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Journal of Empirical Finance, 2020
Abstract We document a robust pattern of beta declining over the age of a firm. We find that changes in systematic risk via firm characteristics and life-cycle stages are insufficient to explain this pattern. Moreover, standard proxies for the quantity and quality of information also explain this pattern only partially.
Ludwig B. Chincarini +2 more
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Abstract We document a robust pattern of beta declining over the age of a firm. We find that changes in systematic risk via firm characteristics and life-cycle stages are insufficient to explain this pattern. Moreover, standard proxies for the quantity and quality of information also explain this pattern only partially.
Ludwig B. Chincarini +2 more
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SSRN Electronic Journal, 2011
Firms typically do not make it to old age. We want to know whether the deterioration in performance they experience eventually drives older firms into financial failure. We find that not to be the case. Conditionally and unconditionally, the failure hazard declines as firms grow older. The competing hazard of takeover initially declines as well, yet it
Claudio F. Loderer +2 more
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Firms typically do not make it to old age. We want to know whether the deterioration in performance they experience eventually drives older firms into financial failure. We find that not to be the case. Conditionally and unconditionally, the failure hazard declines as firms grow older. The competing hazard of takeover initially declines as well, yet it
Claudio F. Loderer +2 more
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Strategic Direction, 2007
We study the firm-level dynamics of technological innovation. Specifically, we examine how firm age relates to the technical quality of innovations, and if firm age has differential effects on inno...
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We study the firm-level dynamics of technological innovation. Specifically, we examine how firm age relates to the technical quality of innovations, and if firm age has differential effects on inno...
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Innovation, firm size, and firm age
Small Business Economics, 1992This paper uses a new data set on innovation output to assess the degree to which the level of innovation in manufacturing firms is influenced by firm size and firm age. Indicators of innovation output used are the number of new products introduced as a function of firm sales and the proportion of firm sales obtained from products first introduced in ...
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Age Effects, Leverage and Firm Growth
SSRN Electronic Journal, 2009Recent theories of firm dynamics emphasize the role of financial variables as determinants of firm growth. Empirically examining these relationships has been difficult, since there is a lack of financial data on the small, young, and private firms.
Kim P. Huynh, Robert J. Petrunia
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Firm size, firm age and job duration
Review of Industrial Organization, 1996Using panel data for all manufacturing firms in the German Federal State of Lower Saxony in this paper the age distribution of jobs existing in 1992 is analyzed. Four conclusions emerge: The porportion of long-lasting jobs amounts to about 75 percent in firms that were founded prior to 1978.
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Journal of Evolutionary Economics, 2016
This survey paper synthesizes theory and evidence on processes of firm-level aging. We discuss why anthropomorphic analogies are not helpful for understanding firm aging, because of differences in population pyramid shapes (with around 50 % of firms exiting after just 3 years), no upper bound on firm ages, and no deterministic change in performance ...
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This survey paper synthesizes theory and evidence on processes of firm-level aging. We discuss why anthropomorphic analogies are not helpful for understanding firm aging, because of differences in population pyramid shapes (with around 50 % of firms exiting after just 3 years), no upper bound on firm ages, and no deterministic change in performance ...
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Entrepreneurial marketing behaviours: impact of firm age, firm size and firm’s founder
Journal of Research in Marketing and Entrepreneurship, 2016PurposeThe purpose of this paper is to empirically test whether a systematic relationship exists between firms’ level of entrepreneurial marketing (EM) behaviours and firms’ characteristics, including firm age, firm size and firm’s founder.Design/methodology/approachThis paper quantitatively investigates EM behaviours from data collected from 752 ...
Pitsamorn Kilenthong +2 more
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Firm-Age Distribution and the Inactive Rate of Firms
2021It is as important to consider how a firm will cease its activities as how it will continue those same activities. The short-term inactive rate of firms is observed in the long term as their age distribution. In this chapter, we identify the age dependence of the inactive rate of firms and link it to the long-term property of firm-age distribution ...
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Silverback CEOs: Age, experience, and firm value
Journal of Empirical Finance, 2012Approximately half of S&P 1500 firms have adopted policies mandating retirement based on age. This study investigates the merits of CEO mandatory retirement policies (MRPs) using a sample of 12,610 firm-year observations from 2143 unique firms. It also addresses the question of whether CEO age is relevant to the success of an organization.
Brandon N. Cline, Adam S. Yore
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