Creative destruction and firm-specific performance heterogeneity

被引：105

作者：

Chun, Hyunbae ^{[2
]}

Kim, Jung-Wook ^{[1
]}

Morck, Randall ^{[1
,3
]}

Yeung, Bernard ^{[4
]}

机构：

[1] Univ Alberta, Edmonton, AB T6G 2R6, Canada

[2] Sogang Univ, Seoul 121742, South Korea

[3] Natl Bur Econ Res, Cambridge, MA 02138 USA

[4] NYU, Stern Sch Management, New York, NY 10002 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2008年 / 89卷 / 01期

关键词：

creative destruction; firm-specific variation; information technology;

D O I：

10.1016/j.jfineco.2007.06.005

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Traditional U.S. industries with higher firm-specific stock return and fundamentals performance heterogeneity use information technology (IT) more intensively and post faster productivity growth in the late 20th century. We argue that this mechanically reflects a wave of Schumpeter's creative destruction disrupting a wide swath of industries, with successful IT adopters unpredictably undermining established firms. This validates endogenous growth theory models of creative destruction and suggests intensified creative destruction as explaining findings associating greater firm-specific performance variation with higher per capita GDPs, economy growth rates, accounting standards, financial system development, and property right protection. (C) 2008 Elsevier B.V. All rights reserved.

引用

页码：109 / 135

页数：27

共 102 条

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