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Firm Dynamics: The Size and Growth Distribution of Firms
KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics (Closed (20130101).
2013 (English)Doctoral thesis, comprehensive summary (Other academic)
Abstract [en]

This thesis is about firm dynamics, and relates to the size and growth-rate distribution of firms. As such, it consists of an introductory and four separate chapters. The first chapter concerns the size distribution of firms, the two subsequent chapters deal more specically with high-growth firms (HGFs), and the last chapter covers a related topic in distributional estimation theory. The first three chapters are empirically oriented, whereas the fourth chapter develops a statistical concept.

Place, publisher, year, edition, pages
Stockholm: KTH Royal Institute of Technology, 2013. , 44 p.
Series
TRITA-IEO, ISSN 1100-7982 ; 2013:2
Keyword [en]
Firm size distribution, High-growth firms, Gazelles Firm growth- rate distribution
National Category
Economics and Business Economics
Identifiers
URN: urn:nbn:se:kth:diva-118333ISBN: 978-91-7501-642-9 (print)OAI: oai:DiVA.org:kth-118333DiVA: diva2:605668
Public defence
2013-03-07, F3, Lindstedv 30, KTH, Stockholm, 10:00 (English)
Opponent
Supervisors
Note

QC 20130215

Available from: 2013-02-15 Created: 2013-02-14 Last updated: 2017-01-19Bibliographically approved
List of papers
1. Industry Differences in the Firm Size Distribution
Open this publication in new window or tab >>Industry Differences in the Firm Size Distribution
2013 (English)Other (Other academic)
Abstract [en]

This paper empirically examines industry determinants of the shape of Swedish firm size distributions at the 3-digit (NACE) industry level between 1999-2004 for surviving firms. Recent theoretical studies have begun to develop a better understanding of the causal mechanisms behind the shape of firm size distributions. At the same time there is a growing need for more systematic empirical research. This paper therefore presents a two-stage empirical model, in which the shape parameters of the size distribution are estimated in a rst stage, with rm size measured as number of employees. In a second stage regression analysis, anumber of hypotheses regarding economic variables that may determine the distributional shape are tested. The result from the first step are largely consistent with previous statistical ndings conrming a power law. The main nding, however, is that increases in industry capital and nancial constraint exert a considerable inuence on the size distribution, shaping it over time towards thinner tails, and hence fewer large firms.

Keyword
Firm size distribution, Zipf's law, Gibrat's law
National Category
Economics
Identifiers
urn:nbn:se:kth:diva-118329 (URN)
Note

QC 20130215

Available from: 2013-02-14 Created: 2013-02-14 Last updated: 2013-02-15Bibliographically approved
2. Are High-Growth Firms One-Hit Wonders?: Evidence from Sweden
Open this publication in new window or tab >>Are High-Growth Firms One-Hit Wonders?: Evidence from Sweden
2015 (English)In: Small Business Economics, ISSN 0921-898X, E-ISSN 1573-0913, Vol. 44, no 2, 361-383 p.Article in journal (Refereed) Published
Abstract [en]

Most firms do not grow, and a small number of high-growth firms seem to create most new jobs. These firms have therefore received increasing attention among policymakers. The question is whether high-growth tends to persist? We investigate this question using data on 432,689 observa-ions in Sweden during 1998-2008. We find that high-growth firms had declining growth rates in the previous 3-year period, and their probability of repeating high growth rates was very low. HGFs are essentially one-hit wonders, and it is thus doubtful whether policymakers can improve economic outcomes by targeting them.

Keyword
Gazelles, High-growth firms, Growth persistence, Autocorrelation, Transition probabilities
National Category
Economics and Business
Identifiers
urn:nbn:se:kth:diva-118330 (URN)10.1007/s11187-014-9599-8 (DOI)000348929300008 ()
Note

QC 20130215. QC 20140312. Updated from manuscript to article in journal.

Available from: 2013-02-14 Created: 2013-02-14 Last updated: 2017-12-06Bibliographically approved
3. Identifying High-Growth Firms
Open this publication in new window or tab >>Identifying High-Growth Firms
2013 (English)Other (Other academic)
Abstract [en]

This paper investigates the role(s) of high-growth firms (HGFs) in the robust growth-rate distribution. HGFs are identied as firms for which the growth-rate distribution exhibits power-law decay. In contrast to the traditional means of identifying HGFs, a distributional approach eliminates the need to specify an arbitrary growth rate or percentage share. The latter approach is illustrated by the growth-rate distribution for Swedish data on incorporated firms at the aggregate level and at the 2-digit in-dustry level. The empirical results indicate that a power law is sometimes present in the growth-rate distribution and suggest that HGFs are rarer than previously thought.

Keyword
High-growth rms Gazelles, Firm growth-rate distribution, Laplace distribution, Power law
National Category
Economics and Business
Identifiers
urn:nbn:se:kth:diva-118331 (URN)
Note

QC 20130215

Available from: 2013-02-14 Created: 2013-02-14 Last updated: 2013-02-15Bibliographically approved
4. On the Estimation of Skewed Geometric Stable Distributions
Open this publication in new window or tab >>On the Estimation of Skewed Geometric Stable Distributions
2013 (English)Other (Other academic)
Abstract [en]

The increasing interest in the application of geometric stable distribu-tions has lead to a need for appropriate estimators. Building on recent procedures for estimating the Linnik distribution, this paper develops two estimators for the geometric stable distribution. Closed form expressions are provided for the signed and unsigned fractional momentsof the distribution. The estimators are then derived using the methods of fractional lower order moments and that of logarithmic moments. Their performance is tested on simulated data, where the lower order estimators, in particular, are found to give ecient results over most of the parameter space.

Keyword
Geometric stable distribution, Estimation, Fractional lower order moments, Logarithmic moments, Economics
National Category
Economics and Business
Identifiers
urn:nbn:se:kth:diva-118332 (URN)
Note

QC 20130215

Available from: 2013-02-14 Created: 2013-02-14 Last updated: 2013-02-15Bibliographically approved

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