Size, Growth, Profits and Executive Compensation in the by David J. Smyth

By David J. Smyth

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If the researcher is uncertain as to what measure is appropriate then he should not just arbitrarily pick a single measure but he should repeat his analysis using alternative measures. 4 Size and Growth of Firms I INTRODUCTION A question of major importance in industrial organisation is whether the size of a firm has any influence on its growth rate - that is, do large firms grow faster relatively than small firms or vice versa? This topic is the subject of the present chapter. The typical size distribution of firms is positively skewed with a few large firms and many small firms so that the size distribution of firms is clearly not normal- see Hart (1962).

5 IMPLICATIONS OF THE RESULTS We have demonstrated that conclusions from empirical studies using concentration indices will be sensitive to the measure of concentration used. A couple of examples may be helpful. A number of studies in which profitability was found to increase with the degree of concentration were cited earlier in this chapter. Some of these studies have used a particular measure of concentration because it was most conveniently available, most commonly CR" when a more appropriate measure to use on theoretical grounds would be a more complex measure such as the Herfindahl measure.

Some of these studies have used a particular measure of concentration because it was most conveniently available, most commonly CR" when a more appropriate measure to use on theoretical grounds would be a more complex measure such as the Herfindahl measure. 59, so it follows that if a Herfindahl measure were used instead of CR 4 • profitability would increase more slowly with concentration than was estimated. An explicit example of the implications of our results is provided in the study by Miller (1967) of profit rates and concentration ratios.

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