Using a rich, establishment-level data set from German manufacturing for the years 1992 to 2005, we analyze business-, industry- and region-specific survival determinants. Based on the estimation of a Cox proportional hazards model, our results suggest that the probability of exit is higher for young and mature establishments and for relatively small establishments. Besides the overall finding of a higher exit risk in agglomerated areas as well as in East Germany, an above-average level of highly qualified employees working in the establishments decreases the probability of exit. Furthermore, businesses being active in capital-intensive industries with a relatively high minimum efficient size and high labor unit costs face higher hazard rates. Establishments in high-tech industries enjoy better survival prospects. However, a specialized regional production structure increases the failure risk.