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Dynamic adjustment process of retail store density in cointegrated panels: evidence from Japan

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  • Kenji Matsui

Abstract

Using recently developed econometric techniques for testing the existence of unit roots and cointegration in panel datasets, this article investigates the dynamic adjustment process of the number of retail stores per person by business type. Specifically, the major objective of this article is to examine whether there is a long-term relationship between retail store density and consumers' ability to transport and store goods; that is, the relative costs of performing distributive tasks, as suggested in previous studies relating to store density. The first conclusion from this article is that a cointegration relationship exists between store density for most types of retail businesses and proxies for consumers' ability to transport and store goods. Second, the estimation results of an error correction model reveal that the density of stores dealing in convenience goods exhibits a slow adjustment speed to recover the long-run equilibrium density level, while the density of stores selling shopping goods shows relatively fast adjustment.

Suggested Citation

  • Kenji Matsui, 2011. "Dynamic adjustment process of retail store density in cointegrated panels: evidence from Japan," Applied Economics, Taylor & Francis Journals, vol. 43(2), pages 197-205.
  • Handle: RePEc:taf:applec:v:43:y:2011:i:2:p:197-205
    DOI: 10.1080/00036840802534450
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    References listed on IDEAS

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    1. Kao, Chihwa, 1999. "Spurious regression and residual-based tests for cointegration in panel data," Journal of Econometrics, Elsevier, vol. 90(1), pages 1-44, May.
    2. Ji-Chung Yang, 2007. "Variations of optimum firm and company town location," Applied Economics, Taylor & Francis Journals, vol. 39(20), pages 2655-2661.
    3. Flath, David, 1990. "Why are there so many retail stores in Japan?," Japan and the World Economy, Elsevier, vol. 2(4), pages 365-386, December.
    4. Andrzej Cieślik, 2005. "Regional characteristics and the location of foreign firms within Poland," Applied Economics, Taylor & Francis Journals, vol. 37(8), pages 863-874.
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    6. Levin, Andrew & Lin, Chien-Fu & James Chu, Chia-Shang, 2002. "Unit root tests in panel data: asymptotic and finite-sample properties," Journal of Econometrics, Elsevier, vol. 108(1), pages 1-24, May.
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