Industrial Organization and New Findings on the Turnover and Mobility of Firms

Richard E. Caves

Journal of Economic Literature, 1998, vol. 36, issue 4, 1947-1982

Abstract: Recent research uses census-type longitudinal data to establish many new facts about turnover, entry, and exit among competing firms. Mean regression fosters stable concentration levels. Entrants experience high infant mortality, but entry buys them options to expand. Changes in control resemble a job-matching process. These patterns are reconciled with traditional industrial organization based on equilibrium models to establish relative roles of random and structural determinants of concentration and the normative role of turnover in raising industry productivity and efficiency. The patterns vary little from country to country, except for less sunkenness (more mobility) in developing countries.

Date: 1998
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