Abstract

Traditional bankruptcy literature focuses on commercial enterprises for identifying the strongest variables and models to predict the bankruptcy outcomes. In this study, for the first time, we exploit a large dataset of European bankrupt and healthy social enterprises (SE’s) in order to identify the crucial factors that affect the survival of this growing and distinguishable legal form. Combined with the goal of achieving optimal predictive accuracy, we rely on Random Utility Models (RUM) emphasising a new methodology: the Bootstrap Mixed Logit (BMXL). In contrast to what has been found for commercial enterprises, empirical results here indicate that certain organisational features such as the board and workforce size may have a different impact on the probability of SE’s bankruptcy.

摘要

传统的破产文献侧重于商业企业，以识别最强的变量和模型来预测破产结果。在这项研究中，我们首次利用欧洲破产和健康社会企业 (SE) 的大型数据集，以确定影响这种不断发展和可区分的法律形式生存的关键因素。结合实现最佳预测准确性的目标，我们依靠随机效用模型 (RUM) 强调一种新方法：Bootstrap Mixed Logit (BMXL)。与商业企业的情况相反，这里的实证结果表明，某些组织特征，如董事会和员工规模，可能对 SE 破产的可能性有不同的影响。