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Spatial Patterns of Headquarters

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Abstract

This study of the spatial concentration of the headquarters of exchange-listed companies suggests that the relevancy of the "efficiency parameter" of agglomeration theory still holds in explaining the location of headquarters, especially when the production function is reinterpreted as a productivity function. The sample of 5189 headquarters exceeds previous studies of Fortune 500 firms. Across industries, a high degree of clustering is found: 40% of the nation's headquarters were found in twenty counties. Cluster analysis suggests grouping patterns for headquarters; discriminant analysis confirms the uniqueness of these spatial clustering patterns across 229 urban counties. For certain industries, the clustering occurs within small areas. The headquarters of these spatially-correlated groups of firms money and media, gas and electric, business services, and machining technology were mapped at the county and zipcode level for counties within major metropolitan areas. The spatial density patterns take on traditional urban forms: core, ring and wedge.

Suggested Citation

  • Leon Shilton & Craig Stanley, 1999. "Spatial Patterns of Headquarters," Journal of Real Estate Research, American Real Estate Society, vol. 17(3), pages 341-364.
  • Handle: RePEc:jre:issued:v:17:n:3:1999:p:341-364
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    References listed on IDEAS

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    1. Wayne R. Archer & Marc T. Smith, 1992. "Filtering in Office Markets: Evidence from Medium-Size Cities," Journal of Real Estate Research, American Real Estate Society, vol. 7(2), pages 125-138.
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    Cited by:

    1. Portnov, Boris A., 2005. "Development similarities in urban clusters: Evidence from a spatial analysis of Israel's urban system," Socio-Economic Planning Sciences, Elsevier, vol. 39(4), pages 287-306, December.
    2. George A. Erickcek & Hannah McKinney, 2004. "Small Cities Blues: Looking for Growth Factors in Small and Medium-Sized Cities," Upjohn Working Papers and Journal Articles 04-100, W.E. Upjohn Institute for Employment Research.
    3. Strauss-Kahn, Vanessa & Vives, Xavier, 2009. "Why and where do headquarters move?," Regional Science and Urban Economics, Elsevier, vol. 39(2), pages 168-186, March.
    4. Boris A. Portnov, 2005. "Development similarity based on proximity - a case study of urban clusters in Canada," ERSA conference papers ersa05p137, European Regional Science Association.
    5. Duranton, Gilles & Puga, Diego, 2005. "From sectoral to functional urban specialisation," Journal of Urban Economics, Elsevier, vol. 57(2), pages 343-370, March.
    6. Barrett A. Slade, 2000. "Office Rent Determinants during Market Decline and Recovery," Journal of Real Estate Research, American Real Estate Society, vol. 20(3), pages 357-380.
    7. Francis, Bill B. & Hasan, Iftekhar & John, Kose & Waisman, Maya, 2016. "Urban Agglomeration and CEO Compensation," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 51(06), pages 1925-1953, December.
    8. Ono, Yukako, 2003. "Outsourcing business services and the role of central administrative offices," Journal of Urban Economics, Elsevier, vol. 53(3), pages 377-395, May.
    9. Joseph S. Rabianski & James R. DeLisle & Neil G. Carn, 2001. "Corporate Real Estate Site Selection: A Community-Specific Information Framework," Journal of Real Estate Research, American Real Estate Society, vol. 22(1/2), pages 165-198.
    10. Elche,Dioni & Consoli, Davide & Sánchez-Barrioluengo, Mabel, 2017. "From brawn to brains: manufacturing-KIBS interdependency," INGENIO (CSIC-UPV) Working Paper Series 201701, INGENIO (CSIC-UPV).
    11. Fuerst, Franz, 2007. "Office Rent Determinants: A Hedonic Panel Analysis," MPRA Paper 11445, University Library of Munich, Germany.
    12. Boris A. Portnov & Moshe Schwartz, 2009. "Urban Clusters As Growth Foci," Journal of Regional Science, Wiley Blackwell, vol. 49(2), pages 287-310.
    13. Johannes Voget, 2010. "Headquarter Relocations and International Taxation," Working Papers 1008, Oxford University Centre for Business Taxation.
    14. repec:eco:journ1:2017-04-78 is not listed on IDEAS
    15. Pantzalis, Christos & Park, Jung Chul, 2014. "Too close for comfort? Geographic propinquity to political power and stock returns," Journal of Banking & Finance, Elsevier, vol. 48(C), pages 57-78.
    16. William C. Wheaton & Mark S. Baranski & Cesarina A. Templeton, 2009. "100 Years of Commercial Real Estate Prices in Manhattan," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 37(1), pages 69-83.

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    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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