Creative destruction and firm-specific performance heterogeneity

• 成果类型: Review
• 署名作者: Chun, Hyunbae; Kim, Jung-Wook; Morck, Randall; Yeung, Bernard
• 署名单位: University of Alberta; Sogang University; National Bureau of Economic Research; New York University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2007.06.005
• 发表日期: 2008
• 页码: 109-135
• 关键词: Creative destruction; firm-specific variation; information technology

摘要

Traditional U.S. industries with higher firm-specific stock return and fundamentals performance heterogeneity use information technology (IT) more intensively and post faster productivity growth in the late 20th century. We argue that this mechanically reflects a wave of Schumpeter's creative destruction disrupting a wide swath of industries, with successful IT adopters unpredictably undermining established firms. This validates endogenous growth theory models of creative destruction and suggests intensified creative destruction as explaining findings associating greater firm-specific performance variation with higher per capita GDPs, economy growth rates, accounting standards, financial system development, and property right protection. (C) 2008 Elsevier B.V. All rights reserved.