Utilizad este identificador para citar o enlazar este documento: http://hdl.handle.net/2072/179572

Título:	Like milk or wine: Does firm performance improve with age?
Autor/a:	Coad, Alex; Segarra Blasco, Agustí; Teruel Carrizosa, Mercedes
Otros autores:	Universitat Rovira i Virgili. Departament d'Economia
Resum:	Our empirical literature review shows that little is known about how firm performance changes with age, presumably because of the paucity of data on firm age. For Spanish manufacturing firms, we analyse the firm performance related to firm age between 1998 and 2006. We find evidence that firms improve with age, because ageing firms are observed to have steadily increasing levels of productivity, higher profits, larger size, lower debt ratios, and higher equity ratios. Furthermore, older firms are better able to convert sales growth into subsequent growth of profits and productivity. On the other hand, we also found evidence that firm performance deteriorates with age. Older firms have lower expected growth rates of sales, profits and productivity, they have lower profitability levels (when other variables such as size are controlled for), and also that they appear to be less capable to convert employment growth into growth of sales, profits and productivity. Keywords: firm age, firm growth, LAD, financial structure, vector autoregression JEL CODES: L25, L20
Fecha de creación:	2010
Materias (CDU):	33 - Economia
Materia(s):	Empreses -- Creixement
Derechos:	L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons: http://creativecommons.org/licenses/by-nc-nd/3.0/es/
Páginas:	30 p.
Tipo de documento:	Documento de trabajo
Editor:	Universitat Rovira i Virgili. Departament d'Economia
Collection:	Documents de treball del Departament d'Economia;2010-25
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