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Impeded Industrial Restructuring: The Growth Penalty

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Author Info
Audretsch, D.B.
Carree, M.A.
van Stel, A.J.
Thurik, A.R.

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Abstract

This paper documents that a process of industrial restructuring has been transforming the developed economies, where large corporations are accounting for less economic activity and small firms are accounting for a greater share of economic activity. Not all countries, however, are experiencing the same shift in their industrial structures. Very little is known about the cost of resisting this restructuring process. The goal of this paper is to identify whether there is a cost, measured in terms of forgone growth, of an impeded restructuring process. The cost is measured by linking growth rates of OECD countries to deviations from the optimal industrial structure. The empirical evidence suggests that countries impeding the restructuring process pay a penalty in terms of forgone growth. Dieses Diskussionspapier dokumentiert einen Strukturwandel, der zur Transformation der Wirtschaften hochentwickelter Länder führt: Großunternehmen verlieren gegenüber den kleineren Firmen relativ an Gewicht. Dieser Strukturwandel erfolgt in den einzelnen Ländern in unterschiedlichem Maße. Sehr wenig ist über die Konsequenzen bekannt, die entstehen, wenn ein Land sich dem Strukturwandel verweigert. Ziel dieses Papiers ist eine Einschätzung möglicher Kosten, die durch Behinderung des Strukturwandels entstehen. Derartige Kosten werden gemessen, indem die Wachstumsrate der OECD-Länder den Abweichungen von einer "optimalen" Unternehmensstruktur gegenübergestellt werden. Die empirische Evidenz legt die Vermutung nahe, dass Länder, welche den Strukturwandel behindern, eine "Strafe" in Form von Wachstumseinbußen bezahlen.

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Paper provided by Hamburg Institute of International Economics in its series Discussion Paper Series with number 26254.

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Date of creation: 2000
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Handle: RePEc:ags:hiiedp:26254

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Related research
Keywords: Industry structure; firm size distribution; entrepreneurship; economic growth; Industrial Organization; O11; L11;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Davis, Steven J & Haltiwanger, John & Schuh, Scott, 1996. " Small Business and Job Creation: Dissecting the Myth and Reassessing the Facts," Small Business Economics, Springer, vol. 8(4), pages 297-315, August.
    Other versions:
  2. Cohen, Wesley M & Klepper, Steven, 1992. " The Tradeoff between Firm Size and Diversity in the Pursuit of Technological Progress," Small Business Economics, Springer, vol. 4(1), pages 1-14, March.
  3. Carree, Martin & Klomp, Luuk, 1996. " Small Business and Job Creation: A Comment," Small Business Economics, Springer, vol. 8(4), pages 317-22, August.
  4. David B. Audretsch & A. Roy Thurik, 2000. "Capitalism and democracy in the 21st Century: from the managed to the entrepreneurial economy," Journal of Evolutionary Economics, Springer, vol. 10(1), pages 17-34. [Downloadable!] (restricted)
  5. Teece, David J, 1993. "The Dynamics of Industrial Capitalism: Perspectives on Alfred Chandler's Scale and Scope," Journal of Economic Literature, American Economic Association, vol. 31(1), pages 199-225, March. [Downloadable!] (restricted)
  6. Nickell, Stephen J, 1996. "Competition and Corporate Performance," Journal of Political Economy, University of Chicago Press, vol. 104(4), pages 724-46, August. [Downloadable!] (restricted)
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  7. Baumol, William J, 1990. "Entrepreneurship: Productive, Unproductive, and Destructive," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 893-921, October. [Downloadable!] (restricted)
  8. M. Carree & A. Thurik, 1998. "Small firms and economic growth in europe," Atlantic Economic Journal, International Atlantic Economic Society, vol. 26(2), pages 137-146, June. [Downloadable!] (restricted)
  9. Jensen, Michael C, 1993. " The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems," Journal of Finance, American Finance Association, vol. 48(3), pages 831-80, July. [Downloadable!] (restricted)
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  10. Nickell, Stephen & Nicolitsas, Daphne & Dryden, Neil, 1997. "What makes firms perform well?," European Economic Review, Elsevier, vol. 41(3-5), pages 783-796, April. [Downloadable!] (restricted)
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  11. David B. Audretsch & A. Roy Thurik, 1999. "Innovation, Industry Evoluation and Employment," Tinbergen Institute Discussion Papers 99-068/3, Tinbergen Institute. [Downloadable!]
  12. Holmes, Thomas J & Schmitz, James A, Jr, 1990. "A Theory of Entrepreneurship and Its Application to the Study of Business Transfers," Journal of Political Economy, University of Chicago Press, vol. 98(2), pages 265-94, April. [Downloadable!] (restricted)
  13. Cohen, Wesley M & Klepper, Steven, 1996. "A Reprise of Size and R&D," Economic Journal, Royal Economic Society, vol. 106(437), pages 925-51, July. [Downloadable!] (restricted)
  14. Romer, Paul M, 1990. "Endogenous Technological Change," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages S71-102, October. [Downloadable!] (restricted)
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  15. Oughton, Christine & Whittam, Geoff, 1997. "Competition and Cooperation in the Small Firm Sector," Scottish Journal of Political Economy, Scottish Economic Society, vol. 44(1), pages 1-30, February. [Downloadable!] (restricted)
  16. David Audretsch & Roy Thurik, 1997. "Sources of Growth," Tinbergen Institute Discussion Papers 97-109/3, Tinbergen Institute. [Downloadable!]
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