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Small Business Economics

, Volume 29, Issue 1–2, pp 137–159 | Cite as

Invariances and Diversities in the Patterns of Industrial Evolution: Some Evidence from Italian Manufacturing Industries

Article

Abstract

This work explores and compares some basic properties of corporate growth process at both aggregate manufacturing level and disaggregated sectoral levels. Using an extensive dataset on Italian manufacturing firms, we investigate which properties of firm growth dynamics are robust under disaggregation. We compare the results obtained with three different definitions of firm size, namely total sales, number of employees and value added. Our analysis suggests that while different sectors are characterized by significant differences in firm size distributions, in the degrees of concentration and in the autoregressive structure of the growth processes, there are also regularities which hold across all of them, such as the approximate unit root nature of the growth process and the power exponential shape of the growth rates density. Together, these “stylized facts” suggest challenging puzzles on the drivers of corporate growth and the resulting industrial structures.

Keywords

aggregation concentration firm growth size distribution 

Jel Codes

C1 D2 L1 

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Copyright information

© Springer 2006

Authors and Affiliations

  1. 1.Scuola Superiore Sant’ AnnaPisaItaly
  2. 2.University of BergamoeItaly
  3. 3.USE, Utrecht UniversityThe Netherlands
  4. 4.Scuola Superiore Sant’ AnnaPisaItaly

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