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American Economic Review: Vol. 98 No. 1 (March 2008)

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On the Evolution of Firm Size Distributions

Article Citation

Angelini, Paolo, and Andrea Generale. 2008. "On the Evolution of Firm Size Distributions." American Economic Review, 98(1): 426-38.

DOI: 10.1257/aer.98.1.426

Abstract

We study the impact of financial constraints on firm size distribution (FSD). We find that financially constrained firms, identified using various proxies, are smaller than the others (their FSD is more skewed to the right). However, among OECD countries, the FSD of nonconstrained firms virtually overlaps that of the entire sample, suggesting that the overall impact of financial constraints on the FSD is modest. The difference is more pronounced in our sample of firms from non-OECD countries. We conclude that financial constraints cannot be considered the main determinant of the FSD evolution in developed economies. (JEL L11, L25)

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Authors

Angelini, Paolo (Bank of Italy)
Generale, Andrea (Bank of Italy)

JEL Classifications

L11: Production, Pricing, and Market Structure; Size Distribution of Firms


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