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The Performance of German Firms in the Business-Related Service Sector: A Dynamic Analysis

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  • Nguyen Van P.
  • Laisney F.
  • Kaiser U.

Abstract

We analyze the performance of firms in the German business-related services sector. A quarterly business survey provides the panel data base of our study. Firm performance is measured by the survey respondents’ ordinal indication of their changes in total sales. We use a first-order Markov chain and a multinomial logit specification to model the transition probabilities. Three variants of the model are estimated: a linear index model with and without unobserved firm heterogeneity and a semiparametric model. Main results are that firm size has a positive effect on firm performance, that young firms outperform older competitors, that a bank-relationship with a single creditor has a stabilizing effect and that the degree of diversification has a negative impact on firm performance. The legal status appears to have no significant effect.

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Bibliographic Info

Article provided by American Statistical Association in its journal Journal of Business and Economic Statistics.

Volume (Year): 22 (2004)
Issue (Month): (July)
Pages: 274-295

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Handle: RePEc:bes:jnlbes:v:22:y:2004:p:274-295

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