The survival of cultural firms: A study of multiple accounting parameters in Spain

Ma del Pilar Muñoz Dueñas, Antonio Vaamonde Liste, Maria do Rosário Cabrita

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Cultural firms are an important development factor in economic and social terms. Their objectives are often aimed at maintaining and disseminating the traditions and values of societies. The prosperity of these firms in a nation ensures that its tangible and intangible cultural heritage is made known to other nations and generations. Despite their importance, little is known about their survival and the factors associated with it. This paper analyses data from 6951 Spanish firms, of which 2105 are cultural firms. We have studied the survival of non-cultural firms in comparison with cultural firms and also the impact that profitability, solvency and indebtedness may have on their survival. We have used the Kaplan-Meier method in order to assess their survival and the Harrington-Fleming test and the Cox regression model to check the statistical significance of variables. These variables are key factors influencing the survival of cultural enterprises. Particularly, low solvency in firms increases by twenty the risk of disappearance. This paper contributes to literature highlighting some of the key factors for the survival of cultural enterprises. It provides administrations with a roadmap in order to implement measures for the promotion of the cultural industry, favouring the process of enhancement of cultural heritage.

Original languageEnglish
Article number1159
Issue number3
Publication statusPublished - 6 Feb 2020


  • Accounting parameters
  • Cultural firms
  • Kaplan-meier curves
  • Survival analysis


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