時に、より高いレベルの企業家活動を維持することができるようである。どのような地域特性がアントレプレナーシップのレジリエンスを維持するのかを解明するため、本稿では、中・東欧の旧共産主義国の代表としてルーマニアの事例を用いて、最近の経済・金融危機が新しい企業の生き残りに及ぼす影響を検討した。説明要因として考えられる様々な事項を検証した結果、特に重要なのは、海外直接投資、人口増加、業績の良い企業の集積であることがわかった。特別に作成した経済危機変数により、危機に対する個々の反応に従って、各カウンティ別の景気後退期間が識別され、経済危機が変数の空間的影響をどう変化させるかを見出すことができた。この分析に用いた空間的パネルフレームワークにより、新興企業の生き残りには立地が重要であることが示された。

Suggested Citation

  • Zizi Goschin, 2020. "What makes new firms resilient? A spatial analysis for Romania," Regional Science Policy & Practice, Wiley Blackwell, vol. 12(5), pages 913-930, October.
    • Handle: RePEc:bla:rgscpp:v:12:y:2020:i:5:p:913-930
    DOI: 10.1111/rsp3.12344
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    References listed on IDEAS

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