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Specialization, Transaction Efficiency, and Firm Size: Empirical Evidence

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  • Kit‐Chun Lam
  • Pak‐Wai Liu

Abstract

The paper provides some empirical evidence for the relationship between average firm size and the relative transaction efficiency and per capita income as hypothesized by Liu and Yang in Journal of Economic Behavior and Organization 42(2) (2000):145–65. The empirical data of 11 industries in Hong Kong from 1982 to 1999 are found to be broadly consistent with the predictions of Liu and Yang.

Suggested Citation

  • Kit‐Chun Lam & Pak‐Wai Liu, 2004. "Specialization, Transaction Efficiency, and Firm Size: Empirical Evidence," Review of Development Economics, Wiley Blackwell, vol. 8(3), pages 413-422, August.
    • Handle: RePEc:bla:rdevec:v:8:y:2004:i:3:p:413-422
    DOI: 10.1111/j.1467-9361.2004.00242.x
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    References listed on IDEAS

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    1. Charles I. Jones, 1995. "Time Series Tests of Endogenous Growth Models," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 110(2), pages 495-525.
    2. Paul Krugman & Anthony J. Venables, 1995. "Globalization and the Inequality of Nations," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 110(4), pages 857-880.
    3. Jeff Borland & Xiaokai Yang, 2006. "Specialization, Product Development, Evolution Of The Institution Of The Firm, And Economic Growth," World Scientific Book Chapters, in: Christis Tombazos & Xiaokai Yang (ed.), Inframarginal Contributions To Development Economics, chapter 12, pages 291-325, World Scientific Publishing Co. Pte. Ltd..
    4. Murakami, Naoki & Liu, Deqiang & Otsuka, Keijiro, 1996. "Market Reform, Division of Labor, and Increasing Advantage of Small-Scale Enterprises: The Case of the Machine Tool Industry in China," Journal of Comparative Economics, Elsevier, vol. 23(3), pages 256-277, December.
    5. Kim, Sunwoong, 1989. "Labor Specialization and the Extent of the Market," Journal of Political Economy, University of Chicago Press, vol. 97(3), pages 692-705, June.
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