90

This article provides the first evidence on whether specific characteristics of managers may explain the outbreak of the business failure process. It highlights the main factors that could cause bankruptcy in Belgian SMEs, through qualitative interviews conducted with experts in the field. These semi-structured interviews, analyzed by using the grounded theory methodology, suggest that the level of education and training of the manager, as well as his ability to respond to a change in his environment and his orientation towards permanent operational and administrative control are the main factors favoring the survival of the firm.