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Technological Extinctions of Industrial Firms: An Inquiry into Their Nature and Causes

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Author Info
Klepper, Steven
Simons, Kenneth L

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Abstract

After a buildup in the number of firms, new industries commonly experience a "shakeout" in which the number of firms declines sharply. Three theoretical perspectives on how technological change contributes to industry shakeouts are analyzed. The theories are used to synthesize predictions concerning technological change and industry evolution. The predictions inform an analysis of four US industries that experienced sharp shakeouts: automobiles, tires, televisions and penicillin. Using data on firm participation and innovation from the commercial inception of the four products through their formative eras, we uncover regularities in how the products evolved. The regularities suggest that shakeouts are not triggered by particular technological innovations nor by dominant designs, but by an evolutionary process in which technological innovation contributes to a mounting dominance by some early-entering firms. Copyright 1997 by Oxford University Press.

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Publisher Info
Article provided by Oxford University Press in its journal Industrial & Corporate Change.

Volume (Year): 6 (1997)
Issue (Month): 2 (March)
Pages: 379-460
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Handle: RePEc:oup:indcch:v:6:y:1997:i:2:p:379-460

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  6. Kenneth L. Simons, 2001. "Information Technology and the Dynamics of Firm and Industrial Structure: The British IT Consulting Industry as a Contemporary Specimen," Royal Holloway, University of London: Discussion Papers in Economics 01/2, Department of Economics, Royal Holloway University of London, revised Aug 2001. [Downloadable!]
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  13. Dijk van, M., 2003. "Industry Evolution in Developing Countries: the Indonesian Pulp and Paper Industry," ECIS Working Papers 03.02, Eindhoven Centre for Innovation Studies, Eindhoven University of Technology. [Downloadable!]
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