Which firms survive in a crisis? Investigating Gibrat’s Law in Greece 2001–2014

Christos Axioglou () and Nicos Christodoulakis
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Christos Axioglou: Hellenic Fiscal Council, and University of West Attica

Economia e Politica Industriale: Journal of Industrial and Business Economics, 2021, vol. 48, issue 2, No 2, 159-217

Abstract: Abstract The paper employs a panel dataset of more than 40,000 Greek firms over the period 2001–2014 to examine the size-related patterns of survival and turnover growth before and after the financial and debt crisis that hit Greece in 2010. Our findings suggest that larger-size firms were, in general, more likely to survive in the market than smaller size ones and this relative advantage only grew further during the crisis. However, the rate of growth in turnover for the surviving firms is negatively associated with their size, thus refuting Gibrat’s Law in Greece.

Keywords: Industrial organization; Market share; Manufacturing sector; Crisis (search for similar items in EconPapers)
JEL-codes: C21 L25 L43 (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (1)

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DOI: 10.1007/s40812-020-00176-5

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