Second, this research contributes to a finer-grained
understanding of the mechanisms underlying the wellknown
liability of newness. From Stinchcombe's (1965)
original statement of the concept through a wealth of
population ecology refinements, there are few relationships
in social science as well established as the negative
correlation between age and mortality risk. The value
added by the present research comes from the articulation
of the different age-dependent determinants of one
specific type of failure: bankruptcy. We found young
firms to be at risk due to a lack of valuable resources
and capabilities. Older firms were vulnerable if they did
not adapt to the demands of a changing competitive
environmen