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| Author: | Chun, H. (et al.) |
| Title: | Creative destruction and firm-specific performance heterogeneity |
| Journal: | Journal of Financial Economics
2008 : JUL, VOL. 89:1, p. 109-135 |
| Index terms: | industries information technology company performance USA |
| Language: | eng |
| Abstract: | In the late 20th century, traditional industries in the United States (U.S.) with higher firm-specific stock return and fundamentals performance heterogeneity use information technology (IT) more intensively and post faster productivity growth what is argued to be mechanically reflecting a wave of Schumpeter's creative destruction (here as: c-d.) disrupting a set of industries, with successful IT adopters unpredictably undermining established firms. This validates endogenous growth theory models of c-d., suggesting intensified c-d. as explaining findings associating greater firm-specific performance variation with higher per capita GDPs, economy growth rates, accounting standards, financial system development, and property right protection. |
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