Post-entry behaviour and the cycle: Evidence from Germany

摘要: Abstract Based on a rich database establishments in western Germany, the paper aims at characterising relationship between, one hand, growth and exit of entering cohorts and, other aggregate business fluctuations. A main finding is that not responsive to cycle, which odds with views recessions as times “cleansing’ where creative destruction processes occur. The survivors also displays little cyclical sensitivity, but tends become more fluctuations cohort ages. Two possible explanations for this role age sensitivity surviving units are offered final section paper. first draws product specialisation young established plants, second irreversible investment industry selection.