Giorgio Barba Navaretti
(), Davide Castellani
() and Fabio Pieri
Giorgio Barba Navaretti: Department of Economics, Management and Quantitative Methods, University of Milan, Italy
Davide Castellani: Department of Economics, Finance and Statistics, University of Perugia, Centro Studi Luca d'Agliano, Milan, Italy Halle Institute for Economic Research (IWH), Halle, Germany CIRCLE, Lund University, Sweden, Postal: CIRCLE, Lund University, PO Box 117, SE-22100 Lund, Sweden
Fabio Pieri: Depto. de Economia Aplicada II (Estructura Economica), Universitat de Valencia, Spain
Abstract: This paper provides new insights on the dependence of firm growth on age along the entire distribution of (positive and negative) growth rates, and conditional on survival. Using data from the EFIGE survey, and adopting a quantile regression approach, we uncover evidence for a sample of French, Italian and Spanish manufacturing firms with more than 10 employees in the period from 2001 to 2008. After controlling for several firms’ characteristics, country and sector specificities we find that: (i) young firms grow faster than old firms, especially in the highest growth quantiles; (ii) young firms face the same probability of declining than their older counterparts; (iii) results are robust to the inclusion of other firms’ characteristics such as labor productivity, capital intensity, and the financial structure; (iv) high growth is associated with younger CEOs and other attributes which capture the attitude of the firm toward growth and change. The effect of age on firm growth is rather similar across countries.
34 pages, December 18, 2013
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