Apart from reasons influencing business insolvency in wellestablished market economies, such as company size and age, education, previous management experience and access to finance, specific environmental factors play an important role in determining companies’ insolvency within a transition setting. These include, but are not limited to, illegal and unethical forms of behavior. Empirically, the paper draws on 15 face-to-face interviews with insolvency administrators in Latvia conducted in 2007, and a repeated survey of the same respondents conducted in 2009.
Welter, F.; Sauka, A. (2013): Determinants of Business Insolvencies During Economic Growth and Recession in Latvia, in: Journal of Baltic Studies, 1-22.