Thornhill, StewartAmit, Raphael2023-05-222023-05-222003-01-012018-07-09https://repository.upenn.edu/handle/20.500.14332/40458Systematic differences in the determinants of firm failure between firms that fail early in their life and those that fail after having successfully negotiated the early liabilities of newness and adolescence are identified. Analysis of data from 339 Canadian corporate bankruptcies suggests that failure among younger firms may be attributable to deficiencies in managerial knowledge and financial management abilities. Failure among older firms, on the other hand, may be attributable to an inability to adapt to environmental change.Originally published in Organization Science © 2003 INFORMS This is a pre-publication version. The final version is available at http://dx.doi.org/10.1287/orsc.14.5.497.16761liability of newnessresource-based viewbankruptcyBusiness Administration, Management, and OperationsBusiness AnalyticsBusiness and Corporate CommunicationsBusiness IntelligenceManagement Information SystemsManagement Sciences and Quantitative MethodsOrganizational Behavior and TheoryReport