We may conclude from our regression results that
there are, in fact, differences in the attributed causes of bankruptcy that vary with age at failure. This supports
Hypothesis 1. The positive, significant coefficient for
industry change also provides support for the liabilityof-obsolescence
mechanism articulated in Hypothesis 2.
Among the subhypotheses offered in explanation of the
liability of newness, there were varying degrees of support,
permitting us to conclude that Hypothesis 3 was
partially supported by the data