کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
988205 | 935256 | 2007 | 22 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Testing Gibrat's legacy: A Bayesian approach to study the growth of firms
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
Gibrat's law is a referent model of corporate growth dynamics. This paper employs Bayesian panel data methods to test Gibrat's law and its implications. Using a Pharmaceutical Industry Database (1987-1998), we find evidence against Gibrat's law on average, within or across industries. Estimated steady states differ across firms, and firm sizes and growth rates do not converge within the same industry to a common limiting distribution. There is only weak evidence of mean reversion: initial larger firms do not grow relatively slower than smaller firms. Differences in growth rates and in steady state size are persistent and firm-specific, rather than size-specific.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Structural Change and Economic Dynamics - Volume 18, Issue 3, September 2007, Pages 348-369
Journal: Structural Change and Economic Dynamics - Volume 18, Issue 3, September 2007, Pages 348-369
نویسندگان
Elena Cefis, Matteo Ciccarelli, Luigi Orsenigo,