Resumo

SANTANA, Leonardo. DETERMINANTS FOR MICRO-ENTERPRISES SURVIVAL IN BOGOTA: AN ANALYSIS USING DURATION MODELS. Innovar [online]. 2017, vol.27, n.64, pp.51-62. ISSN 0121-5051.  https://doi.org/10.15446/innovar.v27n64.62368.

The aim of this paper is to estimate the survival rate of micro-enterprises in Bogota, as well as to identify their main financial determinants. For this purpose, based on the financial statements provided by the Bogota Chamber of Commerce (CCB in Spanish), information about the state of the enterprise at the moment of its creation is used. This information includes the dates of creation and closure of the company, or if it is still active, as well as its economic sector, the number of employees and its initial financial statements. This work calculates the main financial reasons of profitability, debt and liquidity to make estimates by means of duration models for studying the impact of each one of such variables on the life cycle of the enterprise. During this exercise it was found that the longer the business, the more likely it is to shut down. Besides, the number of employees, the initial operating profitability and the capability of a micro-enterprise to generate income to respond to debt service are included among the determinants for its duration.

Palavras-chave : SMEs; micro-enterprises; duration models; entrepreneurship.

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