This dissertation project consists of two parts examining the inner structure of literature on business failure and an empirical chapter investigating how causes for insolvency of small and medium sized enterprises are related to the age of these firms. The first bibliometric study analyzes business failure from the widest business economics perspective possible and discovers three main clusters which are “prediction models”, “finance and law” and “organizational failure”. In the second bibliometric analysis, “organizational failure” cluster is analyzed in its own and a refined examination results in diverse sub-clusters of this part of business failure research. An analysis of shifts in citation patterns of frequently cited publications in this field shows historical developments, let us understand the maturation process of the field and allows presenting the state-of-the-art as well as possible future avenues for research. In the empirical part of this dissertation, the theoretical framework for deriving hypotheses bases on an integration of two business economic theories, namely organizational ecology and resource-based view. Theoretic assumptions are then extended by findings from previous empirical studies to test the relation between insolvency causes and firm age from a sample of Austrian firms that filed for insolvency in 2012. Empirical evidence indicates that causes for business insolvency are indeed related by firm age. Results show that especially younger firms face higher risks to fail due to poor business economic competencies, including problems with calculation, accounting, and financial planning. Moreover, unqualified management is also attested more likely to the insolvency of younger firms. Failure of older firms is to a higher probability related to external factors such as increased competition or economic slowdown resulting from reduced organizational flexibility and adaptability.