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Managerial Tenure, Business Age And Small Business Dynamics

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  • James A Schmitz
  • Thomas J Holmes

Abstract

This paper studies a Census Bureau survey of the small business sector that contains information on business age, business size and other proxies for business quality, information, typically available on business data sets, as well as proxies for the quality of the manager of each business, information that is not common to such data sets. One of the key proxies for managerial quality is the length of time the manager has been running the business, that is, managerial tenure. With proxies for both the underlying quality of each business and for the quality of the manager running the business, we are able to begin separating the influences of the manager from that of the underlying business on such factors as business discontinuance and business transfer. An example of the questions we explore is: Holding business quality fixed, what is the impact of the manager on the probability of business discontinuance? Regarding this question, we find that managers have a large impact on the course of their businesses, in particular, among businesses of the same age, managerial tenure has a significant impact on the probability of business discontinuance and transfer.

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File URL: ftp://ftp2.census.gov/ces/wp/1992/CES-WP-92-11.pdf
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Bibliographic Info

Paper provided by Center for Economic Studies, U.S. Census Bureau in its series Working Papers with number 92-11.

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Date of creation: Sep 1992
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Handle: RePEc:cen:wpaper:92-11

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Related research

Keywords: CES; economic; research; micro; data; microdata; chief; economist;

References

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  1. Pakes, A. & Ericson, R., 1990. "Empirical Implications Of Alternative Models Of Firm Dynamics," Papers 594, Yale - Economic Growth Center.
  2. Evans, David S & Jovanovic, Boyan, 1989. "An Estimated Model of Entrepreneurial Choice under Liquidity Constraints," Journal of Political Economy, University of Chicago Press, vol. 97(4), pages 808-27, August.
  3. Steve J. Davis & John Haltiwanger, 1991. "Gross Job Creation, Gross Job Destruction and Employment Reallocation," NBER Working Papers 3728, National Bureau of Economic Research, Inc.
  4. Topel, Robert H, 1991. "Specific Capital, Mobility, and Wages: Wages Rise with Job Seniority," Journal of Political Economy, University of Chicago Press, vol. 99(1), pages 145-76, February.
  5. Jovanovic, Boyan, 1979. "Job Matching and the Theory of Turnover," Journal of Political Economy, University of Chicago Press, vol. 87(5), pages 972-90, October.
  6. Henry G. Manne, 1965. "Mergers and the Market for Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 73, pages 110.
  7. Weisbach, Michael S., 1988. "Outside directors and CEO turnover," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 431-460, January.
  8. Blanchflower, David G. & Oswald, Andrew J., 2007. "What Makes a Young Entrepreneur?," IZA Discussion Papers 3139, Institute for the Study of Labor (IZA).
  9. Frank R. Lichtenberg & Donald Siegel, 1987. "Productivity and Changes in Ownership of Manufactoring Plants," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 18(3), pages 643-684.
  10. Bates, Timothy, 1990. "Entrepreneur Human Capital Inputs and Small Business Longevity," The Review of Economics and Statistics, MIT Press, vol. 72(4), pages 551-59, November.
  11. Dunne, Timothy & Roberts, Mark J & Samuelson, Larry, 1989. "The Growth and Failure of U.S. Manufacturing Plants," The Quarterly Journal of Economics, MIT Press, vol. 104(4), pages 671-98, November.
  12. Holmes, T.J. & Schmitz, J.A., 1988. "A Theory Of Enterpreneurship And Its Application To The Study Of Business Transfers," Working papers 8827, Wisconsin Madison - Social Systems.
  13. Barton H. Hamilton, 2000. "Does Entrepreneurship Pay? An Empirical Analysis of the Returns to Self-Employment," Journal of Political Economy, University of Chicago Press, vol. 108(3), pages 604-631, June.
  14. Coughlan, Anne T. & Schmidt, Ronald M., 1985. "Executive compensation, management turnover, and firm performance : An empirical investigation," Journal of Accounting and Economics, Elsevier, vol. 7(1-3), pages 43-66, April.
  15. Warner, Jerold B. & Watts, Ross L. & Wruck, Karen H., 1988. "Stock prices and top management changes," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 461-492, January.
  16. Evans, David S, 1987. "Tests of Alternative Theories of Firm Growth," Journal of Political Economy, University of Chicago Press, vol. 95(4), pages 657-74, August.
  17. MacDonald, Glenn M, 1988. "Job Mobility in Market Equilibrium," Review of Economic Studies, Wiley Blackwell, vol. 55(1), pages 153-68, January.
  18. Weiss, Leonard W, 1983. "The Extent and Effects of Aggregate Concentration," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 429-55, June.
  19. Henry G. Manne, 1965. "Mergers and the Market for Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 73, pages 351.
  20. Jacob Mincer & Boyan Jovanovic, 1979. "Labor Mobility and Wages," NBER Working Papers 0357, National Bureau of Economic Research, Inc.
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Citations

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Cited by:
  1. Douglas W Dwyer, 1995. "Whittling Away At Productivity Dispersion," Working Papers 95-5, Center for Economic Studies, U.S. Census Bureau.
  2. Ollinger, Michael & Nguyen, Sang V., 2003. "Empirical Evidence On The Motives For Mergers And Acquisitions In Eight Food Industries," 2003 Annual meeting, July 27-30, Montreal, Canada 22176, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  3. Lucia Foster & John Haltiwanger & C.J. Krizan, 2002. "The Link Between Aggregate and Micro Productivity Growth: Evidence from Retail Trade," NBER Working Papers 9120, National Bureau of Economic Research, Inc.

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