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Spatial Patterns of Headquarters

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    Abstract

    This study of the spatial concentration of the headquarters of exchange-listed companies suggests that the relevancy of the "efficiency parameter" of agglomeration theory still holds in explaining the location of headquarters, especially when the production function is reinterpreted as a productivity function. The sample of 5189 headquarters exceeds previous studies of Fortune 500 firms. Across industries, a high degree of clustering is found: 40% of the nation's headquarters were found in twenty counties. Cluster analysis suggests grouping patterns for headquarters; discriminant analysis confirms the uniqueness of these spatial clustering patterns across 229 urban counties. For certain industries, the clustering occurs within small areas. The headquarters of these spatially-correlated groups of firms money and media, gas and electric, business services, and machining technology were mapped at the county and zipcode level for counties within major metropolitan areas. The spatial density patterns take on traditional urban forms: core, ring and wedge.

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    File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol17n03/v17p341.pdf
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    Bibliographic Info

    Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

    Volume (Year): 17 (1999)
    Issue (Month): 3 ()
    Pages: 341-364

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    Handle: RePEc:jre:issued:v:17:n:3:1999:p:341-364

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    Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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    Web page: http://www.aresnet.org/

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    Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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    Web: http://aux.zicklin.baruch.cuny.edu/jrer/about/get.htm

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    1. Wayne R. Archer & Marc T. Smith, 1992. "Filtering in Office Markets: Evidence from Medium-Size Cities," Journal of Real Estate Research, American Real Estate Society, vol. 7(2), pages 125-138.
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    Cited by:
    1. Gilles Duranton & Diego Puga, 2001. "From sectoral to functional urban specialisation," Working Papers dpuga-01-01, University of Toronto, Department of Economics.
    2. Francis, Bill & Hasan, Iftekhar & John, Kose & Waisman , Maya, 2012. "Urban agglomeration and CEO compensation," Research Discussion Papers 17/2012, Bank of Finland.
    3. Johannes Voget, 2010. "Headquarter Relocations and International Taxation," Working Papers 1008, Oxford University Centre for Business Taxation.
    4. Boris A. Portnov, 2005. "Development similarity based on proximity - a case study of urban clusters in Canada," ERSA conference papers ersa05p137, European Regional Science Association.
    5. George A. Erickcek & Hannah McKinney, 2004. "Small Cities Blues: Looking for Growth Factors in Small and Medium-Sized Cities," Upjohn Working Papers and Journal Articles 04-100, W.E. Upjohn Institute for Employment Research.
    6. Fuerst, Franz, 2007. "Office Rent Determinants: A Hedonic Panel Analysis," MPRA Paper 11445, University Library of Munich, Germany.
    7. Joseph S. Rabianski & James R. DeLisle & Neil G. Carn, 2001. "Corporate Real Estate Site Selection: A Community-Specific Information Framework," Journal of Real Estate Research, American Real Estate Society, vol. 22(1/2), pages 165-198.
    8. Barrett A. Slade, 2000. "Office Rent Determinants during Market Decline and Recovery," Journal of Real Estate Research, American Real Estate Society, vol. 20(3), pages 357-380.
    9. Strauss-Kahn, Vanessa & Vives, Xavier, 2005. "Why and Where do Headquarters Move?," CEPR Discussion Papers 5070, C.E.P.R. Discussion Papers.

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