Turbulence in growing and declining industries |
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| Authors: | Rui Baptista Murat Karaöz |
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| Affiliation: | 1.IN+ Center for Innovation, Technology and Policy Research, Instituto Superior Técnico,Technical University of Lisbon,Lisbon,Portugal;2.Department of Engineering and Management, Instituto Superior Técnico,Technical University of Lisbon,Lisbon,Portugal;3.Department of Econometrics, Faculty of Economics and Administrative Sciences,Akdeniz University,Antalya,Turkey |
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| Abstract: | Turbulence over the industry life cycle is examined for the case of Portugal using the lowest possible level of industry aggregation, thus allowing for the use of panel data to study the evolution of product markets. Replacement of exiting firms by subsequent entrants plays a primary role in generating turbulence in high growth markets, while displacement of incumbents by recent entrants is the main selection force in declining markets. As the industry life cycle progresses, trial-and-error entry and entry mistakes decrease, and turbulence subsides. |
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