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Investigating Industry Dynamics in a Recessionary Transition Economy

Vanja Vitezić (), Stjepan Srhoj and Perić Marko ()
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Perić Marko: Associate professor Faculty of Tourism and Hospitality Management, University ofRijeka, Croatia

South East European Journal of Economics and Business, 2018, vol. 13, issue 1, 43-67

Abstract: The paper investigates the statistical regularities of industry dynamics in a transition economy and its manufacturing industry over a six-year period of recession. The static analysis of distributions supports several established stylized facts on firm size and growth-rate distributions. The growth rate distribution featured a sequential, year-by-year procyclical change of the left side of distribution, suggesting that the more years an economy spends in a recession, the greater the decline in the revenue of its firms. On the “growing” side, the recession opened increasing growth opportunities for a small subset of small firms, while it diminished growth opportunities for medium and large firms. The segregation of sectors by technological intensity gives evidence that the high-tech sectors show upward trend of the growth rate distributions’ right side of as the recession unfolded. Sectorial concentration ratios mostly increased, while changes in the unimodality of the firm-size distribution occurred at the end of the economic downturn

Keywords: growth rate distribution; firm size distribution; technological intensity; recession; asymmetric exponential power (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:seejeb:v:13:y:2018:i:1:p:43-67:n:3

DOI: 10.2478/jeb-2018-0003

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South East European Journal of Economics and Business is currently edited by Adnan Efendic, Vesna Babić-Hodović and Aziz Šunje

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