WHO QUITS NEXT? FIRM GROWTH IN GROWING ECONOMIES
研究了多国数据中总体增长与企业动态的关系，发现企业就业模式不能反映跨国增长差异，而总体增长与平均企业生产率增长及企业年龄相关，并通过模型指出企业投资成功概率的差异可解释三分之二的增长差异。
We document novel facts about the relationship between aggregate growth and firm dynamics using a large set of countries. We argue that firm employment patterns are not necessarily informative about cross‐country differences in aggregate growth because they are induced by changes in the productivity of a firm relative to others. In contrast, aggregate growth is linked to average firm‐level productivity growth and firm age. We formalize this intuition through a tractable model of endogenous aggregate growth and firm dynamics where firms realize positive returns to investment with some probability. We find that cross‐country disparities in this probability can account for two‐thirds of the variation in aggregate growth.