Kolmapäev, 18. mai 2022 kell 11.00 Join MS Teams
OLIVER LUKASON (Tartu Ülikool), kaasautor Maksim Mõttus
How do scientific R&D ventures fail: European evidence based on financial failure processes
This paper aims to outline which financial failure processes are characteristic to scientific R&D ventures. The theoretical background relies on the literature about failure processes and crisis types. Financial information for the whole population of European (non-)failed micro and small firms belonging to NACE division 72 is applied. The empirical strategy consists of creating a neural networks based failure prediction model, establishing eight (non-)failure processes based on failure risk evolvement and outlining crisis types for different phases of these processes. The paper leads to various implications on how knowledge-intensive ventures fail in the financial sense.