DOI QR코드

DOI QR Code

사업실패에 관한 국내외 연구동향

Business Failure: Overview and Research Trend

  • 배태준 (한양대학교 창업융합학과) ;
  • 최윤형 (한양대학교 경영학과)
  • 투고 : 2020.06.19
  • 심사 : 2020.07.31
  • 발행 : 2020.09.30

초록

본 연구는 중소기업학회에서 편찬한 '중소기업연구'에 게재된 논문을 분석하여 사업실패의 연구동향을 알아보는데 있다. 이를 위하여, 첫째, 문헌고찰을 통해, 해외의 연구동향과 주요 연구 주제를 탐색하고, 본 연구를 위한 분석의 틀을 작성하였다. 둘째, 1979년부터 2019년에 이르기까지, 중소기업연구에 편찬된 총 1,060편의 논문 중, 실패와 관련된 16편을 선정하고 분석하였다. 세 번째, 중소기업연구 이외의 한국의 실패 연구동향을 알아보기 위해, 키워드 분석으로 24편을 추가로 선정하여 분석하였다. 본 논문에서는 실패 연구의 동향을 총 5가지 큰 주제로 구분하여 분석하였다. (1) 실패예측, (2) 실패 전·후 감정, (3) 감정 이외 실패 비용, (4) 실패 원인, (5) 재창업 결정 및 성공요인이다. 기존연구가 가지는 함의를 살펴봄으로써, 향후 실패분야의 연구방향을 제시하고 있다.

The main purpose of this study is to analyze research trend of 'business failure' from academic papers published in Asia Pacific Journal of Small Business. In this review, first, we reviewed research trend of failure, published in academic journals at abroad, explored the major topics, and set forth the framework of classification. Second, we selected and analyzed 16 Korean articles in a refined search from total 1,060 articles published in Asia Pacific Journal of Small Business from 1979 to 2019. Third, in order to understand overall research trend in Korea, additional publication search was done by online database system using keywords, and 24 other articles were selected. As a result, five research themes were identified and analyzed: (1) bankruptcy prediction, (2) emotion before and after failure, (3) costs of failure, (4) causes of failure, and (5) reentry determinants. We believe that this purposed review will offer future research issues regarding business failure.

키워드

과제정보

이 논문은 2018년 대한민국 교육부와 한국연구재단의 지원을 받아 수행된 연구임(NRF-2018S1A5A8028015)

참고문헌

  1. 곽동철(2013). "중소기업의 종합평가모형 및 예측에 관한 연구," 「중소기업연구」, 제35권, 제4호, pp. 1-23.
  2. 곽동철.주영혁.조봉현(2016). "창업기업 생존율 영향 요인 고찰: 청년창업을 중심으로," 「중소기업연구」, 제38권, 제4호, pp. 77-94.
  3. 권기환.최종인(2015). "기술벤처의 실패 요인 분석: 연구소 창업기업 사례를 중심으로," 「벤처창업연구」, 제10권, 제4호, pp. 27-37.
  4. 김경숙.장영민.도영호(2014). "신생중소기업의 헤저드모형을 이용한 산업별 생존요인에 관한 연구," 「경영학연구」, 제43권, 제1호, pp. 121-144.
  5. 김나미.이종선.김동수(2020). "기업가의 창업 실패 경험과 재교육이 재창업에 미치는 영향: 창업 동기의 조절효과를 중심으로," 「벤처창업연구」, 제15권, 제2호, pp. 33-45. https://doi.org/10.16972/APJBVE.15.2.202004.33
  6. 김석웅.김재웅(1998). "중소기업의 도산 예측모형에 관한 연구," 「중소기업연구」, 제20권, 제1호, pp. 217-244.
  7. 김수진.한정화.이상명(2016). "예비창업자의 실패에 대한 두려움이 창업의도에 미치는 영향," 「벤처창업연구」, 제11권, 제3호, pp. 49-61.
  8. 김영숙(2003). "외환 위기에서 환율 변동이 중소기업의 도산확률에 미친 영향," 「중소기업연구」, 제25권, 제4호, pp. 133-154.
  9. 김영희.양동우(2019). "기업가정신이 창업의지에 미치는 영향에 관한 연구-창업실패두려움의 조절효과를 중심으로," 「중소기업연구」, 제41권, 제4호, pp. 65-86.
  10. 김인수.이택구(2018). "신용문제에 따른 재창업기업 성과 결정 요인에 대한 실증연구," 「벤처창업연구」, 제13권, 제2호, pp. 15-26. https://doi.org/10.16972/APJBVE.13.2.201804.15
  11. 김종호. (2015). "사업실패자의 패자부활전을 위한 재기지원제도 구축방안에 관한 법적 연구 복선형 사회의 실현을 위하여," 「법학연구」, 제58권, pp. 161-204.
  12. 김재형(2018). "대학생의 기업가정신과 창업의도와의 관계 연구: 창업실패두려움의 매개효과를 중심으로," 「벤처창업연구」, 제13권, 제4호, pp. 73-82.
  13. 김태경(2019). "기업가 정신 교육과 창업 의도: 창업 실패에 대한 두려움, 창업 동아리를 중심으로," 「벤처창업연구」, 제14권, 제2호, pp. 95-104. https://doi.org/10.16972/APJBVE.14.2.201904.95
  14. 김형호.윤현덕(2015). "실패기업인의 재창업지원 제도에 관한 국제비교연구," 「벤처창업연구」, 제10권, 제6호, pp. 235-252. https://doi.org/10.16972/APJBVE.10.6.201512.235
  15. 도영호.장영민.김경숙.김석진(2016). "실질경제성장률이 중소기업 산업별 부도율에 미치는 영향: 구조적 VAR 모형을 이용하여," 「중소기업연구」, 제38권, 제3호, pp. 25-48.
  16. 민재형.정철우(2008). "도산예측을 위한 유전 알고리듬 기반 이진분류기법의 개발," 「한국경영과학회지」, 제33권, 제2호, pp. 1-16.
  17. 박유성.이상윤.최보승(2009). "중소기업을 위한 효율적인 부도예측모형 구축을 위한 연구," 「Journal of the Korean Data Analysis Society」, 제11권, 제3호, pp. 1363-1375.
  18. 박진경.오광호.김민수(2012). "콕스 비례위험 모형을 이용한 중소기업의 업종별 생존율 및 생존요인 분석," 「한국데이터정보과학지」, 제23권, 제2호, pp. 257-269.
  19. 서근하.이유태.노화봉.유점석(2014). "소상공인의 과당경쟁실태가 신규사업 진입율과 폐업율에 미치는 영향에 관한 연구," 「기업가정신과 벤처연구(舊 벤처경영연구)」, 제17권, 제2호, pp. 13-32.
  20. 신중경.하규수(2013). "창업실패 요인 분류 및 실패 패턴 분석," 「디지털융복합연구」, 제11권, 제5호, pp. 257-265. https://doi.org/10.14400/JDPM.2013.11.5.257
  21. 오낙교.박원구(2015). "신재생에너지 신생 중소기업 부실예측모형에 관한 연구," 「기업가정신과 벤처연구(舊 벤처 경영연구)」, 제18권, 제3호, pp. 1-21.
  22. 용세중(1994). "중소기업 지원정책 체계와 도산방지 공제제도," 「중소기업연구」, 제16권, 제2호, pp. 151-171.
  23. 윤주석(1994). "기업도산예측을 통한 현금 흐름정보의 유용성에 관한 실증적 연구-중소기업을 대상으로," 「중소기업연구」, 제16권, 제1호, pp.115-146.
  24. 윤형호.이의영(2008). "주유소 휘발유가격 결정요인과 최근 폐쇄 주유소의 철수원인 분석," 「중소기업연구」, 제30권, 제2호, pp. 61-78.
  25. 이광로.문성주(2002). "벤처기업의 가치 평가와 도산위험," 「중소기업연구」, 제24권, 제3호, pp. 57-80.
  26. 이근우.강만수.박상규(2015). "소기업, 소상공인의 생존분석에 관한 연구: 강원신용보증재단이 지원한 소기업, 소상공인을 대상으로," 「중소기업연구」, 제37권, 제1호, pp. 57-75.
  27. 이영찬(2010). "생존분석을 이용한 기술보증기업의 부실예측모형에 관한 연구: 기술평가 자료를 중심으로," 「시장경제연구」, 제39권, 제3호, pp. 1-24.
  28. 이장우.권세왕(2011). "Maximum Expected Utility를 이용한 중소기업 부도예측모형 연구," 「한국증권학회지」, 제40권, 제5호, pp. 775-799.
  29. 이장우.이성훈(2004). "벤처기업 실패요인에 관한 실증연구," 「인사조직연구」, 제12권, 특별호, pp. 229-274.
  30. 이장우.이성훈(2009). "벤처기업의 실패 원인: 성장단계별 분석," 「중소기업연구」, 제31권, 제3호, pp. 1-17.
  31. 이종선.김나미(2019). "창업가의 실패 귀인 지향성이 재창업에 미치는 영향: 기업가적 자기 효능감과 회복 탄력성의 조절효과를 중심으로," 「벤처창업연구」, 제14권, 제3호, pp. 13-26.
  32. 이주일.김상준(2018). "창업비용이 창업 후 재취업 (의사) 결정에 미치는 영향: 사회심리학적 접근," 「중소기업연구」, 제40권, 제4호, pp. 75-94.
  33. 장수덕(2003). "성공한 벤처기업과 실패한 벤처기업의 특성차이," 「기업가정신과 벤처연구(舊 벤처경영연구)」, 제6권, 제2호, pp. 101-125.
  34. 장수덕(2010). "벤처기업 실패의 동태적 과정: 실패의 유형, 과정 그리고 그 차이점에 대한 종단적 분석," 「기술혁신학회지」, 제13권, 제1호, pp. 140-159.
  35. 장수덕.Christopher Scotte.이상설(2008). "벤처기업의 실패에 관한 국제비교연구: 연령의존관점과 자원기반관점의 통합적 접근," 「기업가정신과 벤처연구(舊 벤처경영연구)」, 제11권, 제2호, pp. 41-63.
  36. 정성민.조성도.김경은.문연희(2008). "국내 지방 벤처기업의 실패요인에 관한 탐색적 사례 연구," 「기업가정신과 벤처연구(舊 벤처경영연구)」, 제11권, 제4호, pp. 91-113.
  37. 중소기업청(2017), "재도전 지원기업 성과 조사 보고서"
  38. 통계청(2017), "2016년 기준 기업생멸행정 통계"
  39. 하규수(2012). "사업에 대한 태도와 실패에 대한 두려움이 창업의욕에 미치는 영향," 「기업경영연구」, 제19권, 제5호, pp. 59-74.
  40. 하규수.한정화(2010). "기업가의 사업실패스트레스와 사업의욕에 관한 연구," 「중소기업연구」, 제32권, 제1호, pp. 21-41.
  41. 한국무역협회(2015), "한.중.일 청년창업, 중국 열풍, 일본 미풍, 한국은...," Trade Brief, No.57
  42. 한정화(2017). "중소기업 정책패러다임의 전환에 관한 연구," 「중소기업연구」, 제39권, 제4호, pp. 159-179.
  43. 허영빈.심상규(2002). "중소기업 지식자산정보의 부실예측 유용성," 「중소기업연구」, 제24권, 제4호, pp. 109-135.
  44. 허제강.이상진.서철승(2020). "정부자금 지원제도가 기업가정신을 매개로 창업실패자의 재창업의지에 미치는 영향," 「한국경영공학회지」, 제25권, 제1호, pp. 43-59.
  45. Altman, E. I.(1968), "Financial ratios, discriminant analysis and the prediction of corporate bankruptcy," The Journal of Finance, Vol.23, No.4, pp. 589-609. https://doi.org/10.1111/j.1540-6261.1968.tb00843.x
  46. Amaral, A. M., R. Baptista, and F. Lima(2011), "Serial entrepreneurship: impact of human capital on time to re-entry," Small Business Economics, Vol.37, No.4, pp. 1-21. https://doi.org/10.1007/s11187-009-9232-4
  47. Anandarajan, A., C. A. Srinivasan, and M. Anandarajan(2004), Historical overview of accounting information systems. In Business intelligence techniques (pp. 1-19). Springer, Berlin, Heidelberg.
  48. Anderson, P. and M. L. Tushman(2001), "Organizational environments and industry exit: The effects of uncertainty, munificence and complexity," Industrial and Corporate Change, Vol.10, No.3, pp. 675-711. https://doi.org/10.1093/icc/10.3.675
  49. Arenius, P. and M. Minniti(2005), "Perceptual variables and nascent entrepreneurship," Small Business Economics, Vol.24, No.3, pp. 233-247. https://doi.org/10.1007/s11187-005-1984-x
  50. Armour, J. and D. Cumming(2008), "Bankruptcy law and entrepreneurship," American Law and Economics Review, Vol.10, No.2, pp. 303-350. https://doi.org/10.1093/aler/ahn008
  51. Balcaen, S. and H. Ooghe(2006), "35 years of studies on business failure: an overview of the classic statistical methodologies and their related problems," The British Accounting Review, Vol.38, No.1, pp. 63-93. https://doi.org/10.1016/j.bar.2005.09.001
  52. Bau, M., P. Sieger, K. A. Eddleston, and F. Chirico(2017), "Fail but Try Again? The Effects of Age, Gender, and Multiple-Owner Experience on Failed Entrepreneurs' Reentry," Entrepreneurship theory and practice, Vol.41, No.6, pp. 909-941. https://doi.org/10.1111/etap.12233
  53. Baum, J. A. and J. V. Singh(1994), "Organizational niches and the dynamics of organizational founding," Organization Science, Vol.5, No.4, pp. 483-501. https://doi.org/10.1287/orsc.5.4.483
  54. Beaver, W. H.(1966), "Financial ratios as predictors of failure," Journal of Accounting Research, Vol.4, pp. 71-111. https://doi.org/10.2307/2490171
  55. Begley, J., J. Ming, and S. Watts(1996), "Bankruptcy classification errors in the 1980s: An empirical analysis of Altman's and Ohlson's models," Review of Accounting Studies, Vol.1, No.4, pp. 267-284. https://doi.org/10.1007/BF00570833
  56. Begley, T. M., and Tan, W. L. (2001), "The socio-cultural environment for entrepreneurship: A comparison between East Asian and Anglo-Saxon countries," Journal of International Business Studies, Vol.32, No.3, pp. 537-553. https://doi.org/10.1057/palgrave.jibs.8490983
  57. Boso, N., I. Adeleye, F. Donbesuur, and M. Gyensare(2019), "Do entrepreneurs always benefit from business failure experience?," Journal of Business Research, Vol.98, pp. 370-379. https://doi.org/10.1016/j.jbusres.2018.01.063
  58. Busenitz, L. W. and J. B. Barney(1997), "Differences between entrepreneurs and managers in large organizations: Biases and heuristics in strategic decision-making," Journal of Business Venturing, Vol.12, No.1, pp. 9-30. https://doi.org/10.1016/S0883-9026(96)00003-1
  59. Byrne, O. and D. A. Shepherd(2015), "Different strokes for different folks: Entrepreneurial narratives of emotion, cognition, and making sense of business failure," Entrepreneurship Theory and Practice, Vol.39, No.2, pp. 375-405. https://doi.org/10.1111/etap.12046
  60. Cacciotti, G. and J. C. Hayton(2015), "Fear and entrepreneurship: A review and research agenda," International Journal of Management Reviews, Vol.17, No.2, pp. 165-190. https://doi.org/10.1111/ijmr.12052
  61. Cardon, M. S., M. D. Foo, D. Shepherd, and J. Wiklund(2012), "Exploring the heart: Entrepreneurial emotion is a hot topic," Entrepreneurship Theory and Practice, Vol.36, No.1, pp. 1-10. https://doi.org/10.1111/j.1540-6520.2011.00501.x
  62. Cardon, M. S., C. E. Stevens, and D. R. Potter(2011), "Misfortunes or mistakes?: Cultural sensemaking of entrepreneurial failure," Journal of Business Venturing, Vol.26, No.1, pp. 79-92. https://doi.org/10.1016/j.jbusvent.2009.06.004
  63. Cave, F. D., S. A. Eccles, and M. Rundle(2001), "An exploration of attitudes to entrepreneurial failure: a learning experience or an indelible stigma," In: Babson College-Kauffman Foundation entrepreneurship research conference proceedings, May 2001. Jonkoping, Sweden.
  64. Chen, K. H. and T. A. Shimerda(1981), "An empirical analysis of useful financial ratios," Financial Management, Vol.10, No.1, pp. 51-60. https://doi.org/10.2307/3665113
  65. Cope, J.(2011), "Entrepreneurial learning from failure: An interpretative phenomenological analysis," Journal of Business Venturing, Vol.26, No.6, pp. 604-623. https://doi.org/10.1016/j.jbusvent.2010.06.002
  66. Danneels, E. and A. Vestal(2020), "Normalizing vs. analyzing: Drawing the lessons from failure to enhance firm innovativeness," Journal of Business Venturing, Vol.35, No.1, pp. 105903. https://doi.org/10.1016/j.jbusvent.2018.10.001
  67. Deakin, E. B.(1972), "A discriminant analysis of predictors of business failure," Journal of Accounting Research, pp. 167-179.
  68. Dew, N., S. Sarasathy, S. Read, and R. Wiltbank(2009), "Affordable loss: Behavioral economic aspects of the plunge decision," Strategic Entrepreneurship Journal, Vol.3, No.2, pp. 105-126. https://doi.org/10.1002/sej.66
  69. Efrat, R.(2006), "The evolution of bankruptcy stigma," Theoretical Inquiries in Law, Vol.7, pp. 365-393. https://doi.org/10.2202/1565-3404.1130
  70. Eggers, J. P. and L. Song(2015), "Dealing with failure: Serial entrepreneurs and the costs of changing industries between ventures," Academy of Management Journal, Vol.58, No.6, pp. 1785-1803. https://doi.org/10.5465/amj.2014.0050
  71. Everett, J. and J. Watson(1998), "Small business failure and external risk factors," Small Business Economics, Vol.11, No.4, pp. 371-390. https://doi.org/10.1023/A:1008065527282
  72. Ekanem, I.(2013), "Influences on the behaviour of black and minority ethnic (BME) communities towards debt and bankruptcy," International Journal of Consumer Studies, Vol.37, No.2, pp. 199-205. https://doi.org/10.1111/j.1470-6431.2012.01104.x
  73. Estrin, S., T. Mickiewicz, and A. Rebmann(2017), "Prospect theory and the effects of bankruptcy laws on entrepreneurial aspirations," Small Business Economics, Vol.48, No.4, pp. 977-997. https://doi.org/10.1007/s11187-016-9810-1
  74. Fan, W. and M. J. White(2003), "Personal bankruptcy and the level of entrepreneurial activity," The Journal of Law and Economics, Vol.46, No.2, pp. 543-567. https://doi.org/10.1086/382602
  75. Fayolle, A., B. Gailly, and N. Lassas Clerc(2006), "Assessing the impact of entrepreneurship education programmes: a new methodology," Journal of European Industrial Training, Vol.30, No.9, pp. 701-720. https://doi.org/10.1108/03090590610715022
  76. Finkelstein, S.(2005), "When bad things happen to good companies: Strategy failure and flawed executives," Journal of Business Strategy, Vol.26, No.2, pp. 19-28. https://doi.org/10.1108/02756660510586300
  77. Fitzpatrick, P. J.(1932), "A comparison of ratios of successful industrial enterprises with those of failed firms," Certified Public Accountant, Vol.2, pp. 598-605.
  78. Fredland, J. E. and C. E. Morris(1976), "A cross section analysis of small business failure," American Journal of Small Business, Vol.1, No.1, pp. 7-18. https://doi.org/10.1177/104225877600100102
  79. Garrett, T. A. and H. J. Wall(2006), "Creating a policy environment for entrepreneurs," Cato Journal, Vol.26 No.3, pp. 525-552.
  80. Gaskill, L. R., H. E. Van Auken, and R. A. Manning(1993), "A factor analytic study of the perceived causes of small business failure," Journal of Small Business Management, Vol.31, pp. 18-31.
  81. Goffman, E.(1963), Stigma and social identity in Stigma: notes on the management of spoiled identity: Penguin Harmondsworth.
  82. Grice, J. S. and M. T. Dugan(2001), "The limitations of bankruptcy prediction models: Some cautions for the researcher," Review of Quantitative Finance and Accounting, Vol.17, No.2, pp. 151-166. https://doi.org/10.1023/A:1017973604789
  83. Guerrero, M. and I. Pena-Legazkue(2019), "Renascence after post-mortem: the choice of accelerated repeat entrepreneurship," Small Business Economics, Vol.52, No.1, pp. 47-65. https://doi.org/10.1007/s11187-018-0015-7
  84. Hall, G. and B. Young(1991), "Factors associated with insolvency amongst small firms," International Small Business Journal, Vol.9, No.2, pp. 54-63. https://doi.org/10.1177/026624269100900204
  85. Harris, S. G. and R. I. Sutton(1986), "Functions of parting ceremonies in dying organizations," Academy of Management Journal, Vol.29, No.1, pp. 5-30. https://doi.org/10.2307/255857
  86. Hayward, M. L., D. A. Shepherd, and D. Griffin(2006), "A hubris theory of entrepreneurship," Management Science, Vol.52, No.2, pp. 160-172. https://doi.org/10.1287/mnsc.1050.0483
  87. Heider, F.(1958), The psychology of interpersonal relations: Wiley New York.
  88. Heinze, I.(2013), "Entrepreneur sense-making of business failure," Small Enterprise Research, Vol.20, No.1, pp. 21-39. https://doi.org/10.5172/ser.2013.20.1.21
  89. Hessels, J., I. Grilo, R. Thurik, and P. van der Zwan(2011), "Entrepreneurial exit and entrepreneurial engagement," Journal of Evolutionary Economics, Vol.21, No.3, pp. 447-471. https://doi.org/10.1007/s00191-010-0190-4
  90. Hyytinen, A. and P. Ilmakunnas(2007), "What distinguishes a serial entrepreneur?," Industrial and Corporate Change, Vol.16, No.5, pp. 793-821 https://doi.org/10.1093/icc/dtm024
  91. Jarrow, R. A. and D. R. van Deventer(1999), Practical usage of credit risk models in loan portfolio and counterparty exposure management. Credit Risk Models and Management, Risk Publications.
  92. Jenkins, A. S., J. Wiklund, and E. Brundin(2014), "Individual responses to firm failure: Appraisals, grief, and the influence of prior failure experience," Journal of Business Venturing, Vol.29, No.1, pp. 17-33. https://doi.org/10.1016/j.jbusvent.2012.10.006
  93. Justo, R., D. R. DeTienne, and P. Sieger(2015), "Failure or voluntary exit? Reassessing the female underperformance hypothesis," Journal of Business Venturing, Vol.30, No.6, pp. 775-792. https://doi.org/10.1016/j.jbusvent.2015.04.004
  94. Kocak, A., M. H. Morris, H. M. Buttar, and S. Cifci(2010), "Entrepreneurial exit and reentry: An exploratory study of Turkish entrepreneurs," Journal of Developmental Entrepreneurship, Vol.15, No.4, pp. 439-459. https://doi.org/10.1142/S1084946710001658
  95. Lane, W. R., S. W. Looney, and J. W. Wansley(1986), "An application of the Cox proportional hazards model to bank failure," Journal of Banking and Finance, Vol.10, No.4, pp. 511-531. https://doi.org/10.1016/S0378-4266(86)80003-6
  96. Lee, S. H. and Y. Yamakawa(2012), "Forgiving Features for Failed Entrepreneurs vs. Cost of Financing in Bankruptcies," Management International Review, Vol.52, No.1, pp. 49-79. https://doi.org/10.1007/s11575-011-0112-1
  97. Lee, S. H., Y. Yamakawa, M. W. Peng, and J. B. Barney(2011), "How do bankruptcy laws affect entrepreneurship development around the world?," Journal of Business Venturing, Vol.26, No.5, pp. 505-520. https://doi.org/10.1016/j.jbusvent.2010.05.001
  98. Li, Y.(2011), "Emotions and new venture judgment in China," Asia Pacific Journal of Management, Vol.28, No.2, pp. 277-298. https://doi.org/10.1007/s10490-009-9145-4
  99. Luoma, M. and E. K. Laitinen(1991), "Survival analysis as a tool for company failure prediction," Omega, Vol.19, No.6, pp. 673-678. https://doi.org/10.1016/0305-0483(91)90015-L
  100. Maitlis, S. and S. Sonenshein(2010), "Sensemaking in crisis and change: Inspiration and insights from Weick (1988)," Journal of Management Studies, Vol.47, No.3, pp. 551-580. https://doi.org/10.1111/j.1467-6486.2010.00908.x
  101. McGrath, R. G.(1999), "Falling forward: Real options reasoning and entrepreneurial failure," Academy of Management Review, Vol.24, No.1, pp. 13-30. https://doi.org/10.2307/259034
  102. McQuown, J. A.(1993), A comment on market vs. accounting based measures of default risk. mimeo, KMV Corporation.
  103. Mellahi, K. and A. Wilkinson(2004), "Organizational failure: a critique of recent research and a proposed integrative framework," International Journal of Management Reviews, Vol.5, No.1, pp. 21-41. https://doi.org/10.1111/j.1460-8545.2004.00095.x
  104. Minniti, M. and W. Bygrave(2001), "A dynamic model of entrepreneurial learning," Entrepreneurship Theory and Practice, Vol.25, No.3, pp. 5-16. https://doi.org/10.1177/104225870102500301
  105. Mitchell, J. R. and D. A. Shepherd(2010), "To thine own self be true: Images of self, images of opportunity, and entrepreneurial action," Journal of Business Venturing, Vol.25, No.1, pp. 138-154. https://doi.org/10.1016/j.jbusvent.2008.08.001
  106. Morgan, J. and D. Sisak(2016), "Aspiring to succeed: A model of entrepreneurship and fear of failure," Journal of Business Venturing, Vol.31, No.1, pp. 1-21. https://doi.org/10.1016/j.jbusvent.2015.09.002
  107. Odom, M. D. and R. Sharda(1990), A neural network model for bankruptcy prediction. In 1990 IJCNN International Joint Conference on neural networks (pp. 163-168). IEEE.
  108. Ohlson, J. A.(1980), "Financial ratios and the probabilistic prediction of bankruptcy," Journal of Accounting Research, pp. 109-131.
  109. Ooghe, H. and S. De Prijcker(2008), "Failure processes and causes of company bankruptcy: a typology," Management Decision, Vol.46, No.2, pp. 223-242. https://doi.org/10.1108/00251740810854131
  110. Peterson, R. A., G. Kozmetsky, and N. M. Ridgway(1983), "Perceived causes of small business failures: a research note," American Journal of Small Business, Vol.8, No.1, pp. 15-19.
  111. Pinches, G. E., A. A. Eubank, K. A. Mingo, and J. K. Caruthers(1975), "The hierarchical classification of financial ratios," Journal of Business Research, Vol.3, No.4, pp. 295-310. https://doi.org/10.1016/0148-2963(75)90011-9
  112. Rogoff, E. G., M. S. Lee., and D. C. Suh(2004), ""Who done it?" Attributions by entrepreneurs and experts of the factors that cause and impede small business success," Journal of Small Business Management, Vol.42, No.4, pp. 364-376. https://doi.org/10.1111/j.1540-627X.2004.00117.x
  113. Rohlin, S. M. and A. Ross(2016), "Does bankruptcy law affect business turnover? Evidence from new and existing business," Economic Inquiry, Vol.54, No.1, pp. 361-374. https://doi.org/10.1111/ecin.12230
  114. Rotter, J. B.(1966), "Generalized expectancies for internal versus external control of reinforcement," Psychological Monographs: General and Applied, Vol.80, No.1, pp. 1-28. https://doi.org/10.1037/h0092976
  115. Sedikides, C., W. K. Campbell, G. D. Reeder, and A. J. Elliot(1998), "The self-serving bias in relational context," Journal of Personality and Social Psychology, Vol.74, No.2, pp. 378-386. https://doi.org/10.1037/0022-3514.74.2.378
  116. Shepherd, D. A.(2003), "Learning from business failure: Propositions of grief recovery for the self-employed," Academy of Management Review, Vol.28, No.2, pp. 318-328. https://doi.org/10.2307/30040715
  117. Shepherd, D. A.(2009), "Grief recovery from the loss of a family business: A multi-and meso-level theory," Journal of Business Venturing, Vol.24, No.1, pp. 81-97. https://doi.org/10.1016/j.jbusvent.2007.09.003
  118. Shepherd, D. A. and M. S. Cardon(2009), "Negative emotional reactions to project failure and the self compassion to learn from the experience," Journal of Management Studies, Vol.46, No.6, pp. 923-949. https://doi.org/10.1111/j.1467-6486.2009.00821.x
  119. Shepherd, D. A., J. G. Covin, and D. F. Kuratko(2009), "Project failure from corporate entrepreneurship: Managing the grief process," Journal of Business Venturing, Vol.24, No.6, pp. 588-600. https://doi.org/10.1016/j.jbusvent.2008.01.009
  120. Shepherd, D. A. and D. F. Kuratko(2009), "The death of an innovative project: How grief recovery enhances learning," Business Horizons, Vol.52, No.5, pp. 451-458. https://doi.org/10.1016/j.bushor.2009.04.009
  121. Shepherd, D. A., H. Patzelt, and M. Wolfe(2011), "Moving forward from project failure: Negative emotions, affective commitment, and learning from the experience," Academy of Management Journal, Vol.54, No.6, pp. 1229-1259. https://doi.org/10.5465/amj.2010.0102
  122. Shepherd, D. A., J. Wiklund, and J. M. Haynie(2009), "Moving forward: Balancing the financial and emotional costs of business failure," Journal of Business Venturing, Vol.24, No.2, pp. 134-148. https://doi.org/10.1016/j.jbusvent.2007.10.002
  123. Shinnar, R. S., O. Giacomin, and F. Janssen(2012), "Entrepreneurial perceptions and intentions: The role of gender and culture," Entrepreneurship Theory and practice, Vol.36, No.3, pp. 465-493. https://doi.org/10.1111/j.1540-6520.2012.00509.x
  124. Shumway, T.(2001), "Forecasting bankruptcy more accurately: A simple hazard model," The Journal of Business, Vol.74, No.1, pp. 101-124. https://doi.org/10.1086/209665
  125. Simmons, S. A., J. Wiklund, and J. Levie(2014), "Stigma and business failure: implications for entrepreneurs' career choices," Small Business Economics, Vol.42, No.3, pp. 485-505. https://doi.org/10.1007/s11187-013-9519-3
  126. Simmons, S. A., J. Wiklund, J. Levie, S. W. Bradley, and S. A. Sunny(2019), "Gender gaps and reentry into entrepreneurial ecoystems after business failure," Small Business Economics, Vol.53, No.2, pp. 517-531. https://doi.org/10.1007/s11187-018-9998-3
  127. Singh, S., P. D. Corner, and K. Pavlovich(2015), "Failed, not finished: A narrative approach to understanding venture failure stigmatization," Journal of Business Venturing, Vol.30, No.1, pp. 150-166. https://doi.org/10.1016/j.jbusvent.2014.07.005
  128. Stam, E., D. B. Audretsch, and J. Meijaard(2009), Renascent Entrepreneurship. Springer New York.
  129. Smith, R. F. and A. H. Winakor(1935), Changes in the financial structure of unsuccessful industrial corporations: Bulletins No. 51, Bureau of Business Research, University of Illinois Press Urbana
  130. Sutton, R. I. and A. L. Callahan(1987), "The stigma of bankruptcy: Spoiled organizational image and its management," Academy of Management Journal, Vol.30, No.3, pp. 405-436. https://doi.org/10.2307/256007
  131. Tam, K. Y. and M .Y. Kiang(1992), "Managerial applications of neural networks: the case of bank failure predictions," Management Science, Vol.38, No.7, pp. 926-947. https://doi.org/10.1287/mnsc.38.7.926
  132. Ucbasaran, D., D. A. Shepherd, A. Lockett, and S. J. Lyon(2013), "Life after business failure: The process and consequences of business failure for entrepreneurs," Journal of Management, Vol.39, No.1, pp. 163-202. https://doi.org/10.1177/0149206312457823
  133. Ucbasaran, D., P. Westhead, and M. Wright(2011), "Why serial entrepreneurs don't learn from failure," Harvard Business Review, Vol.89, No.4, pp. 26-26.
  134. Von Graevenitz, G., D. Harhoff, and R. Weber(2010), "The effects of entrepreneurship education," Journal of Economic Behavior and Organization, Vol.76, No.1, pp. 90-112. https://doi.org/10.1016/j.jebo.2010.02.015
  135. Wagner, J. and R. Sternberg(2004), "Start-up activities, individual characteristics, and the regional milieu: Lessons for entrepreneurship support policies from German micro data," The Annals of Regional Science, Vol.38, No.2, pp. 219-240. https://doi.org/10.1007/s00168-004-0193-x
  136. Walsh, G. S. and J. Cunningham(2016), "Business failure and entrepreneurship," Emergence, Evolution and Future Research, Vol.12, No.3, pp. 163-285.
  137. Watson, J. and J. E. Everett(1996), "Do small businesses have high failure rates?," Journal of Small Business Management, Vol.34, No.4, pp. 45-62.
  138. Weick, K. E.(1995). Sensemaking in organizations (Vol. 3). Sage.
  139. Wennberg, K. and D. R. DeTienne(2014), "What do we really mean when we talk about 'exit'? A critical review of research on entrepreneurial exit," International Small Business Journal, Vol.32, No.1, pp. 4-16. https://doi.org/10.1177/0266242613517126
  140. Wennberg, K., S. Pathak, and E. Autio(2013), "How culture moulds the effects of self-efficacy and fear of failure on entrepreneurship," Entrepreneurship and Regional Development, Vol.25, No.9-10, pp. 756-780. https://doi.org/10.1080/08985626.2013.862975
  141. Weber, E. U. and R. A. Milliman(1997), "Perceived risk attitudes: Relating risk perception to risky choice," Management Science, Vol.43, No.2, pp. 123-144. https://doi.org/10.1287/mnsc.43.2.123
  142. Wolfe, M. T. and D. A. Shepherd(2015), ""Bouncing back" from a loss: Entrepreneurial orientation, emotions, and failure narratives," Entrepreneurship Theory and Practice, Vol.39, No.3, pp. 675-700. https://doi.org/10.1111/etap.12057
  143. Yamakawa, Y. and M. S. Cardon(2015), "Causal ascriptions and perceived learning from entrepreneurial failure," Small Business Economics, Vol.44, No.4, pp. 797-820. https://doi.org/10.1007/s11187-014-9623-z
  144. Yamakawa, Y., M. W. Peng, and D. L. Deeds(2015), "Rising from the ashes: Cognitive determinants of venture growth after entrepreneurial failure," Entrepreneurship Theory and Practice, Vol.39, No.2, pp. 209-236. https://doi.org/10.1111/etap.12047
  145. Zacharakis, A. L., G. D. Meyer, and J. DeCastro(1999), "Differing perceptions of new venture failure: a matched exploratory study of venture capitalists and entrepreneurs," Journal of Small Business Management, Vol.37, No.3, pp. 1-14.
  146. Zmijewski, M. E.(1984), "Methodological issues related to the estimation of financial distress prediction models," Journal of Accounting Research, Vol.22, pp. 59-82. https://doi.org/10.2307/2490859