Firm Indebtedness, Deleveraging, and Exit: The Experience of Slovenia during the Financial Crisis, 2008–2014*

This paper examines the impact of global financial crisis on firm exit and corporate deleveraging in Slovenia during 2008‒2014 using firm-level data. Firms are classified according to whether they increased their leverage, decreased leverage or ceased operation specified time interval, likelihood being these three states estimated. Deleveraging is analyzed separately for total debt, business-to-business bank non-bank debt. The empirical exercise shows that influence covariates was different from deleveraging, differed between types