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Non-continuous growth of firms: some empirical evidence from Italian manufacturing industry

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  • Enrico D’Elia
  • Leopoldo Nascia
  • Alessandro Zeli

Abstract

Firms change their size through a row of discrete leaps. A basic model allowing for discontinuous growth can be based on several assumptions that entail testable consequences: profitability is not a continuous function of the firms’ size, but exhibits peaks, each corresponding to a locally optimal size. The model has been tested by using a panel of Italian manufacturing firms. Both the non-parametric analysis and a panel estimation confirm the presence of ‘peaks’ in the distribution of profitability by size.

Suggested Citation

  • Enrico D’Elia & Leopoldo Nascia & Alessandro Zeli, 2019. "Non-continuous growth of firms: some empirical evidence from Italian manufacturing industry," Industry and Innovation, Taylor & Francis Journals, vol. 26(1), pages 78-99, January.
    • Handle: RePEc:taf:indinn:v:26:y:2019:i:1:p:78-99
    DOI: 10.1080/13662716.2017.1374167
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