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Age and productivity as determinants of firm survival over the industry life cycle

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Esteve Pérez, Silviano and Pieri, Fabio and Rodríguez Rodríguez, Diego (2018) Age and productivity as determinants of firm survival over the industry life cycle. Industry and Innovation, 25 (2). pp. 167-198. ISSN 1366-2716

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Official URL: https://doi.org/10.1080/13662716.2017.1291329



Abstract

This paper contributes to fill the gap between the literature on the determinants of firm survival and the empirical works on the industry life cycle (ILC). Using a representative sample of Spanish firms with 10 or more employees over the period 1993–2009, the role played by firm age and productivity in firm survival is empirically analysed across three stages of the life cycle of forty-seven 3-digit manufacturing sectors. In the ‘early’ stage of the ILC, firm age is negatively correlated with hazard rates while firm productivity is not. Firm productivity is associated with lower hazard in the ‘mature’ stage of the ILC, when competition is primarily efficiency-driven, while firm age does not play a significant role for firm survival. In the ‘intermediate’ stage, both age and productivity play a role in reducing firms’ hazard rates. © 2017 Informa UK Limited, trading as Taylor & Francis Group


Item Type:Article
Uncontrolled Keywords:Discrete time survival methods; Firm survival; Industry life cycle; Spanish manufacturing firms; Competition (economics); Age; Industrial enterprise; Manufacturing; Productivity; Spain
Subjects:Social sciences > Economics > Econometrics
Social sciences > Economics > Business enterprises
Social sciences > Economics > Industrial organization
JEL:C41, L10, L60
ID Code:54962
Deposited On:09 Apr 2019 10:19
Last Modified:09 Apr 2019 12:12

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