The nanoeconomics of firm‐level decision‐making and industry evolution: Evidence from 200 years of paper and pulp making

摘要: Research Summary We explore the qualitative differences in entries and exits over time. Using quantitative data on 96 firms 200 years, we study industry evolution from perspective of individual decision‐making situations. Our historical statistical analyses reveal vital role technology investments determining firm outcomes, technological, institutional governance dynamics that lead to invest or abstain. main theoretical methodological contribution concerns importance multiplicity firm‐level rationalities decisions as fundamentals theorizing evolution. Managerial What determines outcomes terms acquisition, dissolution, survival? This article answers this crucial question strategy elaborates extent which outcome is under top management control. findings highlight identify factors make such possible profitable. results emphasize weighing options must assess economic meaningfulness generational result narrowing profit margins intensifying competition. Another insight political risks. Long‐term fluctuations regulation foreign trade policy it hazardous optimize contemporary regime. Skillful strategists geographical technological complexity, combination increase chances survival rapidly changing regimes.