On the distributional properties of size, profit and growth of Icelandic firms
On the distributional properties of size, profit and growth of Icelandic firms
复制标题
冰岛企业规模、利润和增长的分配特性
DOI：
10.1007/s11403-012-0103-8
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发表时间：
2013
影响因子：
1.1
通讯作者：
H. Stefánsson
中科院分区：
文献类型：
--
作者：
Einar Jón Erlingsson;S. Alfarano;M. Raberto;H. Stefánsson
本文利用2000-2009年期间2,818家冰岛公司的数据集，通过对总资产、利润率和增长率进行实证分析，分析了冰岛公司资产负债表的分布特性。我们发现，公司规模衡量指标，即总资产，具有与各种研究显示的相同的重尾特征，例如美国和意大利公司。总资产分布的重尾性质似乎是强劲的，除了经济的繁荣-萧条周期之外，还有冰岛公司的特殊特征，例如它们相对较小的规模和私人所有权。另一个重要的发现是，冰岛公司的利润率或资产回报率遵循与美国公司类似的拉普拉斯分布。此外，我们发现在2005-2007年经济繁荣时期，企业规模的幂律行为和增长率和利润率的拉普拉斯分布偏离了分布规律。
In this paper, we analyze the distributional properties of the balance sheets of Icelandic firms by performing an empirical analysis of total assets, profit rates and growth rates using a data set of 2,818 Icelandic firms during the period 2000–2009. We find that the firms size measure, i.e. total assets, have the same heavy tail characteristics as various studies have shown, e.g. for US and Italian firms. The heavy tail nature of the total assets distribution seems to be robust w.r.t. a boom-bust cycle of the economy as well as special characteristics of Icelandic firms, e.g. their relatively small size and private ownership. Another important finding is that the profit rates, or return on assets, of Icelandic firms follow a Laplace like distribution similar to US firms. Additionally, we identified deviations from the distributional regularities, namely the power law behavior of firms’ size and Laplacian distributions of growth and profit rates, during the booming period of the economy 2005–2007.