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Firm Growth and Persistence of Chance: Evidence from Portuguese Microdata

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Author Info
Blandina Oliveira () (ESTG, Instituto Politécnico de Leiria)
Adelino Fortunato () (GEMF and Faculdade de Economia, Universidade de Coimbra)

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Abstract

Considering a dynamic firm growth model with serial correlation this work studies the effects of R&D activities and investment, both physical and R&D, on the growth of firms. The main hypotheses maintain that firms with a strong commitment to R&D have higher rate of growth and investment has a positive effect on firm growth. We investigate such relations with reference to an unbalanced panel data set of Portuguese manufacturing firms over the period 1990 to 2001. We find that a systematic tendency for smaller firms to grow more quickly is the main reason why firm growth is not entirely stochastic.

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Publisher Info
Paper provided by GEMF - Faculdade de Economia, Universidade de Coimbra in its series GEMF Working Papers with number 2005-10.

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Length: 34 pages
Date of creation: 2005
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Handle: RePEc:gmf:wpaper:2005-10

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Related research
Keywords: Firm growth R&D GMM system estimator

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Find related papers by JEL classification:
L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets
C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data

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  1. Arellano, Manuel & Bond, Stephen, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," Review of Economic Studies, Blackwell Publishing, vol. 58(2), pages 277-97, April. [Downloadable!] (restricted)
  2. 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. [Downloadable!] (restricted)
    Other versions:
  3. Heshmati, Almas, 2001. " On the Growth of Micro and Small Firms: Evidence from Sweden," Small Business Economics, Springer, vol. 17(3), pages 213-28, November. [Downloadable!] (restricted)
  4. Peter E. Hart, Nicholas Oulton, 1999. "Gibrat, Galton and Job Generation," International Journal of the Economics of Business, Taylor and Francis Journals, vol. 6(2), pages 149-164, July. [Downloadable!] (restricted)
  5. Chesher, Andrew, 1979. "Testing the Law of Proportionate Effect," Journal of Industrial Economics, Blackwell Publishing, vol. 27(4), pages 403-11, June. [Downloadable!] (restricted)
  6. Goddard, John & Wilson, John & Blandon, Peter, 2002. "Panel tests of Gibrat's Law for Japanese manufacturing," International Journal of Industrial Organization, Elsevier, vol. 20(3), pages 415-433, March. [Downloadable!] (restricted)
  7. Almus, Matthias & Nerlinger, Eric A, 2000. " Testing "Gibrat's Law" for Young Firms--Empirical Results for West Germany," Small Business Economics, Springer, vol. 15(1), pages 1-12, August. [Downloadable!] (restricted)
  8. David B. Audretsch & Michael Fritsch, 2002. "Growth Regimes over Time and Space," Regional Studies, Taylor and Francis Journals, vol. 36(2), pages 113-124, April. [Downloadable!] (restricted)
  9. Mata, Jose, 1994. " Firm Growth during Infancy," Small Business Economics, Springer, vol. 6(1), pages 27-39, February.
  10. Singh, Ajit & Whittington, Geoffrey, 1975. "The Size and Growth of Firms," Review of Economic Studies, Blackwell Publishing, vol. 42(1), pages 15-26, January. [Downloadable!] (restricted)
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