The Effects of Size and Age on Firm Growth: Does Foreign Ownership Matter?
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This paper explores the impact of size and age on firm growth in Korean manufacturing industries during the ten years between 1990 and 2000, and compares the result between domestic firms and foreign invested firms. The estimation results suggest that in general, smaller firms grow faster among domestic firms, rejecting Gibrat's law, but that size had no significant effect on growth for foreign invested firms, supporting Gibrat's law. On the other hand younger firms tend to grow faster than older firms for both foreign invested and domestic firms, supporting Jovanovic's learning model of firm growth.
Abstract
This paper explores the impact of size and age on firm growth in Korean manufacturing industries during the ten years between 1990 and 2000, and compares the result between domestic firms and foreign invested firms. The estimation results suggest that in general, smaller firms grow faster among domestic firms, rejecting Gibrat's law, but that size had no significant effect on growth for foreign invested firms, supporting Gibrat's law. On the other hand younger firms tend to grow faster than older firms for both foreign invested and domestic firms, supporting Jovanovic's learning model of firm growth.