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Gibrat’s law: empirical test of Portuguese service industries using dynamic estimators


  • Paulo J. Maçãs Nunes
  • Zélia M. Serrasqueiro


Using dynamic panel estimators, this article shows rejection of Gibrat’s law for Portuguese companies in the service sector. In companies as a whole, we find that growth depends positively on growth in the previous period and on debt, and depends negatively on size. When we subdivide the sample into small- and medium-sized companies and large companies, the results are similar to those obtained when we take companies as a whole. The differences concern the relationship between ownership control and growth, which is positive in the case of small- and medium-sized companies, and the non-influence of growth in the previous period on growth in the current period in the case of large companies.

Suggested Citation

  • Paulo J. Maçãs Nunes & Zélia M. Serrasqueiro, 2006. "Gibrat’s law: empirical test of Portuguese service industries using dynamic estimators," The Service Industries Journal, Taylor & Francis Journals, vol. 29(2), pages 219-233, October.
  • Handle: RePEc:taf:servic:v:29:y:2006:i:2:p:219-233
    DOI: 10.1080/02642060802295026

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