Productivity, market selection, and corporate growth: comparative evidence across US and Europe

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• 作者：Giovanni Dosi ; Daniele Moschella ; Emanuele Pugliese…
• 关键词：Firm heterogeneity ; Productivity decomposition ; Corporate growth ; Market selection ; Learning ; Firm–industry dynamics ; C23 ; D22 ; L10 ; L20 ; O47
• 刊名：Small Business Economics
• 出版年：2015
• 出版时间：October 2015
• 年：2015
• 卷：45
• 期：3
• 页码：643-672
• 全文大小：859 KB
• 参考文献：Acemoglu, D., Akcigit, U., Bloom, N., & Kerr, W. R., (2013). Innovation, reallocation and growth. NBER working paper 18993. National Bureau of Economic Research.
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• 作者单位：Giovanni Dosi (1)
  Daniele Moschella (1)
  Emanuele Pugliese (1)
  Federico Tamagni (1)
  
  1. Institute of Economics, Scuola Superiore Sant’Anna, Piazza Martiri della Libertá 33, 56127, Pisa, Italy
  
• 刊物类别：Business and Economics
• 刊物主题：Economics
  Management
  Microeconomics
  Entrepreneurship
  Industrial Organization
  
• 出版者：Springer Netherlands
• ISSN：1573-0913

文摘

This paper analyses the patterns of market selection in manufacturing industries of France, Germany, UK, and USA. We first disentangle the contribution to industry-level productivity growth of within-firm productivity changes and between-firm reallocation of shares. The evidence corroborates the notion that within-firm learning prevails over market selection forces, with larger firms driving such innovation and learning processes. Second, we address the “strength-of selection by exploring to what extent firm growth rates are shaped by relative productivity levels as compared to variation thereof. Our key finding is that, although changes in relative efficiency have a greater impact on growth than relative efficiency levels, there is an overall weak relationship between productivity and growth and, therefore, a weak power of selection forces in all countries. The results hold across firms of different size, but we also find that selection bites more on SMEs. Keywords Firm heterogeneity Productivity decomposition Corporate growth Market selection Learning Firm–industry dynamics