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Erscheinungsjahr: 
2025
Schriftenreihe/Nr.: 
Danmarks Nationalbank Working Papers No. 215
Verlag: 
Danmarks Nationalbank, Copenhagen
Zusammenfassung: 
If old firms are on average much larger than young firms, does it mean that firms get better with age? Using Danish administrative data on firms aged 0-65, we study the relationship between size and age. In the cross-section, average size increases with age. However, exploiting the panel structure through fixed-effects estimation or a partial identification approach to the so-called age-period-cohort problem, we find evidence that firm size increases with age only for the first 10-15 years and falls after that. Moreover, sample composition effects appear to play a significant in understanding the patterns observed in the cross-section: We find significant differences in exit rates by firm size and strong cohort effects for firms entering in the late 1950s. We also find that the exit rate is not monotonically decreasing with age; for the smaller firms it starts increasing again in their 20's, spiking in late 30's.
JEL: 
D22
E23
E24
L11
Dokumentart: 
Working Paper
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