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dc.contributor.authorCoad, Alexen_US
dc.contributor.authorGuenther, Christinaen_US
dc.date.accessioned2012-01-12en_US
dc.date.accessioned2012-04-24T15:44:55Z-
dc.date.available2012-04-24T15:44:55Z-
dc.date.issued2011en_US
dc.identifier.urihttp://hdl.handle.net/10419/57567-
dc.description.abstractWe focus on the relationship of age and diversification patterns of German machine tool manufacturers in the post war era. Based on trade journals we track the entire firm populations' product portfolio development throughout each firm's lifetime. We distinguish between minor diversification and major diversification, where these two concepts refer to adding a new product variation within a familiar submarket, or expanding the product portfolio into new submarkets. Our analysis reveals four main insights. First, we observe that firms have lower diversification rates as they grow older, and that eventually diversification rates even turn negative for old firms on average. Second, we find that product portfolios of larger firms tend to be more diversified. Third, with respect to consecutive diversification activities, quantile autoregression plots show that firms experiencing diversification in one period are unlikely to repeat this behavior in the following year. Fourth, survival estimations reveal that diversification activities reduce the risk of exit controlling for various additional firm and industry specific fixed effects and business cycles. These results are interpreted using the Penrosean growth theory.en_US
dc.language.isoengen_US
dc.publisherMax-Planck-Inst. für Ökonomik Jenaen_US
dc.relation.ispartofseriesPapers on economics and evolution 1123en_US
dc.subject.jelL20en_US
dc.subject.jelL25en_US
dc.subject.ddc330en_US
dc.subject.keyworddiversificationen_US
dc.subject.keywordindustry evolutionen_US
dc.subject.keywordfirm ageen_US
dc.subject.keywordfirm growthen_US
dc.subject.keywordmachine toolsen_US
dc.subject.stwMaschinenbauen_US
dc.subject.stwDiversifikationen_US
dc.subject.stwLebenszyklusen_US
dc.subject.stwUnternehmenswachstumen_US
dc.subject.stwEvolutionsökonomiken_US
dc.subject.stwDeutschlanden_US
dc.titleAge, diversification and survival in the German machine tool industry, 1953-2002en_US
dc.typeWorking Paperen_US
dc.identifier.ppn682915432en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Papers on Economics and Evolution, MPI für Ökonomik

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