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Exit from Declining Industries: "Shakeout" or "Stakeout"?

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Author Info
Marvin B. Lieberman
Abstract

Data on 30 chemical products are used to examine the sequence of divestment in declining industries. Small firms and plants might be expected to close first, given lack of scale economies. However, recent theories suggest that large producers may have greater incentives to exit or cut capacity. Both predictions receive some empirical support. Small plants had higher rates of closure, and most exiting firms were small. Holding the influence of plant size constant, large multiplant firms were more likely to close individual plants.

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Publisher Info
Article provided by The RAND Corporation in its journal RAND Journal of Economics.

Volume (Year): 21 (1990)
Issue (Month): 4 (Winter)
Pages: 538-554
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Handle: RePEc:rje:randje:v:21:y:1990:i:winter:p:538-554

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  1. John Sutton, 1996. "Gibrats Legacy," STICERD - Economics of Industry Papers 14, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE. [Downloadable!]
  2. Gamal Atallah, 2002. "Opportunity Costs, Competition, and Firm Selection," CIRANO Working Papers 2002s-74, CIRANO. [Downloadable!]
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  3. Richard I.D. Harris & Qian Cher Li, . "Export-market dynamics and the probability of firm closure: Evidence for the UK," Working Papers 2008_17, Department of Economics, University of Glasgow. [Downloadable!]
  4. Andrew B. Bernard & J. Bradford Jensen, 2006. "Firm Structure, Multinationals, and Manufacturing Plant Deaths," Peterson Institute Working Paper Series WP06-7, Peterson Institute for International Economics. [Downloadable!]
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  5. Richard I. D. Harris, 2001. "Comparing Regional Technical Efficiency in UK Manufacturing Plants: The Case of Northern Ireland 1974--1995," Regional Studies, Taylor and Francis Journals, vol. 35(6), pages 519-534, August. [Downloadable!] (restricted)
  6. Suárez, Fernando F., 1960- & International Center for Research on the Management of Technology., 1991. "Dominant designs and the survival of firms," Working papers 3340-91. WP (Internationa, Massachusetts Institute of Technology (MIT), Sloan School of Management. [Downloadable!]
  7. van Kranenburg, Hans L. & Palm, Franz C. & Pfann, Gerard A., 2002. "Survival in a Concentrating Industry: The Case of Daily Newspapers in the Netherlands," IZA Discussion Papers 565, Institute for the Study of Labor (IZA). [Downloadable!]
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