Does Gibrat’s law hold for knowledge size of high-tech firms?

Manh-Duc Le

Applied Economics Letters, 2024, vol. 31, issue 2, 158-163

Abstract: In this paper, we extend the literature on Gibrat’s law of firm growth by testing Gibrat’s law for knowledge size of high-tech firms. Two measures of a firm’s knowledge size which represent its knowledge stock and diversity are developed from its portfolio of patents. Using non-parametric regressions, specifically local polynominal estimators, we find that Gibrat’s law applies to knowledge size of high tech firms, specifically when their knowledge surpasses a certain threshold in size.

Date: 2024
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DOI: 10.1080/13504851.2022.2129039

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