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Does Gibrat's Law hold among young,small firms? 总被引:1,自引:0,他引:1
Francesca?Lotti Enrico?SantarelliEmail author Marco?Vivarelli 《Journal of Evolutionary Economics》2003,13(3):213-235
According to Gibrat's Law of Proportionate Effect, the growth rate of a given firm is independent of its size at the beginning of the examined period. Aimed at extending this line of investigation, the present paper uses quantile regression techniques to test whether Gibrat's Law holds for new entrants in a given industry: that is for new small firms in the early stage of their life cycle. The main finding is that for some selected industries in Italian manufacturing Gibrat's Law fails to hold in the years immediately following start-up, when smaller firms have to rush in order to achieve a size large enough to enhance their likelihood of survival. Conversely, in subsequent years the patterns of growth of new smaller firms do not differ significantly from those of larger entrants, and the Law therefore cannot be rejected.JEL Classification:
L11, L60Previous versions of this paper were presented at the 27th Annual EARIE Conference (Lausanne, 7-10 September 2000) and at seminars held between 2000 and 2003 at the Economics Department of Harvard University, the Catholic University of Milan, the University of Ferrara, the University of Bologna, the Bank of Italy, and Athens University of Economics & Business. We would like to thank Carlo Bianchi, Giuseppe Colangelo, Giovanni Dosi, Steven Klepper (Editor), Stephen Martin, Ariel Pakes, Aman Ullah and, in particular, Helen Louri and two anonymous referees for their valuable comments on earlier drafts. Financial support from MIUR (Year 2000; protocol #MM13038538_001; project leader: E. Santarelli) is gratefully acknowledged.Correspondence to: E. Santarelly 相似文献
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Call for papers 相似文献
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Defending Gibrat’s Law as a long-run regularity 总被引:1,自引:0,他引:1
According to Gibrat’s Law of Proportionate Effect, the growth rate of a given firm is independent of its size at the beginning
of the period examined. While earlier studies tended to confirm the Law, more recent research generally rejects it. This article
reconciles these two streams of literature, taking into account the role of market selection and learning in reshaping a given
population of firms through time. Consistently with previous studies, we find that Gibrat’s Law has to be rejected ex ante,
since smaller firms tend to grow faster than their larger counterparts. However, a significant convergence toward Gibrat-like
behavior can be detected ex post. This finding is an indication that market selection “cleans” the original population of
firms, so that the resulting industrial “core” does not depart from a Gibrat-like pattern of growth. From a theoretical point
of view, this result is consistent with those models based on passive and active learning, and can be seen as a defense of
the validity of the Law in the long-run.
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Marco VivarelliEmail: |
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Previous empirical literature has tested the demand-pull hypothesisand found that innovation may be driven by output. Using a balancedpanel of 216 Italian manufacturing firms (1995–2000) andchecking for the path-dependent nature of R&D we find arole of sales in inducing R&D. However, the demand-pulleffect plays a varying role for different sub-samples of firms.Exporting firms, liquidity-constrained firms, unsubsidised firmsand those not heading a group seem to be sensitive to salesin deciding R&D. These results have been obtained usinga Least Squares Dummy Variable Corrected Estimator, a recentpanel-data technique suitable for small samples. 相似文献
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Marco Vivarelli 《Small Business Economics》1991,3(3):215-223
This paper deals with the birth of new enterprises both from a theoretical and an empirical point of view. In the first part of the work, the conventional economic wisdom is compared with some alternative approaches leading to multicausal frameworks. The author tests their relative explanatory features in the second part of the paper. Elaborating the results of 720 questionnaires filled by new Italian entrepreneurs, the importance of economic variables as income expectations and barriers to entry in shaping the diffusion of new enterprises is confirmed. On the other hand, personal backgrounds and motivations as well as environment factors turn out to have a crucial role, too. 相似文献
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This study underlines that the decision to enter into an external R&D relationship is related to an antecedent decision to carry out R&D. This calls for an empirical approach that permits the joint analysis of the determinants of the two decisions, correcting for sample selectivity. Based on a sample of Italian manufacturing firms, the results confirm the need to adopt this approach. Another contribution made by this study is the managerial implications that can be derived from its empirical model, which provide a better understanding of the factors associated with a firm's decision to engage in R&D both independently and with external partners. 相似文献