Big Business Stability and Social Welfare

Kathy Fogel, Randall Morck and Bernard Yeung

No 14027, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: Many countries appear to have excessively stable big business sectors, in that higher rates of big business turnover have been correlated with faster economy growth. Public policies that stabilize big business sectors are sometimes justified as supportive of social objectives. We find no consistent link between big business stability and public goods provision, egalitarianism, or labor empowerment. While absence of evidence is not evidence of absence, these findings suggest that other explanations, such as special interest politics or behavioral biases favoring the status quo also be considered.

JEL-codes: D3 G3 I0 J0 O4 (search for similar items in EconPapers)
Date: 2008-05
New Economics Papers: this item is included in nep-hap
Note: CF
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Published as Fogel, Kathy & Morck, Randall & Yeung, Bernard, 2008. "Big business stability and economic growth: Is what's good for General Motors good for America?," Journal of Financial Economics, Elsevier, vol. 89(1), pages 83-108, July.
Published as Big Business Stability and Social Welfare , Kathy Fogel, Randall Morck, Bernard Yeung. in Financial Sector Development in the Pacific Rim , Ito and Rose. 2009

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