TY  - JOUR
AU  - Fogel,Kathy
AU  - Morck,Randall
AU  - Yeung,Bernard
TI  - Big Business Stability and Economic Growth: Is What's Good for General Motors Good for America?
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 12394
PY  - 2006
Y2  - July 2006
UR  - http://www.nber.org/papers/w12394
L1  - http://www.nber.org/papers/w12394.pdf
N1  - Author contact info:
Kathy Fogel
Assistant Professor of Finance
University of Arkansas
Sam Walton College of Business
Fayetteville, AR 72701
United States
E-Mail: kathy.fogel@gmail.com

Randall Morck
Faculty of Business
University of Alberta
Edmonton, AB  T6G 2R6
CANADA
Tel: 780/492-5683
Fax: 780/492-3325
E-Mail: randall.morck@ualberta.ca

Bernard Yeung
National University of Singapore
Mochtar Riady Building
15 Kent Ridge Drive
BIZ 1, Level 6, #6-19
Singapore 119245
Tel: +65 6516 3075 
Fax: +65 6779 1365 
E-Mail: bizdean@nus.edu.sg
M2  - featured in NBER digest on 2006-07-31
AB  - What is good for big business need not generally advance a country%u2019s overall economy. Big business turnover correlates with rising income, productivity, and (in high income countries) faster capital accumulation; consistent with Schumpeter%u2019s (1912) creative destruction and recent formalizations like Aghion and Howitt (1992). Turnover appears to %u201Ccause%u201D growth; and disappearing behemoths, more than rising stars, drive our results. Stronger findings suggest more intense creative destruction in countries with higher incomes, as well as those with smaller governments, Common Law courts, smaller banking systems, stronger shareholder rights, and more open economies. Only the last matters more in lower income countries.
ER  -