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On the Autocorrelation of Growth Rates: Evidence for Micro, Small and Large Firms from the Austrian Service Industries, 1975-2004

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Author Info

  • Alex Coad
  • Werner Hölzl

    (WIFO)

Abstract

This paper studies the serial autocorrelation of annual growth rates in employment for selected Austrian service industries over a 30-year period using quantile regression techniques. The autocorrelation of growth rates provides important information on firms growth processes. We find that the growth patterns of micro firms are strikingly different from the growth patterns of small, medium-sized and larger firms. First, we do find a positive dependency of growth on size for growing micro firms, while this relationship is negative for the other size groups. Second, growing micro firms are subject to negative autocorrelation of annual growth rates making sustained growth a very rate occurrence, while larger growing firms usually display a positive autocorrelation suggesting that high growth episodes of larger firms stretch over a longer time horizon. This indicates that non-convex adjustment costs leading to lumpy growth are much more important for micro firms than for large firms. Furthermore, we find that the autocorrelation patterns are asymmetric with regard to decline and growth.

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Bibliographic Info

Paper provided by WIFO in its series WIFO Working Papers with number 332.

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Length: 36 pages
Date of creation: 27 Oct 2008
Date of revision:
Handle: RePEc:wfo:wpaper:y:2008:i:332

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Related research

Keywords: serial correlation; firm growth; service sector; quantile regression; Austria;

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References

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  1. Mercedes Teruel-Carrizosa, 2010. "Gibrat’s law and the learning process," Small Business Economics, Springer, vol. 34(4), pages 355-373, May.
  2. Winter-Ebmer, Rudolf, 2003. "Benefit duration and unemployment entry: A quasi-experiment in Austria," European Economic Review, Elsevier, vol. 47(2), pages 259-273, April.
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Cited by:
  1. Colombelli Alessandra & Quatraro Francesco, 2012. "Persistence of innovation and knowledge structure: Evidence from a sample of Italian firms," Department of Economics and Statistics Cognetti de Martiis LEI & BRICK - Laboratory of Economics of Innovation "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio 201205, University of Turin.
  2. Alessandra Colombelli & Francesco Quatraro, 2013. "The persistence of firms' knowledge base: A quantile approach to Italian data," Working Papers hal-00867132, HAL.

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