With a team and without debt: Factors affecting small business survival in Russia, 2021—2023

In the present study, we investigate which parameters of small businesses and characteristics of their owners are associated with a higher likelihood of continued operation. Our analysis employs data from ten waves of a longitudinal survey conducted on the SMBiz FOM small business panel from July 2021 through the end of 2023. Using survival analysis, we demonstrate that the strongest predictor of business closure is the fact of borrowing funds. During this period, firms employing hired staff exhibited greater resilience. For businesses without hired employees, closures occurred less frequently when the firm was managed by a man, when the services were provided in the trading sector, when they were promoted online.