The patterns of Chinese firm growth: a conditional estimation approach of the asymmetric exponential power density

This article investigates the impact of ownership type on the entire growth rate distributional mass of Chinese firms, using a conditional estimation approach of the asymmetric exponential power density that goes beyond simple location-shift analysis. We first find a Chinese growth puzzle, i.e. a de...

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Bibliographic Details
Published in:Industrial and corporate change 2015-06, Vol.24 (3), p.539-563
Main Authors: Duschl, M., Peng, S.-S.
Format: Article
Language:English
Subjects:
Asymmetric information
Business growth
Business ownership
China
Deviation
Economic growth
Estimating techniques
Growth rate
Growth rates
Ownership
Private sector
Studies
Western Europe
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Summary:This article investigates the impact of ownership type on the entire growth rate distributional mass of Chinese firms, using a conditional estimation approach of the asymmetric exponential power density that goes beyond simple location-shift analysis. We first find a Chinese growth puzzle, i.e. a deviation from the stylized fact of the variance-scaling relationship commonly observed in Western European economies. We then find that the ownership type mainly affects growth rates far-off the mean value. Our results also indicate that barriers to becoming a high growth firm, such as financial constraints, are especially prevalent in the Chinese private sector.
ISSN:0960-6491
1464-3650
DOI:10.1093/icc/dtv006