Firm Size and Short-Term Dynamics in Aggregate Entry and Exit

M.C. Manjon

Firm Size and Short-Term Dynamics in Aggregate Entry and Exit

M.C. Manjon

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Abstract

Much of the research on industry dynamics focuses on the interdependence between the sectorial rates of entry and exit.This paper argues that the size of firms and the reaction-adjustment period are important conditions missed in this literature.I illustrate the effects of this omission using data from the Spanish manufacturing industries between 1994 and 2001.Estimates from systems of equations models provide evidence of a conical revolving door phenomenon and of partial adjustments in the replacement-displacement of large firms.

Original language	English
Place of Publication	Tilburg
Publisher	Vakgroep CentER
Number of pages	38
Volume	2004-2
Publication status	Published - 2004

Publication series

Name	CentER Discussion Paper
Volume	2004-2

Keywords

corporate size
independency
panel data
simulation

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abstract = "Much of the research on industry dynamics focuses on the interdependence between the sectorial rates of entry and exit.This paper argues that the size of firms and the reaction-adjustment period are important conditions missed in this literature.I illustrate the effects of this omission using data from the Spanish manufacturing industries between 1994 and 2001.Estimates from systems of equations models provide evidence of a conical revolving door phenomenon and of partial adjustments in the replacement-displacement of large firms.",

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N2 - Much of the research on industry dynamics focuses on the interdependence between the sectorial rates of entry and exit.This paper argues that the size of firms and the reaction-adjustment period are important conditions missed in this literature.I illustrate the effects of this omission using data from the Spanish manufacturing industries between 1994 and 2001.Estimates from systems of equations models provide evidence of a conical revolving door phenomenon and of partial adjustments in the replacement-displacement of large firms.

AB - Much of the research on industry dynamics focuses on the interdependence between the sectorial rates of entry and exit.This paper argues that the size of firms and the reaction-adjustment period are important conditions missed in this literature.I illustrate the effects of this omission using data from the Spanish manufacturing industries between 1994 and 2001.Estimates from systems of equations models provide evidence of a conical revolving door phenomenon and of partial adjustments in the replacement-displacement of large firms.

KW - corporate size

KW - independency

KW - panel data

KW - simulation

M3 - Discussion paper

VL - 2004-2

T3 - CentER Discussion Paper

BT - Firm Size and Short-Term Dynamics in Aggregate Entry and Exit

PB - Vakgroep CentER

CY - Tilburg

ER -

Firm Size and Short-Term Dynamics in Aggregate Entry and Exit

Abstract

Publication series

Keywords

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