Firms as bundles of discrete resources - towards an explanation of the exponential distribution of firm growth rates

摘要: A robust feature of the corporate growth process is Laplace, or symmetric exponential, distribution firm rates. In this paper, we sketch out a class simple theoretical models capable explaining empirical regularity. We do not attempt to generalize on where opportunities come from, but rather focus how firms build upon opportunities. base ourselves Penrose's (1959) description explain interdependent nature discrete resources may lead triggering off series additions firm's resources. first formal model, consider case employment in hierarchy, and observe that rates follow an exponential distribution. second include plant capital as are able reproduce number stylized facts about growth.