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On the Turnover of Business Firms and Business Managers

Listed author(s):
  • Holmes, T.J.
  • Schmitz, J.A.

This paper develops a model of small business failure and sale that is motivated by recent evidence concerning how the failure and sale of small businesses vary with the age of the business and the tenure of the manager. This evidence motivates two key features of the model: A match between the manager and the business, and characteristics of businesses that survive beyond the current match. The parameters of the model are estimated, and the properties of this parametric model are studied. This analysis results in a simple characterization of the workings of the small business sector.

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Paper provided by Wisconsin Madison - Social Systems in its series Working papers with number 9211.

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Length: 40 pages
Date of creation: 1992
Handle: RePEc:att:wimass:9211
Contact details of provider: Postal:
UNIVERSITY OF WISCONSIN MADISON, SOCIAL SYSTEMS RESEARCH INSTITUTE(S.S.R.I.), MADISON WISCONSIN 53706 U.S.A.

References listed on IDEAS
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  1. Jovanovic, Boyan & Moffitt, Robert, 1988. "An Estimate Of A Sectoral Model Of Labor Mobility," Working Papers 88-32, C.V. Starr Center for Applied Economics, New York University.
  2. Holmes, T.J. & Schmitz, J.A., 1988. "A Theory Of Enterpreneurship And Its Application To The Study Of Business Transfers," Working papers 8827, Wisconsin Madison - Social Systems.
  3. -, 1992. "Evolución de la economía brasileña," Informe Estadístico – Oficina de la CEPAL en Brasilia 28080, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
  4. Dunne, T. & Roberts, M.J. & Samuelson, L., 1988. "The Growth And Failure Of U.S. Manufacturing Plants," Papers 1-87-5, Pennsylvania State - Department of Economics.
  5. Pakes, A. & Ericson, R., 1990. "Empirical Implications Of Alternative Models Of Firm Dynamics," Papers 594, Yale - Economic Growth Center.
  6. Hopenhayn, Hugo A, 1992. "Entry, Exit, and Firm Dynamics in Long Run Equilibrium," Econometrica, Econometric Society, vol. 60(5), pages 1127-1150, September.
  7. Jovanovic, Boyan, 1979. "Job Matching and the Theory of Turnover," Journal of Political Economy, University of Chicago Press, vol. 87(5), pages 972-990, October.
  8. Evans, David S, 1987. "Tests of Alternative Theories of Firm Growth," Journal of Political Economy, University of Chicago Press, vol. 95(4), pages 657-674, August.
  9. -, 1992. "International economic highlights 1991," Oficina de la CEPAL en Washington (Estudios e Investigaciones) 28935, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
  10. Anonymous, 1992. "Economic forecast overview and summary table," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 55, june.
  11. -, 1992. "Economic survey of Puerto Rico 1991," Oficina de la CEPAL en Washington (Estudios e Investigaciones) 28936, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
  12. Pakes, Ariel S, 1986. "Patents as Options: Some Estimates of the Value of Holding European Patent Stocks," Econometrica, Econometric Society, vol. 54(4), pages 755-784, July.
  13. Anonymous, 1992. "New Zealand economic chronology 1991," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 55, march.
  14. Anonymous, 1992. "Economic forecasts overview and summary table," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 55, December.
  15. N/A, 1992. "I Statistics on Chinese Economy in 1991 ," China Report, Institute of Chinese Studies, vol. 28(2), pages 171-179, May.
  16. Perkins, J.O.N., 1992. "Public Finance and Macroeconomic Policy," Economic Analysis and Policy, Elsevier, vol. 22(1), pages 1-19.
  17. Richard Ericson & Ariel Pakes, 1995. "Markov-Perfect Industry Dynamics: A Framework for Empirical Work," Review of Economic Studies, Oxford University Press, vol. 62(1), pages 53-82.
  18. Anonymous, 1992. "Economic notes," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 55, Septemebe.
  19. Zvi Eckstein & Kenneth I. Wolpin, 1989. "The Specification and Estimation of Dynamic Stochastic Discrete Choice Models: A Survey," Journal of Human Resources, University of Wisconsin Press, vol. 24(4), pages 562-598.
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