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| Author: | Fotopoulos, G. Giotopoulos, I. |
| Title: | Gibrat's law and persistence of growth in Greek manufacturing |
| Journal: | Small business economics
2010 : SEP, VOL. 35:2, p. 191-202 |
| Index terms: | Greece manufacturing company growth companies by size companies by growth |
| Freeterms: | companies by age |
| Language: | eng |
| Abstract: | In order to analyze Gibrat's (hereafter as: G's) law, this paper utilizes a sample of Greek manufacturing firms from 1995 to 2001. For the total sample of firms, G's law is rejected due to persistence of growth (herein as: p-of-g.) playing a key role. Yet, the classification of firms in size and age groups produces more interesting results: for micro, small, and young firms G's law is rejected due to an inverse relationship btw. firm growth and initial firm size is found along with a p-of-g. rates in the following periods. Contrastingly, G's law is accepted for medium, large, and old firms, implying that the growth patterns of these categories follow a random walk and do not tend to persist in the later periods. |
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