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The Dynamic Adjustment Process of Firm Entry and Exit in Manufacturing and Finance, Insurance, and Real Estate

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Author Info
Troske, Kenneth R

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Abstract

This article examines the dynamic adjustment process of firm entry and exit in manufacturing and finance, insurance, and real estate (FIRE). The object is to extend our knowledge of firm dynamics to include firm exit as well as nonmanufacturing firms. This interindustry comparison of firm dynamics uses a unique longitudinal firm-level data set containing over 13,000 firms. I report three main findings. First, in both industries firm entry is characterized by a decline in the first two moments of the growth rate distributions and by a rise in the first two moments of the relative firm size distribution as firms age. Second, in both industries firm exit is characterized by falling mean growth rates and mean relative firm size for a number of periods prior to exit. Third, relative to FIRE, firm entry and exit in manufacturing is a longer process and involves larger adjustments in relative firm size. Copyright 1996 by the University of Chicago.

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Publisher Info
Article provided by University of Chicago Press in its journal Journal of Law & Economics.

Volume (Year): 39 (1996)
Issue (Month): 2 (October)
Pages: 705-35
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Handle: RePEc:ucp:jlawec:v:39:y:1996:i:2:p:705-35

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  1. Ted Frech, 2002. "Corporate Demography and Empirical Industrial Organization: A Critical Appraisal," University of California at Santa Barbara, Economics Working Paper Series wp7-01, Department of Economics, UC Santa Barbara. [Downloadable!]
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  2. Carlos Carreira & Paulino Teixeira, 2009. "The Shadow of Death: Analysing the Pre-Exit Productivity of Portuguese Manufacturing Firms," GEMF Working Papers 2008-05, GEMF - Faculdade de Economia, Universidade de Coimbra. [Downloadable!]
  3. Mathias Erlei, 2006. "Small is Successful!?," TUC Working Papers in Economics 0005, Abteilung für Volkswirtschaftslehre, Technische Universität Clausthal (Department of Economics, Technical University Clausthal). [Downloadable!]
  4. Renata Kosova & Francine Lafontaine, 2006. "Firm Survival and Growth in Retail and Service Industries: Evidence from Franchised Chains," Working Papers 0007, School of Business, The George Washington University. [Downloadable!]
  5. Fajnzylber, Pablo & Maloney, William F. & Ribeiro, Eduardo, 2001. "Firm entry and exit, labor demand, and trade reform : evidence from Chile and Colombia," Policy Research Working Paper Series 2659, The World Bank. [Downloadable!]
  6. Daunfeldt , Sven-Olov & Rudholm, Niklas & Bergström, Fredrik, 2002. "Entry into Swedish Retail- and Wholesale Trade Markets," UmeÃ¥ Economic Studies 599, Umeå University, Department of Economics. [Downloadable!]
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  7. Gian Luca Clementi & Hugo Hopenhagn, 2004. "A Theory of Financing Constraints and Firm Dynamics," Working Papers 04-25, New York University, Leonard N. Stern School of Business, Department of Economics. [Downloadable!]
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  8. Scott Schuh & Robert K. Triest, 1998. "Job reallocation and the business cycle: new facts for an old debate," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, issue Jun, pages 271-357. [Downloadable!]
  9. Scott Schuh & Robert K Triest, 1998. "Job Reallocation And The Business Cycle: New Facts An Old Debate," Working Papers 98-11, Center for Economic Studies, U.S. Census Bureau. [Downloadable!]
  10. Prantl, Susanne, 2003. "Bankruptcy and Voluntary Liquidation : Evidence for New Firms in East and West Germany after Unification," ZEW Discussion Papers 03-72, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research. [Downloadable!]
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