Invariances and Diversities in the Patterns of Industrial Evolution: Some Evidence from Italian Manufacturing Industries |
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Authors: | G Bottazzi E Cefis G Dosi A Secchi |
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Institution: | (1) Scuola Superiore Sant’ Anna, Piazza Martiri della Liberta 33, 56127 Pisa, Italy;(2) University of Bergamoe, Italy;(3) USE, Utrecht University, The Netherlands;(4) Scuola Superiore Sant’ Anna, Pisa, Italy |
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Abstract: | This work explores and compares some basic properties of corporate growth process at both aggregate manufacturing level and
disaggregated sectoral levels. Using an extensive dataset on Italian manufacturing firms, we investigate which properties
of firm growth dynamics are robust under disaggregation. We compare the results obtained with three different definitions
of firm size, namely total sales, number of employees and value added. Our analysis suggests that while different sectors
are characterized by significant differences in firm size distributions, in the degrees of concentration and in the autoregressive
structure of the growth processes, there are also regularities which hold across all of them, such as the approximate unit
root nature of the growth process and the power exponential shape of the growth rates density. Together, these “stylized facts”
suggest challenging puzzles on the drivers of corporate growth and the resulting industrial structures. |
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Keywords: | aggregation concentration firm growth size distribution |
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