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Managerial Tenure, Business Age And Small Business Dynamics

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Author Info
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: http://www.ces.census.gov/index.php/ces/cespapers?down_key=100169
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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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Web page: http://www.ces.census.gov

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

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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.:
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  2. 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. [Downloadable!] (restricted)
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  3. Henry G. Manne, 1965. "Mergers and the Market for Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 73, pages 351. [Downloadable!] (restricted)
  4. Weiss, Leonard W, 1983. "The Extent and Effects of Aggregate Concentration," Journal of Law & Economics, University of Chicago Press, vol. 26(2), pages 429-55, June.
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  6. 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. [Downloadable!] (restricted)
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  9. Pakes, A. & Ericson, R., 1990. "Empirical Implications Of Alternative Models Of Firm Dynamics," Papers 594, Yale - Economic Growth Center.
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  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. [Downloadable!] (restricted)
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  12. Henry G. Manne, 1965. "Mergers and the Market for Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 73, pages 110. [Downloadable!] (restricted)
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  14. 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)
  15. MacDonald, Glenn M, 1988. "Job Mobility in Market Equilibrium," Review of Economic Studies, Blackwell Publishing, vol. 55(1), pages 153-68, January. [Downloadable!] (restricted)
  16. 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. [Downloadable!] (restricted)
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  18. 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. [Downloadable!] (restricted)
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  19. 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. [Downloadable!] (restricted)
  20. 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. [Downloadable!] (restricted)
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Cited by:
(explanations, 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. 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). [Downloadable!]
  2. C.J. Krizan & John Haltiwanger & Lucia Foster, 2002. "The Link Between Aggregate and Micro Productivity Growth: Evidence from Retail Trade," Working Papers 02-18, Center for Economic Studies, U.S. Census Bureau. [Downloadable!]
    Other versions:
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