Impact of Financial Health on Export Survival of Manufacturing Industry Using Flexible Survival Model

This paper examines the impact of financial health on firms’ survival in export market based on heterogeneous firm hypothesis by using data of 138 companies in Tehran Stock Exchange during the 1379-1396. Initially, for determining financial health index, principal component analysis is used and then, by using flexible survival analysis, the effect of financial health on firm survival in export market is tested. The results show that financial variables are one of the Heterogeneous factors among firms and increase of financial health (decrease of financial constraint) reduces the possibility of exit from export market.