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Exit, Entry and industry turbulence in Austrian Manufacturing, 1981-1994

  • Werner Hölzl

    ()

    (Department of Economics, Vienna University of Economics & B.A.)

This research explores both industry and temporal aspects of entry, exit and industry turbulence in Austrian manufacturing in the period between 1981 to 1994. It is shown that while the net entry of both firms and establishments is quite stable over time, exit and especially the turnover and volatility of firms is influenced more by temporal effects. A regression analysis into the determinants of industry dynamics associated with entry and exit shows that sunk costs, scale economies and industry growth are primary determinants for different entry and exit regimes across 2-digit sectors, while profitability is found to be significant for dynamics related to exit but not for the entry of firms. The net entry dynamics of firms and establishments are found to be different in regard to capital intensity and profitability.

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Paper provided by Vienna University of Economics and Business Research Group: Growth and Employment in Europe: Sustainability and Competitiveness in its series Working Papers with number geewp21.

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Date of creation: May 2002
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Handle: RePEc:wiw:wiwgee:geewp21
Note: PDF Document
Contact details of provider: Postal: Welthandelsplatz 1, 1020 Vienna, Austria
Web page: http://www.wu.ac.at/economics/en

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  1. Mueller, Willard F & Rogers, Richard T, 1980. "The Role of Advertising in Changing Concentration of Manufacturing Industries," The Review of Economics and Statistics, MIT Press, vol. 62(1), pages 89-96, February.
  2. Kessides, Ioannis N, 1986. "Advertising, Sunk Costs, and Barriers to Entry," The Review of Economics and Statistics, MIT Press, vol. 68(1), pages 84-95, February.
  3. Timothy Dunne & Mark J. Roberts & Larry Samuelson, 1988. "Patterns of Firm Entry and Exit in U.S. Manufacturing Industries," RAND Journal of Economics, The RAND Corporation, vol. 19(4), pages 495-515, Winter.
  4. Bhargava, A & Franzini, L & Narendranathan, W, 1982. "Serial Correlation and the Fixed Effects Model," Review of Economic Studies, Wiley Blackwell, vol. 49(4), pages 533-49, October.
  5. repec:att:wimass:8904 is not listed on IDEAS
  6. Geroski, P. A., 1995. "What do we know about entry?," International Journal of Industrial Organization, Elsevier, vol. 13(4), pages 421-440, December.
  7. Pashigian, Peter, 1969. "The Effect of Market Size on Concentration," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 10(3), pages 291-314, October.
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  9. Boyan Jovanovic, 2001. "Fitness and Age: Review of Carroll and Hannan's Demography of Corporations and Industries," Journal of Economic Literature, American Economic Association, vol. 39(1), pages 105-119, March.
  10. Pennings, Enrico & Sleuwaegen, Leo, 2000. "International relocation: firm and industry determinants," Economics Letters, Elsevier, vol. 67(2), pages 179-186, May.
  11. Caballero, Ricardo J & Hammour, Mohamad L, 1994. "The Cleansing Effect of Recessions," American Economic Review, American Economic Association, vol. 84(5), pages 1350-68, December.
  12. Dunne, T. & Roberts, M.J., 1989. "Variation In Producer Turnover Across U.S. Manufacturing Industries," Papers 12-89-2, Pennsylvania State - Department of Economics.
  13. Caves, R E & Porter, M E, 1977. "From Entry Barriers to Mobility Barriers: Conjectural Decisions and Contrived Deterrence to New Competition," The Quarterly Journal of Economics, MIT Press, vol. 91(2), pages 241-61, May.
  14. Lambson, Val Eugene & Jensen, Farrell E, 1998. "Sunk Costs and Firm Value Variability: Theory and Evidence," American Economic Review, American Economic Association, vol. 88(1), pages 307-13, March.
  15. repec:cup:cbooks:9780521633574 is not listed on IDEAS
  16. repec:dgr:uvatin:2098013 is not listed on IDEAS
  17. repec:dgr:uvatin:19980013 is not listed on IDEAS
  18. Fotopoulos, Georgios & Spence, Nigel, 1997. " Net Entry of Firms into Greek Manufacturing: The Effects of Business Conditions," Small Business Economics, Springer, vol. 9(3), pages 239-53, June.
  19. repec:cup:cbooks:9780521465618 is not listed on IDEAS
  20. Ghemawat, Pankaj & Nalebuff, Barry, 1990. "The Devolution of Declining Industries," The Quarterly Journal of Economics, MIT Press, vol. 105(1), pages 167-86, February.
  21. Michael Peneder, 2001. "The Austrian Paradox Revisited," WIFO Monatsberichte (monthly reports), WIFO, vol. 74(12), pages 737-748, December.
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