Quotation Gschwandtner, Adelina. 2002. Evolution of the largest US corporations 1950 - 2000. Dissertation, Universität Wien.


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Abstract

The main aim of this study is to analyze the history of the largest 500 US companies of 1950 in terms of survival and profit persistence. For this the data was divided in 7 different sub-samples: survivors, new entrants, disappearing firms and four "20-years" periods 1950-72, 1960-80, 1970-90, 1980-1999. The results go in line with the preceding literature. On average profits converge toward a competitive norm, but for a significant fraction of firms this convergence is incomplete. In five out of the seven samples the hypothesis that all the long run projected profit rates converge to a common competitive level could be rejected at least at 5 %. In all of the seven samples at least 22,86% of the firms had a long run projected profit rate that did not converge to the norm. The speed of adjustment parameter lambda was significantly different from zero at least in 15.38 % of the cases in each subsample. The fact that a significant number of firms have profits that persist over a period of 50 years is a strong challenge to the competitive environment hypothesis.

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Publication's profile

Status of publication Published
Affiliation WU
Type of publication Dissertation
Language English
Title Evolution of the largest US corporations 1950 - 2000
Academic institution Universität Wien
Year 2002
URL http://aleph.univie.ac.at/F/GE1XXBMEB2PRJ8RAY9BKVHEVT32L43XKE617RYT9D8JYET9FIG-04563?func=full-set-set&set_number=018934&set_entry=000001&format=999

Associations

People
Gschwandtner, Adelina (Former researcher)
Organization
Institute for Statistics and Mathematics IN (Details)
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