Econometrics and the Growth of Firms: Perspectives from Evolutionary Economics

References

• Abadie A, Cattaneo MD (2018) Econometric methods for program evaluation. Annual Rev. Econom. 10:465–503.Crossref, Google Scholar
• Alchian AA (1950) Uncertainty, evolution, and economic theory. J. Political Econom. 58(3):211–221.Crossref, Google Scholar
• Angrist JD, Pischke J-S (2009) Mostly Harmless Econometrics: An Empiricist’s Companion (Princeton University Press, Princeton, NJ).Crossref, Google Scholar
• Bamberger PA (2018) AMD—Clarifying what we are about and where we are going. Acad. Management Discoveries 4(1):1–10.Crossref, Google Scholar
• Barnett WP (2017) Metacompetition: Competing over the game to be played. Strategy Sci. 2(4):212–219.Link, Google Scholar
• Bloom N, Genakos C, Sadun R, Van Reenen J (2012) Management practices across firms and countries. Acad. Management Perspect. 26(1):12–33.Crossref, Google Scholar
• Bloom N, Brynjolfsson E, Foster L, Jarmin RS, Patnaik M, Saporta-Eksten I, Van Reenen J (2019) What drives differences in management? Amer. Econom. Rev. 109(5):1648–1683.Crossref, Google Scholar
• Boone J (2008) A new way to measure competition. Econom. J. 118(531):1245–1261.Google Scholar
• Bos JW, Stam E (2014) Gazelles and industry growth: a study of young high-growth firms in the Netherlands. Indust. Corporate Change 23(1):145–169.Crossref, Google Scholar
• Bottazzi G, Secchi A (2006) Explaining the distribution of firm growth rates. RAND J. Econom. 37(2):235–256.Crossref, Google Scholar
• Bottazzi G, Secchi A (2011) A new class of asymmetric exponential power densities with applications to economics and finance. Indust. Corporate Change 20(4):991–1030.Crossref, Google Scholar
• Bowen III DE, Frésard L, Taillard JP (2016) What's your identification strategy? Innovation in corporate finance research. Management Sci. 63(8):2529–2548.Google Scholar
• Breschi S, Malerba F (1997) Sectoral innovation systems: Technological regimes, Schumpeterian dynamics, and spatial boundaries. Edquist C, ed. Systems of Innovation: Technologies, Institutions, and Organizations (Pinter, London), 130–156.Google Scholar
• Bromiley P, Rau D (2014) Toward a practice-based view of strategy. Strategic Management J. 35(8):1249–1256.Crossref, Google Scholar
• Brynjolfsson E, Hitt LM (2000) Beyond computation: Information technology, organizational transformation and business performance. J. Econom. Perspect. 14(4):23–48.Crossref, Google Scholar
• Brynjolfsson E, McAfee A (2014) The Second Machine Age: Work, Progress, and Prosperity in a Time of Brilliant Technologies (WW Norton, New York).Google Scholar
• Caliendo L, Monte F, Rossi-Hansberg E (2015) The anatomy of French production hierarchies. J. Political Econom. 123(4):809–852.Crossref, Google Scholar
• Cantner U, Krüger JJ (2007) Empirical tools for the analysis of technological heterogeneity and change: Some basic building blocks of ‘evolumetrics.’ Hanusch H, Pyka A, eds. The Elgar Companion to Neo-Schumpeterian Economics (Edward Elgar, Cheltenham, UK), 493–502.Crossref, Google Scholar
• Cattani G, Porac JF, Thomas H (2017) Categories and competition. Strategic Management J. 38(1):64–92.Google Scholar
• Certo ST, Busenbark JR, Woo H-S, Semadeni M (2016) Sample selection bias and Heckman models in strategic management research. Strategic Management J. 37(13):2639–2657.Crossref, Google Scholar
• Chang SJ (1996) An evolutionary perspective on diversification and corporate restructuring: Entry, exit, and economic performance during 1981–89. Strategic Management J. 17(8):587–611.Google Scholar
• Choudhury P, Allen RT, Endres MG (2021) Machine learning for pattern discovery in management research. Strategic Management J. 42(1):30–57.Crossref, Google Scholar
• Coad A (2010) Neoclassical vs evolutionary theories of financial constraints: Critique and prospectus. Structural Change Econom. Dynam. 21(3):206–218.Google Scholar
• Coad A, Planck M (2012) Firms as bundles of discrete resources—toward an explanation of the exponential distribution of firm growth rates. Eastern Econom. J. 38:189–209.Crossref, Google Scholar
• Coad A, Rao R (2008) Innovation and firm growth in high-tech sectors: A quantile regression approach. Res. Policy 37(4):633–648.Crossref, Google Scholar
• Coad A, Srhoj S (2020) Catching gazelles with a lasso: Big data techniques for the prediction of high-growth firms. Small Bus. Econom. 55(3):541–565.Crossref, Google Scholar
• Coad A, Daunfeldt SO, Halvarsson D (2018) Bursting into life: firm growth and growth persistence by age. Small Bus. Econom. 50(1):55–75.Crossref, Google Scholar
• Coad A, Mathew N, Pugliese E (2020) What’s good for the goose ain’t good for the gander: Heterogeneous innovation capabilities and the performance effects of R&D. Indust. Corporate Change 29(3):621–644.Crossref, Google Scholar
• Coad A, Frankish J, Roberts R, Storey D (2013) Growth paths and survival chances: An application of gambler’s ruin theory. J. Bus. Venturing 28(5):615–632.Crossref, Google Scholar
• Coad A, Frankish JS, Roberts RG, Storey DJ (2016) Predicting new venture survival and growth: Does the fog lift? Small Bus. Econom. 47:217–241.Crossref, Google Scholar
• Crawford GC, Aguinis H, Lichtenstein B, Davidsson P, McKelvey B (2015) Power law distributions in entrepreneurship: Implications for theory and research. J. Bus. Venturing 30(5):696–713.Crossref, Google Scholar
• Cruz M, Bussolo M, Iacovone L (2018) Organizing knowledge to compete: Impacts of capacity building programs on firm organization. J. Internat. Econom. 111:1–20.Crossref, Google Scholar
• Cunningham S (2021) Causal Inference: The Mixtape (Yale University Press, New Haven, CT).Crossref, Google Scholar
• Cyert RM, March JG (1963) A Behavioral Theory of the Firm (Prentice Hall, Englewood Cliffs, NJ).Google Scholar
• Deaton A, Cartwright N (2018) Understanding and misunderstanding randomized controlled trials. Social Sci. Medicine 210:2–21.Google Scholar
• Denrell J, Fang C, Liu C (2015) Chance explanations in the management sciences. Organ. Sci. 26(3):923–940.Link, Google Scholar
• Dodgson M (2017) Innovation in firms. Oxford Rev. Econom. Policy 33(1):85–100.Crossref, Google Scholar
• Dosi G (1982) Technological paradigms and technological trajectories: A suggested interpretation of the determinants and directions of technical change. Res. Policy 11(3):147–162.Crossref, Google Scholar
• Dosi G, Marengo L (2007) On the evolutionary and behavioral theories of organizations: A tentative roadmap. Organ. Sci. 18(3):491–502.Link, Google Scholar
• Dosi G, Fagiolo G, Roventini A (2010a) Schumpeter meeting Keynes: A policy-friendly model of endogenous growth and business cycles. J. Econom. Dynam. Control 34(9):1748–1767.Crossref, Google Scholar
• Dosi G, Lechevalier S, Secchi A (2010b) Introduction: Interfirm heterogeneity—nature, sources and consequences for industrial dynamics. Indust. Corporate Change 19(6):1867–1890.Crossref, Google Scholar
• Dosi G, Nelson RR, Winter SG, eds. (2000) The Nature and Dynamics of Organizational Capabilities (Oxford University Press, New York).Google Scholar
• Dosi G, Grazzi M, Moschella D, Pisano G, Tamagni F (2020) Long-term firm growth: An empirical analysis of US manufacturers 1959–2015. Indust. Corporate Change 29(2):309–332.Google Scholar
• Elwert F, Winship C (2014) Endogenous selection bias: The problem of conditioning on a collider variable. Annual Rev. Sociol. 40:31–53.Crossref, Google Scholar
• Felin T, Foss NJ, Ployhart RE (2015) The microfoundations movement in strategy and organization theory. Acad. Management Ann. 9(1):575–632.Crossref, Google Scholar
• Felin T, Foss NJ, Heimeriks KH, Madsen TL (2012) Microfoundations of routines and capabilities individuals, processes and structure. J. Management Stud. 49(8):1351–1374.Google Scholar
• Flachenecker F, Gavigan JP, Goenaga X, Pasi G, Preziosi N, Stamenov B, Testa G (2020) High growth enterprises: Demographics, financing & policy measures. Technical report, Joint Research Centre, Brussels.Google Scholar
• Foss NJ, Klein PG (2020) Entrepreneurial opportunities: Who needs them? Acad. Management Perspect. 34(3):366–377.Crossref, Google Scholar
• Foster L, Haltiwanger J, Syverson C (2008) Reallocation, firm turnover, and efficiency: Selection on productivity or profitability? Amer. Econom. Rev. 98(1):394–425.Crossref, Google Scholar
• Frankish J, Roberts R, Coad A, Spears T, Storey D (2013) Do entrepreneurs really learn? Or do they just tell us that they do? Indust. Corporate Change 22(1):73–106.Crossref, Google Scholar
• Freeman C (2019) History, co-evolution and economic growth. Indust. Corporate Change 28(1):1–44.Crossref, Google Scholar
• Gavetti G (2012) Toward a behavioral theory of strategy. Organ. Sci. 23(1):267–285.Link, Google Scholar
• Gavetti G, Levinthal DA (2004) The strategy field from the perspective of management science: Divergent strands and possible integration. Management Sci. 50(10):1309–1318.Link, Google Scholar
• George G, Haas MR, Pentland A (2014) Big data and management. Acad. Management J. 57(2):321–326.Crossref, Google Scholar
• Gavetti G, Helfat CE, Marengo L (2017) Searching, shaping, and the quest for superior performance. Strategy Sci. 2(3):194–209.Link, Google Scholar
• Gentzkow M, Kelly B, Taddy M (2019) Text as data. J. Econom. Literature 57(3):535–574.Crossref, Google Scholar
• Geroski P, Gugler K (2004) Corporate growth convergence in Europe. Oxford. Econom. Papers 56(4):597–620.Crossref, Google Scholar
• Gibrat R (1931) Les inégalités économiques: Applications, aux inégalités des richesses, a la concentration des entreprises, aux populations des villes, aux statistiques des familles, etc.: D'une loi nouvelle la loi de l'effet proportionnel (Recueil Sirey, Paris).Google Scholar
• Gimeno J, Folta TB, Cooper AC, Woo CY (1997) Survival of the fittest? Entrepreneurial human capital and the persistence of underperforming firms. Admin. Sci. Quart. 42(4):750–783.Crossref, Google Scholar
• Goldfarb B, King AA (2016) Scientific apophenia in strategic management research: Significance tests & mistaken inference. Strategic Management J. 37(1):167–176.Crossref, Google Scholar
• Greve HR (2008) A behavioral theory of firm growth: Sequential attention to size and performance goals. Acad. Management J. 51(3):476–494.Crossref, Google Scholar
• Greve HR (2018) Show me the data! Improving evidence presentation for publication. Management Organ. Rev. 14(2):423–432.Crossref, Google Scholar
• Griliches Z, Mairesse J (1995) Production functions: the search for identification. NBER Working Paper No. 5067, National Bureau of Economic Research, Cambridge, MA.Google Scholar
• Grillitsch M, Schubert T, Srholec M (2019) Knowledge base combinations and firm growth. Res. Policy 48(1):234–247.Crossref, Google Scholar
• Grover Goswami A, Medvedev D, Olafsen E (2019) High-Growth Firms: Facts, Fiction, and Policy Options for Emerging Economies (World Bank, Washington, DC).Crossref, Google Scholar
• Hambrick DC (2007) The field of management’s devotion to theory: Too much of a good thing? Acad. Management J. 50(6):1346–1352.Crossref, Google Scholar
• Heckman JJ, Moktan S (2020) Publishing and promotion in economics: The tyranny of the top five. J. Econom. Literature 58(2):419–470.Crossref, Google Scholar
• Helfat CE (2007) Stylized facts, empirical research and theory development in management. Strategic Organ. 5(2):185–192.Crossref, Google Scholar
• Imbens GW (2020) Potential outcome and directed acyclic graph approaches to causality: Relevance for empirical practice in economics. J. Econom. Literature 58(4):1129–1179.Crossref, Google Scholar
• Jacobides MG, Cennamo C, Gawer A (2018) Toward a theory of ecosystems. Strategic Management J. 39(8):2255–2276.Crossref, Google Scholar
• Jepperson R, Meyer JW (2011) Multiple levels of analysis and the limitations of methodological individualisms. Sociol. Theory 29(1):54–73.Crossref, Google Scholar
• Kennedy C (1964) Induced bias in innovation and the theory of distribution. Econom. J. 74(295):541–547.Google Scholar
• Klingebiel R, Adner R (2015) Real options logic revisited: The performance effects of alternative resource allocation regimes. Acad. Management J. 58(1):221–241.Crossref, Google Scholar
• Knudsen T (2002) Economic selection theory. J. Evolutionary Econom. 12(4):443–470.Crossref, Google Scholar
• Knudsen T, Levinthal DA, Winter SG (2014) Hidden but in plain sight: The role of scale adjustment in industry dynamics. Strategic Management J. 35(11):1569–1584.Crossref, Google Scholar
• Knudsen T, Levinthal DA, Winter SG (2017) Systematic differences and random rates: Reconciling Gibrat’s law with firm differences. Strategy Sci. 2(2):111–120.Link, Google Scholar
• Leahey E, Beckman CM, Stanko TL (2017) Prominent but less productive: The impact of interdisciplinarity on scientists’ research. Admin. Sci. Quart. 62(1):105–139.Crossref, Google Scholar
• Levinthal DA (2017) Mendel in the C-suite: Design and the evolution of strategies. Strategy Sci. 2(4):282–287.Link, Google Scholar
• Levitt B, March JG (1988) Organizational learning. Annual Rev. Sociol. 14(1):319–338.Crossref, Google Scholar
• Lockett A, Wiklund J, Davidsson P, Girma S (2011) Organic and acquisitive growth: Re-examining, testing and extending Penrose’s growth theory. J. Management Stud. 48(1):48–74.Crossref, Google Scholar
• Lotti F, Santarelli E, Vivarelli M (2009) Defending Gibrat’s law as a long-run regularity. Small Bus. Econom. 32:31–44.Crossref, Google Scholar
• Lucas RE (1978) On the size distribution of business firms. Bell J. Econom. 9(2):508–523.Crossref, Google Scholar
• Lundström A, Vikström P, Fink M, Meuleman M, Glodek P, Storey DJ, Kroksgard A (2014) Measuring the costs and coverage of SME and entrepreneurship policy: A pioneering study. Entrepreneurship Theory Practice 38(4):941–957.Crossref, Google Scholar
• Mathieu JE, Aguinis H, Culpepper SA, Chen G (2012) Understanding and estimating the power to detect cross-level interaction effects in multilevel modeling. J. Appl. Psych. 97(5):951–966.Crossref, Google Scholar
• McIntyre DP, Srinivasan A (2017) Networks, platforms, and strategy: Emerging views and next steps. Strategic Management J. 38(1):141–160.Crossref, Google Scholar
• McKelvie A, Wiklund J (2010) Advancing firm growth research: A focus on growth mode instead of growth rate. Entrepreneurship Theory and Practice 34(2):261–288.Google Scholar
• Metcalfe JS (1998) Evolutionary Economics and Creative Destruction (Routledge, London).Crossref, Google Scholar
• Mlodinow L (2011) Feynman’s Rainbow: A Search for Beauty in Physics and in Life (Vintage Books, New York).Google Scholar
• Moneta A, Entner D, Hoyer P, Coad A (2013) Causal inference by independent component analysis: Theory and applications. Oxford Bull. Econom. Statist. 75(5):705–730.Crossref, Google Scholar
• Murmann JP, Korn J, Worch H (2014) How fast can firms grow? Jahrbücher Nationalökonom. Statist. 234(2–3):210–233.Crossref, Google Scholar
• Nason RS, Wiklund J (2018) An assessment of resource-based theorizing on firm growth and suggestions for the future. J. Management 44(1):32–60.Crossref, Google Scholar
• Nelson RR, Winter SG (1982) An Evolutionary Theory of Economic Change (Harvard University Press, Cambridge, MA).Google Scholar
• Nelson R, Dosi G, Helfat C, Pyka A, Saviotti P, Lee K, Dopfer K, Malerba F, Winter S (2018) Modern Evolutionary Economics: An Overview (Cambridge University Press, Cambridge, UK).Crossref, Google Scholar
• Newbert SL (2007) Empirical research on the resource-based view of the firm: An assessment and suggestions for future research. Strategic Management J. 28(2):121–146.Crossref, Google Scholar
• Pearl J (2009) Causality: Models, Reasoning and Inference, 2nd ed. (Cambridge University Press, Cambridge, UK).Crossref, Google Scholar
• Penrose E (1959) Theory of the Growth of the Firm (Wiley, New York).Google Scholar
• Posen HE, Martignoni D (2018) Revisiting the imitation assumption: Why imitation may increase, rather than decrease, performance heterogeneity. Strategic Management J. 39(5):1350–1369.Crossref, Google Scholar
• Pozzi A, Schivardi F (2016) Demand or productivity: What determines firm growth? RAND J. Econom. 47(3):608–630.Crossref, Google Scholar
• Rigobon R (2003) Identification through Heteroskedasticity. Rev. Econom. Statist. 85(4):777–792.Crossref, Google Scholar
• Rohrer JM (2018) Thinking clearly about correlations and causation: Graphical causal models for observational data. Adv. Methods Practices Psych. Sci. 1(1):27–42.Crossref, Google Scholar
• Safarzyńska K, van den Bergh JC (2010) Evolutionary models in economics: a survey of methods and building blocks. J. Evolutionary Econom. 20(3):329–373.Crossref, Google Scholar
• Schwabish JA (2014) An economist’s guide to visualizing data. J. Econom. Perspect. 28(1):209–234.Crossref, Google Scholar
• Stanley MHR, Amaral LAN, Buldyrev SV, Havlin S, Leschhorn H, Maass P, Salinger MA, Stanley HE (1996) Scaling behaviour in the growth of companies. Nature 379:804–806.Crossref, Google Scholar
• Starr E, Goldfarb B (2020) Binned scatterplots: A simple tool to make research easier and better. Strategic Management J. 41:2261–2274.Google Scholar
• Storey DJ (2006) Evaluating SME policies and programmes: Technical and political dimensions. Casson M, Yeung B, Basu A, Wadeson N, eds. The Oxford Handbook of Entrepreneurship (Oxford University Press, Oxford, UK), 248–278.Google Scholar
• Storey DJ (2011) Optimism and chance: The elephants in the entrepreneurship room. Internat. Small Bus. J. 29(4):303–321.Crossref, Google Scholar
• Szulanski G (1996) Exploring internal stickiness: Impediments to the transfer of best practice within the firm. Strategic Management J. 17(S2):27–43.Crossref, Google Scholar
• Teece DJ (2007) Explicating dynamic capabilities: The nature and microfoundations of (sustainable) enterprise performance. Strategic Management J. 28(13):1319–1350.Crossref, Google Scholar
• Teece DJ, Pisano G, Shuen A (1997) Dynamic capabilities and strategic management. Strategic Management J. 18(7):509–533.Crossref, Google Scholar
• Thompson P (1999) Rationality, rules of thumb, and R&D. Structural Change Econom. Dynam. 10(3-4):321–340.Google Scholar
• Tracey P, Phillips N, Jarvis O (2011) Bridging institutional entrepreneurship and the creation of new organizational forms: A multilevel model. Organ. Sci. 22(1):60–80.Link, Google Scholar
• Welch I (2014) Referee recommendations. Rev. Financial Stud. 27(9):2773–2804.Crossref, Google Scholar
• Wennberg K, Anderson BS (2020) Enhancing the exploration and communication of quantitative entrepreneurship research. J. Bus. Venturing 35(3):105938.Crossref, Google Scholar
• Winter SG (2003) Understanding dynamic capabilities. Strategic Management J. 24(10):991–995.Crossref, Google Scholar
• Yu X, Dosi G, Lei J, Nuvolari A (2015) Institutional change and productivity growth in China’s manufacturing: The microeconomics of knowledge accumulation and “creative restructuring.” Indust. Corporate Change 24(3):565–602.Crossref, Google Scholar