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Abstract

This paper analyzes the relationship between probability of survival and plant size. Using information for the Chilean manufacturing industry over the period 1979-1999, we study empirically if small and medium-sized enterprises (SMEs) have reduced their probability of survival over time. Our results do not reveal evidence in this regard. To deepen the analysis, first we study how differences in the exposure of industries to international trade affect the probability of survival. Second, we analyze the relationship between survival and size for 25 industries. Our results suggest that (i) higher exposure to international trade increases the probability of survival of SMEs, and (ii) there is large heterogeneity in the impact of size on survival across manufacturing industries. This evidence casts some doubts regarding support policies for SMEs that do not take into account differences across industries or between medium and small plants.

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Paper provided by Central Bank of Chile in its series Working Papers Central Bank of Chile with number 427.

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Date of creation: Aug 2007
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Handle: RePEc:chb:bcchwp:427

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1. Gordon H. Hanson, 2005. "Globalization, Labor Income, and Poverty in Mexico," NBER Working Papers 11027, National Bureau of Economic Research, Inc.
   
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2. Van Biesebroeck, Johannes, 2005. "Firm Size Matters: Growth and Productivity Growth in African Manufacturing," Economic Development and Cultural Change, University of Chicago Press, vol. 53(3), pages 545-83, April.
3. Greenaway, David & Gullstrand, Joakim & Kneller, Richard, 2008. "Surviving globalisation," Journal of International Economics, Elsevier, vol. 74(2), pages 264-277, March.
4. James Levinsohn & Amil Petrin, 2000. "Estimating Production Functions Using Inputs to Control for Unobservables," NBER Working Papers 7819, National Bureau of Economic Research, Inc.
   
   • James Levinsohn & Amil Petrin, 2003. "Estimating Production Functions Using Inputs to Control for Unobservables," Review of Economic Studies, Wiley Blackwell, vol. 70(2), pages 317-341, 04.
5. Thomas F. Cooley & Vincenzo Quadrini, 1999. "Financial Markets and Firm Dynamics," Working Papers 99-14, New York University, Leonard N. Stern School of Business, Department of Economics.
   
   • Thomas F. Cooley & Vincenzo Quadrini, 2001. "Financial Markets and Firm Dynamics," American Economic Review, American Economic Association, vol. 91(5), pages 1286-1310, December.
6. Rajan, Raghuram G & Zingales, Luigi, 1998. "Financial Dependence and Growth," American Economic Review, American Economic Association, vol. 88(3), pages 559-86, June.
   
   • Raghuram G. Rajan & Luigi Zingales, . "Financial Dependence and Growth," CRSP working papers 344, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
   • Raghuram G. Rajan & Luigi Zingales, 1996. "Financial Dependence and Growth," NBER Working Papers 5758, National Bureau of Economic Research, Inc.
7. José Miguel Benavente & Christian Ferrada, 2004. "Probability of Survival of New Manufacturing Plants: the case of Chile," Econometric Society 2004 Latin American Meetings 305, Econometric Society.
8. Ai, Chunrong & Norton, Edward C., 2003. "Interaction terms in logit and probit models," Economics Letters, Elsevier, vol. 80(1), pages 123-129, July.
9. Roberto Álvarez & Gustavo Crespi, 2001. "La Importancia Relativa de las Pequeñas y Medianas Empresas: Un Análisis de sus Determinantes en la Industria Manufacturera," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 38(115), pages 347-365.
10. Jovanovic, Boyan, 1982. "Selection and the Evolution of Industry," Econometrica, Econometric Society, vol. 50(3), pages 649-70, May.
11. 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.
12. Hopenhayn, Hugo A, 1992. "Entry, Exit, and Firm Dynamics in Long Run Equilibrium," Econometrica, Econometric Society, vol. 60(5), pages 1127-50, September.
13. Alvarez, Roberto & Görg, Holger, 2007. "Multinationals as Stabilizers? Economic Crisis and Plant Employment Growth," IZA Discussion Papers 2692, Institute for the Study of Labor (IZA).
    
    • Roberto Alvarez & Holger Görg, . "Multinationals as Stabilizers?: Economic Crisis and Plant Employment Growth," Discussion Papers 07/15, University of Nottingham, GEP.
    • Roberto Álvarez & Holger Görg, 2007. "Multinationals as Stabilizers?: Economic Crisis and Plant Employment Growth," Working Papers Central Bank of Chile 412, Central Bank of Chile.
14. Andrew B. Bernard & Fredrik Sjoholm, 2003. "Foreign Owners and Plant Survival," NBER Working Papers 10039, National Bureau of Economic Research, Inc.
15. Amil Petrin & Brian P. Poi & James Levinsohn, 2004. "Production function estimation in Stata using inputs to control for unobservables," Stata Journal, StataCorp LP, vol. 4(2), pages 113-123, June.

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