大企业替代中熊彼特过程的障碍

IF 9.5 1区经济学 Q1 BUSINESS, FINANCE

Journal of Finance Pub Date : 2025-08-20 DOI:10.1111/jofi.13481

MARA FACCIO, JOHN J. MCCONNELL

{"title":"大企业替代中熊彼特过程的障碍","authors":"MARA FACCIO, JOHN J. MCCONNELL","doi":"10.1111/jofi.13481","DOIUrl":null,"url":null,"abstract":"We use newly assembled data overall encompassing up to 75 countries and starting circa 1910, to study impediments to the Schumpeterian process of creative destruction as it “proceeds by competitively destroying old businesses.” Political connections appear to represent an obstacle to the destructive part of the Schumpeterian process in the replacement of large firms. When accompanied by regulations that restrict entry, political connections can play a role in allowing large firms to remain large. When connected to Fogel, Morck, and Yeung (2008, Journal of Financial Economics 89, 83–108), the results imply that political connections, combined with barriers to entry, can retard economic development.","PeriodicalId":15753,"journal":{"name":"Journal of Finance","volume":"9 1","pages":""},"PeriodicalIF":9.5000,"publicationDate":"2025-08-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Impediments to the Schumpeterian Process in the Replacement of Large Firms\",\"authors\":\"MARA FACCIO, JOHN J. MCCONNELL\",\"doi\":\"10.1111/jofi.13481\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"We use newly assembled data overall encompassing up to 75 countries and starting circa 1910, to study impediments to the Schumpeterian process of creative destruction as it “proceeds by competitively destroying old businesses.” Political connections appear to represent an obstacle to the destructive part of the Schumpeterian process in the replacement of large firms. When accompanied by regulations that restrict entry, political connections can play a role in allowing large firms to remain large. When connected to Fogel, Morck, and Yeung (2008, Journal of Financial Economics 89, 83–108), the results imply that political connections, combined with barriers to entry, can retard economic development.\",\"PeriodicalId\":15753,\"journal\":{\"name\":\"Journal of Finance\",\"volume\":\"9 1\",\"pages\":\"\"},\"PeriodicalIF\":9.5000,\"publicationDate\":\"2025-08-20\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Finance\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://doi.org/10.1111/jofi.13481\",\"RegionNum\":1,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Finance","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1111/jofi.13481","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

我们使用新收集的数据，涵盖了多达75个国家，从1910年左右开始，研究熊彼特创造性破坏过程的障碍，因为它“通过竞争性地摧毁旧企业来进行”。政治关系似乎代表了熊彼特过程中取代大公司的破坏性部分的障碍。当伴随着限制进入的规定时，政治关系可以在允许大公司保持规模方面发挥作用。当与Fogel， Morck, and Yeung （2008, Journal of Financial Economics 89, 83-108）联系起来时，结果表明，政治关系加上进入壁垒会阻碍经济发展。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Impediments to the Schumpeterian Process in the Replacement of Large Firms

We use newly assembled data overall encompassing up to 75 countries and starting circa 1910, to study impediments to the Schumpeterian process of creative destruction as it “proceeds by competitively destroying old businesses.” Political connections appear to represent an obstacle to the destructive part of the Schumpeterian process in the replacement of large firms. When accompanied by regulations that restrict entry, political connections can play a role in allowing large firms to remain large. When connected to Fogel, Morck, and Yeung (2008, Journal of Financial Economics 89, 83–108), the results imply that political connections, combined with barriers to entry, can retard economic development.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Journal of Finance Multiple-

CiteScore

12.90

自引率

2.50%

发文量

期刊介绍： The Journal of Finance is a renowned publication that disseminates cutting-edge research across all major fields of financial inquiry. Widely regarded as the most cited academic journal in finance, each issue reaches over 8,000 academics, finance professionals, libraries, government entities, and financial institutions worldwide. Published bi-monthly, the journal serves as the official publication of The American Finance Association, the premier academic organization dedicated to advancing knowledge and understanding in financial economics. Join us in exploring the forefront of financial research and scholarship.