Persistence in firm growth: inference from conditional quantile transition matrices
提出基于条件分位数转移概率矩阵的新方法，研究企业增长动态的持续性，发现生产率、贸易开放度和商业活力是主要驱动因素，对研究企业成长和产业组织的学者有参考价值。
Abstract We introduce a new methodology to investigate the degree of persistence in firm growth dynamics, based on Conditional Quantile Transition Probability Matrices (CQTPMs) and exact inferential tests derived from two well-known mobility indexes. We apply the methodology to study manufacturing firms in the UK and four major European economies over the period 2010–2017. We find that CQTPMs display more persistence than under a fully independent firm growth process, albeit considerable turbulence and significant bouncing effects are detected. Exploiting the inferential statistics within a regression framework, we show that productivity, openness to trade, and business dynamism are the primary sources of firm growth persistence across sectors, while country-specific and time-specific factors play a second-order role.