Sunk Costs, Firm Size and Firm Growth
用理论模型解释企业增长与规模负相关的原因，认为产能和技术选择中的沉没成本是关键，并推导出关于利润率、退出率等额外实证含义。
For several decades, the conventional wisdom has been that expected firm growth rates are independent of firm size, a property known as Gibrat's Law. However, recent empirical work has found a negative relation between firm growth and firm size. This paper provides a theoretical explanation for this negative relation in a model of new firm growth where capacity and technology choices involve some degree of sunkness. Additional empirical implications of the theory of sunk costs are also developed. These relate to profit rates, Tobin's Q, exit rates, degree of sunkness of capacity costs, as well as size and growth rates. Copyright 1995 by Blackwell Publishing Ltd.