Essays On Firms Entry And Growth
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Essays On Firms Entry And Growth
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Author : Yong Tan
language : en
Publisher:
Release Date : 2013
Essays On Firms Entry And Growth written by Yong Tan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Electronic dissertations categories.
Economic Dynamism
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Author :
language : en
Publisher:
Release Date : 2014
Economic Dynamism written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
Essays In Economic Development Firm Dynamics And Inequality
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Author : Faisal Sohail
language : en
Publisher:
Release Date : 2018
Essays In Economic Development Firm Dynamics And Inequality written by Faisal Sohail and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with Electronic dissertations categories.
This dissertation studied detailed micro-level evidence to understand macroeconomic outcomes over time and across economies. The three chapters that comprise this dissertation study the following: 1) the role of employer size in the entry, size and growth of firms, 2) the interaction of income inequality and entrepreneurial entry, and 3) the effects of financial market liberalization on income inequality. Identifying the determinants of firm entry, size and growth is important for understanding aggregate outcomes within and across economies. The first chapter, "Employer Size and Spinout Dynamics" contributes to this understanding by studying the role of employer size on the formation and success of spinouts i.e. firms founded by former employees of existing firms. Using individual and firm level data from Mexico, I document a negative (positive) relationship between spinout entry (growth) and employer size. In other words, smaller firms are more likely to generate spinouts than larger firms and these spinouts grow slower than those from larger firms. Although a qualitatively similar relationship is observed in data from the U.S., there are large quantitative differences in the levels of spinout formation. To understand the impact of these differences on aggregate outcomes, I build an empirically consistent model of occupational choice and firm dynamics in which workers can learn from and adopt the productivity of their employers to form spinouts. In this framework, differences in the rate of spinout formation between U.S. and Mexico are driven by differences in the efficiency with which employees learn from their employers. I interpret this efficiency as capturing a form of managerial quality. Calibrating the model to match spinout entry across the two countries accounts for a significant share of the observed differences in output per worker, entrepreneurship and firm growth. These findings highlight the relevance of spinouts for aggregate outcomes, as well as the potential for management practices to not only impact incumbent firms but also future entrants. In the second chapter of this dissertation, "Skill Biased Entrepreneurial Decline", my co-author and I study the forces behind the decline of firm startups in the U.S. since the late 70's. We document that this decline in entry into entrepreneurship is more pronounced for skilled individuals and posit that it is due, in part, to the changing income structures of workers and entrepreneurs. We show this to be the case by introducing a rising worker skill premium in a model of occupational choice. Our findings emphasize the importance of rising income inequality in understanding the skill biased decline in entrepreneurship and the broader decline in business dynamism in the U.S. In the third chapter, "Financial Market Liberalization and Inequality", my co-authors and I investigate the role of bank branching deregulation on inequality at the top and bottom end of the income distribution in the U.S. By exploiting differences in the timing of deregulation across states , we establish a causal link between financial market liberalization and the increase (decrease) of top (bottom) income inequality. We argue that deregulation impacts inequality through direct effects on earnings in the financial sector, as well as indirect spill overs from this sector to the rest of the economy. Empirical evidence supporting these direct and indirect channels is provided. These findings contribute to understanding current trends and predicting future trends in inequality.
Essays On Nonlinear Processes And Outcomes Of New Firm Growth
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Author : Julien Salanave-Pehe
language : en
Publisher:
Release Date : 2022
Essays On Nonlinear Processes And Outcomes Of New Firm Growth written by Julien Salanave-Pehe and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with Business enterprises categories.
Why do most new firms which survive not grow while a handful grow sporadically, and rare outliers grow disproportionately? The prolific multi-disciplinary firm growth literature offers limited, disjointed, and inconclusive explanations of new venture growth. This dissertation, structured in three essays, examines the under-investigated nonlinear processes and outcomes of growth in new firms from different angles. In the first essay, the notion of new firm growth is explored from a theoretical perspective and a novel overarching conceptualization is proposed that spans across different theoretical lenses and levels of analysis. Reconciling different theoretical approaches is important because no single theory developed so far singlehandedly offers a comprehensive explanation as to why new firm growth is rare, sporadic, and highly skewed. By reframing the Penrose resource logic of firm growth as a system of process-outcome interactions and making use of organizational theories of change to further characterize these interactions, the essay proposes that nonlinear patterns of resource accumulation within and across new firms arise from feedback loops between teleological, evolutionary, and dialectical mechanisms of organizational change. This allows to reconcile three seemingly juxtaposing theoretical perspectives on the causality of firm growth being deterministic, voluntaristic or stochastic Firm-level growth nonlinearities are explored empirically in the second essay by testing the assumption of non-linear effects of resources on new firm growth. Emphasis is placed on financial resources, because they are foundational to acquiring other forms of resources, are highly versatile and comparable across industries and settings. Competing hypotheses of a positive linear, negative linear and curvilinear effect of financial resources on early growth outcomes in new firms are tested by aggregating meta-analytic evidence across a sample of published studies. By rejecting the linear positive and linear negative hypotheses and confirming the curvilinear relationship, the findings indicate more nuanced effects of versatile resources on growth in the uncertain context of new firms than prominently considered in resource-based literature. In the final essay, population-level nonlinearities of growth are studied by exploring under which conditions a parsimonious process whereby new firms allocate resources to pursue uncertain opportunities may explain the empirical regularities (rare, sporadic, and highly skewed) of new firm growth and result in a heavy-tailed distribution of growth outcomes across a population of new firms. Using an agent-based simulation, we also control for key parameters potentially influencing the process. Closest alignment of the proposed process with empirical regularities is found when (i) founding sizes of new firms are normally distributed, (ii) new firms follow bounded rationality rules to select which uncertain opportunities to pursue rather than randomly pick them, and (iii) the degree of uncertainty affecting opportunities is low to moderate. These findings shed new light on other generative mechanisms of growth and heavytailed firm size distributions considered in literature. The essay also introduces novel operationalizations of important theoretical constructs in entrepreneurship literature: opportunity, uncertainty, and product market fit
Essays On Entrepreneurship High Growth Firms And Institutions
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Author : Anna Rebmann
language : en
Publisher:
Release Date : 2015
Essays On Entrepreneurship High Growth Firms And Institutions written by Anna Rebmann and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
Three Essays On The Growth Of Firms
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Author : Paul A. Kattuman
language : en
Publisher:
Release Date : 1993
Three Essays On The Growth Of Firms written by Paul A. Kattuman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with categories.
Essays On Firms In Developing Countries
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Author : Jie Bai (Ph. D.)
language : en
Publisher:
Release Date : 2016
Essays On Firms In Developing Countries written by Jie Bai (Ph. D.) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
This thesis consists of three chapters on microeconomic issues of firms in developing countries and the impact of government policies on business growth. The first chapter examines firms' incentive to establish a reputation for quality. A key problem in developing countries is the lack of reliable provision of high quality goods and services. I designed an experiment to understand this phenomenon in a setting that features typical market conditions in a developing country: the retail watermelon market in a major Chinese city. I begin by demonstrating empirically that there is substantial asymmetric information between sellers and buyers on sweetness, the key indicator of quality for watermelons, yet sellers do not sort and price watermelons by quality. I then randomly introduce one of two branding technologies into 40 out of 60 markets-one sticker label that is widely used and often counterfeited and one novel laser-cut label. I track sellers' quality, pricing and sales over an entire season and collect household panel purchasing data to examine the demand side's response. I find that laser branding induced sellers to provide higher quality and led to higher sales profits, establishing that reputational incentives are present and can be made to pay. However, after the intervention was withdrawn, all markets reverted back to baseline. To rationalize the experimental findings, I build an empirical model of consumer learning and seller reputation. The results indicate that information frictions and fragmented markets lead to significant under-provision of quality in this setting. Though there is a high demand for quality, trust could take a long time to establish under the existing branding technology, which makes reputation building a low return investment. While the new branding technology enhances consumer learning, small individual sellers do not have the incentive to invest in this technology due to their small market size and market competition. The second chapter (co-authored with Seema Jayachandran, Edmund J. Malesky and Benjamin Olken) considers how local governments' bribe extraction could interact with firms' growth. We propose a model in which government officials' choice of how much bribe money to extract from firms is modulated by inter-jurisdictional competition. The model predicts that economic growth decreases the rate of bribe extraction under plausible assumptions, with the benefit to officials of demanding a given share of revenue as bribes outweighed by the increased risk that firms will move elsewhere. A second prediction is that the negative effect of growth on bribery is larger if firms are more mobile. We find empirical support for these predictions. In particular, we employ two instrumental variables strategies-one based on growth in a firm's industry in other provinces within Vietnam and another based on industry growth in neighboring China and find that growth causes a decrease in bribe extraction. Our results suggest that as poor countries grow, corruption could subside on "its own." Consistent with the model's predictions, we find that the effect is for firms whose property rights to their land are transferable and who have operations in multiple provinces, two proxies for geographic mobility. The third chapter examines the impact of internal trade barriers on firms' performance and export activities. It is well known that various forms of non-tariff barriers exist among Chinese provinces. However, empirically, it is difficult to measure these barriers because they can take many forms. I take advantage of an export VAT rebate policy reform in 2004 as a natural experiment to identify the existence of internal trade barriers and study the impact on TFP and resource allocation. In particular, as a result of shifting tax rebate burdens, the 2004 reform leads to a greater incentive for the provincial governments to block the domestic flow of non-local goods related to exporting. I find that foreign trade companies in the coastal region become more "inward-looking" in the years after the reform, consistent with rising local trade barriers. The value of exports through intermediaries grows less in the inland region relative to the coastal region, and the negative effect is larger in inland provinces with greater exposure to the reform, measured using baseline reliance on trade through intermediaries. I extend the standard open-economy heterogeneous firm model by adding an intermediary sector as in Ahn, Khandelwal and Wei (2011) but with a new focus on the intermediary's role of domestic sourcing. The model can be used to analyze general equilibrium effects, examine firms' entry and exit into exporting, and quantify the distortion on TFP.
Firms And Markets
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Author : K. Tucker
language : en
Publisher: Routledge
Release Date : 2018-01-12
Firms And Markets written by K. Tucker and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-01-12 with Business & Economics categories.
Industrial and business economics is a very important field with a great deal of relevance to the commercial world and to business studies students as well as to economists. It is a rapidly developing field in which many new research advances have been made in recent years. This book, first published in 1986, considers many aspects of both the theory of and the evidence on economic behaviour, and in particular the operations of firms and markets. The book was written in honour of Basil Yamey by his former research students.
Essays On Finance Of Innovation Firm Dynamics And Economic Growth
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Author : Sina T. Ateş
language : en
Publisher:
Release Date : 2015
Essays On Finance Of Innovation Firm Dynamics And Economic Growth written by Sina T. Ateş and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
Aggregate productivity, fundamental cause of long-run economic growth, plays a crucial role in determining economic development and living standards of nations. The main source of aggregate productivity growth is technological advances that are the outcomes of firms' and entrepreneurs' innovative activity. Complementary to the growing literature that studies how firm dynamics shape technological change, my dissertation focuses on how financial decisions of these agents affect this process. The three chapters of my dissertation provide theoretical, empirical, and quantitative investigation of the interplay between financial and innovative actions of heterogeneous firms along with its implications on aggregate productivity growth. Chapter one studies the impact of financial system on net firm entry, an important source of aggregate productivity growth. Selective funding of most promising ideas by financial intermediaries creates a trade-off between the mass of entrant firms and their average contribution to aggregate productivity. This chapter highlights the relevance of firm heterogeneity for the relationship between finance and growth, and discusses the theoretical and empirical implications of the resulting trade-off in firm entry. Chapter two also builds on the above mass-composition link, and uses it to study the permanent productivity losses due to sudden stops (SS). The model embeds the main mechanism into a real business cycle small open economy framework to measure the forgone productivity contribution of entrants deprived of funding. The theoretical prediction is that, during SS, smaller yet on average more productive cohorts enter the market. Chilean plant-level data that cover the 1998 SS verify this prediction, while the calibrated model demonstrates the quantitative significance of heterogeneity and selection in measuring the long-run productivity loss. Chapter three focuses on a specific financial intermediary that is especially relevant to innovation and growth, namely venture capital (VC) finance. It studies VC's quantitative impact on firm dynamics and economic growth using a new dynamic equilibrium model of technological change with heterogeneous firms and an explicit VC market. Distinctively, the model incorporates a unique feature of VC firms: their operational knowledge (OK) bundled with their investment. Experiments based on the estimated model highlight the quantitative relevance of OK and analyze policy implications.
Growth Profits And Property
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Author : Edward J. Nell
language : en
Publisher: CUP Archive
Release Date : 1979
Growth Profits And Property written by Edward J. Nell and has been published by CUP Archive this book supported file pdf, txt, epub, kindle and other format this book has been release on 1979 with Business & Economics categories.
This collection of essays is designed to illustrate the variety, complexity and power of non-neoclassical economic thinking. The essays define the fundamental questions differently, employ different analytical tools and arrive at different conclusions. The two strands of non-neoclassical thinking that occupy most of the book are the neo-Keynesian and the neo-Marxian. The bulk of the book is composed of essays on microeconomics, macroeconomics, trade, comparative systems and welfare, with an unusual section on property rights and social hierarchy.