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来源类型Working Paper
规范类型报告
DOI10.3386/w21776
来源IDWorking Paper 21776
Where Has All The Skewness Gone? The Decline In High-Growth (Young) Firms In The U.S.
Ryan A. Decker; John Haltiwanger; Ron S. Jarmin; Javier Miranda
发表日期2015-12-07
出版年2015
语种英语
摘要The pace of business dynamism and entrepreneurship in the U.S. has declined over recent decades. We show that the character of that decline changed around 2000. Since 2000 the decline in dynamism and entrepreneurship has been accompanied by a decline in high-growth young firms. Prior research has shown that the sustained contribution of business startups to job creation stems from a relatively small fraction of high-growth young firms. The presence of these high-growth young firms contributes to a highly (positively) skewed firm growth rate distribution. In 1999, a firm at the 90th percentile of the employment growth rate distribution grew about 31 percent faster than the median firm. Moreover, the 90-50 differential was 16 percent larger than the 50-10 differential reflecting the positive skewness of the employment growth rate distribution. We show that the shape of the firm employment growth distribution changes substantially in the post-2000 period. By 2007, the 90-50 differential was only 4 percent larger than the 50-10, and it continued to exhibit a trend decline through 2011. The overall decline reflects a sharp drop in the 90th percentile of the growth rate distribution accounted for by the declining share of young firms and the declining propensity for young firms to be high-growth firms.
主题Macroeconomics ; Consumption and Investment ; Labor Economics ; Unemployment and Immigration ; Industrial Organization ; Firm Behavior
URLhttps://www.nber.org/papers/w21776
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/579450
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Ryan A. Decker,John Haltiwanger,Ron S. Jarmin,et al. Where Has All The Skewness Gone? The Decline In High-Growth (Young) Firms In The U.S.. 2015.
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