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

  • Paulo J. Ma��s 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.

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Article provided by Taylor & Francis Journals in its journal The Service Industries Journal.

Volume (Year): 29 (2006)
Issue (Month): 2 (October)
Pages: 219-233

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Handle: RePEc:taf:servic:v:29:y:2006:i:2:p:219-233
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