Australia's firm-level productivity -- a new perspective
Not all firms contributed to Australia's impressive productivity growth in the 1990s. Some performed better than others, and entrants arrived even as incumbents exited. If firms make decisions on input demand and liquidation based on their productivity, the latter known to them but unobserved by the econometrician, this gives rise to simultaneity and selection problems that bias the traditional estimators of production function coefficients. We apply a semiparametric technique that endogenizes input choices and firm exit decisions to obtain production function estimates on Australian firms. Estimation is carried out using the Business Longitudinal Survey, Australia's only business longitudinal micro-dataset that tracks firm entry and exit.
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