The Macroeconomic Environment and the Size Pattern of Business Firms
AbstractEmpirical evidence shows that the second half of the 20th century has been characterised by a dramatic change in the evolutionary pattern of firms' size structure: the general tendency towards a growing importance of big business which marked the first phase of post-war development came to a halt in the early '70s, making way to a gradual decrease of the average size of firms and an employment shift towards smaller sized units. This paper argues that such a phenomenon is closely related to the major changes which have affected the macroeconomic environment over the same period, bringing to an end the so-called Golden Age. Particular emphasis is given to the role played, in this connection, by both the increase in the strength of global competition and structurally higher market uncertainty.
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Bibliographic InfoPaper provided by ESRC Centre for Business Research in its series ESRC Centre for Business Research - Working Papers with number wp192.
Date of creation: Mar 2001
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Golden Age and big business; uncertainty; competition and firm downsizing; vertical integration; business de-conglomeration.;
Find related papers by JEL classification:
- D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
- D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
- L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
- L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior
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