Big business stability and economic growth: Is what's good for General Motors good for America?

• 成果类型: Review
• 署名作者: Fogel, Kathy; Morck, Randall; Yeung, Bernard
• 署名单位: University of Alberta; University of Arkansas System; University of Arkansas Fayetteville; 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.2007.06.004
• 发表日期: 2008
• 页码: 83-108
• 关键词: business stability; creative destruction; Economic growth

摘要

What is good for a country may not be good for its big businesses, at least recently. More turnover in top businesses correlates with faster per capita gross domestic product, productivity, and capital growth; supporting Schumpeter's [1942. Capitalism, Socialism and Democracy, third ed., Harper & Bros., New York, NY] theory of creative destruction-innovative firms blooming as stagnant ones wither. These correlations are greater in more developed economies, supporting Aghion and Howitt's [1992. A model of growth through creative destruction. Econometrica 60, 323-351] thesis that creative destruction matters more to economies nearer the technological frontier. More big business turnover also correlates with smaller government, common law, less bank-dependence, stronger shareholder Fights, and greater openness. (C) 2008 Elsevier B.V. All rights reserved.