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Corporate growth convergence in Europe

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Author Info
Paul Geroski
Klaus Gugler

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Abstract

It is widely believed that the implementation of the Single Market Programme in 1992 has induced a transformation in industrial structures across Europe. Some people believe that it has driven Europe towards a common industrial structure. However, using a newly available database covering nearly every firm above 100 employees in 14 European countries over the time period 1994 to 1998, the hypothesis of convergence in corporate sizes within industries is unambiguously rejected by the data. A Gibrat process best describes the growth of very large and mature firms, but smaller and younger firms depart from this prediction. Pre-post 1992 comparisons using another database for larger listed firms reveal that the speed of convergence actually decreased post-1992. Copyright 2004, Oxford University Press.

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File URL: http://hdl.handle.net/10.1093/oep/gpf055
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Publisher Info
Article provided by Oxford University Press in its journal Oxford Economic Papers.

Volume (Year): 56 (2004)
Issue (Month): 4 (October)
Pages: 597-620
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Handle: RePEc:oup:oxecpp:v:56:y:2004:i:4:p:597-620

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  2. P. Hart, 2000. "Theories of Firms' Growth and the Generation of Jobs," Review of Industrial Organization, Springer, vol. 17(3), pages 229-248, November. [Downloadable!] (restricted)
  3. Geroski, Paul A & Samiei, Hossein & Urga, Giovanni, 1997. "Are Differences in Firm Size Transitory or Permanent?," CEPR Discussion Papers 1691, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  4. Wernerfelt, Birger & Montgomery, Cynthia A, 1988. "Tobin's q and the Importance of Focus in Firm Performance," American Economic Review, American Economic Association, vol. 78(1), pages 246-50, March. [Downloadable!] (restricted)
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  16. Schmalensee, Richard, 1992. "Sunk Costs and Market Structure: A Review Article," Journal of Industrial Economics, Blackwell Publishing, vol. 40(2), pages 125-34, June. [Downloadable!] (restricted)
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  1. Alex Coad, 2008. "Firm growth and scaling of growth rate variance in multiplant firms," Economics Bulletin, Economics Bulletin, vol. 12(9), pages 1-15. [Downloadable!]
    Other versions:
  2. Harald Oberhofer & Michael Pfaffermayr, . "Firm Growth in Multinational Corporate Groups," Working Papers 2008-10, Faculty of Economics and Statistics, University of Innsbruck. [Downloadable!]
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