Profitability of small- and medium-sized enterprises in Marshall's time: sector and spatial heterogeneity in the nineteenth century
Profitability of small- and medium-sized enterprises in Marshall's time: sector and spatial heterogeneity in the nineteenth century
复制标题
马歇尔时代中小企业的盈利能力：十九世纪的部门和空间异质性
DOI：
10.1093/cje/beab055
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发表时间：
2022
影响因子：
2
通讯作者：
Bennett R
中科院分区：
文献类型：
--
作者：
Bennett R
1861年至1881年在英格兰和威尔士的中小型企业的利润异质性的新数据被用来重新解释马歇尔的当代见解。利润水平差异主要由地理位置、主要是城市化效应来解释。但盈利能力（每名工人的利润）主要是由部门解释的，在1位数和5位数水平。部门市场机会反映了进入市场的障碍，这种障碍限制了专业服务、某些制造业和制造商交易行业的可替代性。地方化主要反映了城市/农村的差异、铁路的可达性以及较小程度上的水路可达性。公司层面组织的差异（以投资组合多元化和合作伙伴关系衡量）对于解释利润异质性的意义要小于行业或本地化。企业家的年龄等人口因素的影响并不显著。马歇尔的洞察力的收敛，意味着行业部门的盈利能力，与本地化作为次要的影响，得到证实，但仍然存在无法解释的异质性因素表明创业机构的重要作用。
New data on profit heterogeneity of small- and medium-sized firms for 1861–81 in England and Wales are used to reinterpret Marshall's contemporary insights. Profit level differences are chiefly explained by location, mainly urbanisation effects. But profitability (profit per worker) is mainly explained by sectors, at both 1-digit and 5-digit level. Sector market opportunities reflected barriers to market entry which limited substitutability for the services of the professions, some manufacturing and maker-dealing industries. Localisation mainly reflected urban/rural differences, accessibility to railways and to a lesser extent waterways. Differences in firm-level organisation (measured by portfolio diversification and partnerships) were less significant for explaining profit heterogeneity than sector or localisation. Demographic effects such as an entrepreneur's age had little significance. Marshall's insight of convergence to mean industry-sector profitability, with localisation as a secondary influence, is confirmed, but there remain unexplained elements of heterogeneity indicating important roles of entrepreneurial agency.