Regional resilience and fat tails: A stochastic analysis of firm growth rate distributions of German regions

摘要: This paper breaks down the distributional analysis of firm growth rates to domain regions. Extreme events, i.e. fat tails, are conceptualized as an indicator competitive regional environments which enable processes like structural adaptation or technological re-orientation. An understanding heterogeneous dynamics at level firms, “turbulence underneath big calm†(Dosi et al. 2012), provides a micro-funded empirical perspective on evolutionary dimension resilience. Therefore, flexible Asymmetric Exponential Power (AEP) density is fitted data for each German region during years economic downturn (2008-2010). Peculiarities employment explicitly taken into account by applying new maximum likelihood estimation procedure with order statistics (Bottazzi 2012). The estimated parameters, measure tails’ fatness, then related various region-specific factors that discussed in literature Results show rate distributions remain asymmetric and tailed spatially disaggregated level, but their shape markedly differ across firm-level turbulences, primarily phenomenon economically better performing regions aggregate further intensified presence higher qualified workforce. Besides, fatness tails depends regions’ industrial structure.