Like milk or wine : does firm performance improve with age?
Coad, Alex (Max Planck Institute of Economics)
Segarra Blasco, Agustí, 1958- (Universitat Rovira i Virgili. Departament d'Economia)
Teruel Carrizosa, Mercedes (Universitat Rovira i Virgili. Departament d'Economia)
Xarxa de Referència en Economia Aplicada (XREAP)

Publicación: Xarxa de Referència en Economia Aplicada (XREAP) 2010
Descripción: 40 p.
Resumen: Our empirical literature review shows that little is known about how firm performance changes with age, presumably because of the paucity of data on firm age. For Spanish manufacturing firms, we analyse the firm performance related to firm age between 1998 and 2006. We find evidence that firms improve with age, because ageing firms are observed to have steadily increasing levels of productivity, higher profits, larger size, lower debt ratios, and higher equity ratios. Furthermore, older firms are better able to convert sales growth into subsequent growth of profits and productivity. On the other hand, we also found evidence that firm performance deteriorates with age. Older firms have lower expected growth rates of sales, profits and productivity, they have lower profitability levels (when other variables such as size are controlled for), and also that they appear to be less capable to convert employment growth into growth of sales, profits and productivity.
Derechos: Aquest document està subjecte a una llicència d'ús de Creative Commons, amb la qual es permet copiar, distribuir i comunicar públicament l'obra sempre que se'n citin l'autor original, la universitat i la xarxa i no se'n faci cap ús comercial ni obra derivada, tal com queda estipulat en la llicència d'ús Creative Commons
Lengua: Anglès.
Colección: Documents de treball de la Xarxa de Referència en Economia Aplicada (XREAP)
Colección: XREAP ; 2010-10
Documento: workingPaper
Materia: Firm age ; Firm growth ; LAD ; Financial structure ; Vector autoregression ; Manufacturing industries ; Company growth ; Size of business enterprises ; Productivity ; Industrial efficiency ; Regression analysis ; 1998-2006 ; Spain ; Indústria manufacturera ; Creixement de l'empresa ; Dimensió de les empreses ; Productivitat ; Rendiment industrial ; Anàlisi de regressió ; Espanya

Adreça alternativa: https://hdl.handle.net/2072/84651


40 p, 449.3 KB

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