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Social Capital, Creative Destruction and Economic Growth

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Abstract

The dynamic structure of profit rates for 156 US manufacturing companies is analyzed by means of fractional integration techniques as an alternative to the commolny used ARMIA models with respect to the "persistence of profits". The results show - despite the short lengths of the series - that 35,5% of the series have long range dependence and 54% are nonstationary. This is a confirmation of the strong challenge to the competitive environment hypothesis obtained by previous studies.

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  • Adelina Gschwandtner & Michael A. Hauser, 2005. "Social Capital, Creative Destruction and Economic Growth," Vienna Economics Papers vie0508, University of Vienna, Department of Economics.
    • Handle: RePEc:vie:viennp:vie0508
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    JEL classification:

    • L00 - Industrial Organization - - General - - - General
    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes

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