Several surveys on intra-industry dynamics have recently reached the conclusion from a large body of evidence that Gibrat's Law does not hold, i.e., the main finding is that firm growth decreases with firm size. However, almost all of these studies have been based on manufacturing. In this paper...

A large literature has emerged focusing on the post-entry performance of firms and, in particular, on thelinks between firm growth, survival, size and age. While these studies have resulted in findings that aresufficiently consistent as to constitute Stylized Facts, virtually all of these...

We model a firm in an institutional market setting, consisting of a production technology and its governance. The governance consists of a hierarchical firm structure, a cost efficiency parameter,and an internal pay system. The depth of the firm is determined by profit maximization under the...

To keep load factors high while offering high frequency service, airlines tend to reduce the size of the aircraft they use. At many of the world’s largest airports there are fewer than 100 passengers per air transport movement, although congestion and delays are growing. Furthermore, demand...

In this paper we provide an analysis of the process of creative destruction across 24 countries and 2-digit industries over the past decade. We rely on a newly assembled dataset that draws from different micro data sources (business registers, census, or representative enterprise surveys). The...