全球智库信息集成服务系统(G2TT): Impediments to the Schumpeterian Process in the Replacement of Large Firms

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w27871
来源ID	Working Paper 27871
	Impediments to the Schumpeterian Process in the Replacement of Large Firms
	Mara Faccio; John J. McConnell
发表日期	2020-09-28
出版年	2020
语种	英语
摘要	Using newly-assembled data encompassing up to 75 countries and starting circa 1910, we find that the Schumpeterian process of creative destruction aptly describes the replacement of large firms by other firms, but exceptions to the norm of replacement are not rare and replacement is often not by new firms. Initial firm size and political connections represent the main obstacles to the Schumpeterian process while board interlocks and a corporate culture of innovation play modest roles. Consistent with a theory of political capture, when accompanied by regulations that restrict entry, political connections play a formidable role in abetting large firms remaining large.
主题	Financial Economics ; Corporate Finance ; Development and Growth ; Development ; Other ; Economic Systems
URL	https://www.nber.org/papers/w27871
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/585545
推荐引用方式 GB/T 7714	Mara Faccio,John J. McConnell. Impediments to the Schumpeterian Process in the Replacement of Large Firms. 2020.