Abstract
The author explores the relationship between the age of a company and its financial position in the market by comparing a unique data set of financially unstable and stable small and medium-sized enterprises. The results show that at certain stages of the organization's life activity, determined by age quartiles, various causes of failure prevail. While newly opened organizations mostly fail due to internal weaknesses, mature small and medium-sized enterprises are more likely to be competitive in a way that leads to economic decline.
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