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Empirical investigations into the characteristics and determinants of the growth of firms

Abstract : This thesis presents empirical investigations into the growth of firms, using datasets on French and US manufacturing firms. We begin with a lengthy literature review to clearly identify the gaps in the existing literature. We then investigate Gibrat's law and examine the distribution of growth rates. We investigate serial correlation patterns in growth rates and observe that small firms have negative autocorrelation whilst larger firms have positive autocorrelation. In a theoretical discussion we contrast the mainstream 'financial constraints' theory with evolutionary theory, and conclude that neoclassical work may have exaggerated the extent of financial constraints. In our dataset, firm growth is more or less independent from financial performance and we conclude that selection pressures are weak
In the final part we consider the relationship between innovation and firm performance Quantile regression techniques reveal that innovation leads to remarkably superior performance in a minority of cases (the 'superstar firms') but has little effect for the 'average firm' .
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Submitted on : Tuesday, July 17, 2007 - 2:14:07 PM
Last modification on : Tuesday, January 19, 2021 - 11:08:28 AM
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  • HAL Id : tel-00163394, version 1



Alex Coad. Empirical investigations into the characteristics and determinants of the growth of firms. Economics and Finance. Université Panthéon-Sorbonne - Paris I, 2007. English. ⟨tel-00163394⟩



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