This presentation covers the fairly recent discovery of declining business dynamism and new firm formation in the United States, occurring over a three-decade period in essentially all corners of the economy. It was delivered to an audience at the OECD's Directorate for Science, Technology and Innovation in Paris.
A presentation of research on the link between entrepreneurship and economic growth, given before the RAIN Eugene Accelerator Annual Showcase on October 3, 2017.
Since the mid-1980s, sustainable development has been generally used but got predominance
when it became progressively fashionable to use it as a way of reacting to global environmental concerns,
biophysical issues, fairness, equity and distribution. The issue of sustainable development has been a growing
concern to both the government
A presentation of research on the link between entrepreneurship and economic growth, given before the RAIN Eugene Accelerator Annual Showcase on October 3, 2017.
Since the mid-1980s, sustainable development has been generally used but got predominance
when it became progressively fashionable to use it as a way of reacting to global environmental concerns,
biophysical issues, fairness, equity and distribution. The issue of sustainable development has been a growing
concern to both the government
The Role of IT in Supporting Vietnam Youth Entrepreneurshipijtsrd
This paper aimed to analyse the role of IT in supporting entrepreneurs in Vietnam. Our findings show that youth entrepreneurship in Vietnam face a number of hurdles in accessing IT services. Although a number of them have shown an interest in integrating IT into their business operations, however, most of them do not have enough resources to fully exploit IT opportunities. Other problems mentioned to confront youth entrepreneurship in their endeavour to access and use IT in their businesses is the lack of knowledge and skills on how to use computer, language and lack of time. Dr. Le Nguyen Doan Khoi "The Role of IT in Supporting Vietnam Youth Entrepreneurship" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-4 , June 2020, URL: https://www.ijtsrd.com/papers/ijtsrd31503.pdf Paper Url :https://www.ijtsrd.com/economics/commerce/31503/the-role-of-it-in-supporting-vietnam-youth-entrepreneurship/dr-le-nguyen-doan-khoi
The content of this PPT is not owned by me and I give credits to the book where I get the content of this report. This is uploaded for the benefit of students taking Economic Eevelopment subject.
Etude RSM International sur la création d'entreprise 2013Société Tripalio
Cette étude analyse le processus de création d'entreprises dans différents pays industrialisés et en donne une estimation statistique. La France est réputé le pays le plus dynamique en créations d'entreprise
International Journal of Business and Management Invention (IJBMI)inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
The Journal will bring together leading researchers, engineers and scientists in the domain of interest from around the world. Topics of interest for submission include, but are not limited to
INTRODUCTION TO ENTREPRENEURSHIP DEVELOPMENT WITH ITS BASIC CONCEPTSMAHUA MUKHERJEE
UNDER CALCUTTA UNIVERSITY CBCS PATTERN B.COM STUDENTS WILL FIND AN ADDITIUONAL TO THEIR CHAPTERS. PURENTS OF ENTRPRENEURSHIP PROGRAMMES CAN ALSO GAIN KNOWLEDGE FROM THIS
CONCEPT OF ENTRPRENEUR ; TYPES OF ENTRPRENEURS CREATIVITY AND INNOVATION
Institute small-business-payroll-reportFTSA Academy
Conclusion and Implications
Small businesses are responsible for approximately half of all job creation in the United States and are therefore a critical element of the
US economy. This report provides a new lens on typical small business payroll outflows, their growth, and their volatility. We summarize
key conclusions and implications here:
The Role of IT in Supporting Vietnam Youth Entrepreneurshipijtsrd
This paper aimed to analyse the role of IT in supporting entrepreneurs in Vietnam. Our findings show that youth entrepreneurship in Vietnam face a number of hurdles in accessing IT services. Although a number of them have shown an interest in integrating IT into their business operations, however, most of them do not have enough resources to fully exploit IT opportunities. Other problems mentioned to confront youth entrepreneurship in their endeavour to access and use IT in their businesses is the lack of knowledge and skills on how to use computer, language and lack of time. Dr. Le Nguyen Doan Khoi "The Role of IT in Supporting Vietnam Youth Entrepreneurship" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-4 , June 2020, URL: https://www.ijtsrd.com/papers/ijtsrd31503.pdf Paper Url :https://www.ijtsrd.com/economics/commerce/31503/the-role-of-it-in-supporting-vietnam-youth-entrepreneurship/dr-le-nguyen-doan-khoi
The content of this PPT is not owned by me and I give credits to the book where I get the content of this report. This is uploaded for the benefit of students taking Economic Eevelopment subject.
Etude RSM International sur la création d'entreprise 2013Société Tripalio
Cette étude analyse le processus de création d'entreprises dans différents pays industrialisés et en donne une estimation statistique. La France est réputé le pays le plus dynamique en créations d'entreprise
International Journal of Business and Management Invention (IJBMI)inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
The Journal will bring together leading researchers, engineers and scientists in the domain of interest from around the world. Topics of interest for submission include, but are not limited to
INTRODUCTION TO ENTREPRENEURSHIP DEVELOPMENT WITH ITS BASIC CONCEPTSMAHUA MUKHERJEE
UNDER CALCUTTA UNIVERSITY CBCS PATTERN B.COM STUDENTS WILL FIND AN ADDITIUONAL TO THEIR CHAPTERS. PURENTS OF ENTRPRENEURSHIP PROGRAMMES CAN ALSO GAIN KNOWLEDGE FROM THIS
CONCEPT OF ENTRPRENEUR ; TYPES OF ENTRPRENEURS CREATIVITY AND INNOVATION
Institute small-business-payroll-reportFTSA Academy
Conclusion and Implications
Small businesses are responsible for approximately half of all job creation in the United States and are therefore a critical element of the
US economy. This report provides a new lens on typical small business payroll outflows, their growth, and their volatility. We summarize
key conclusions and implications here:
Explores why most current initiatives for creating just workplaces don't have the desired impact; whether unjust workplaces are symptoms of a deeper disease; and how Relational Thinking addresses the challenge
The role of finance and microentrepreneurship in the informal economy.compressedPontus Engstrom
Thesis presentation, delivered and accepted at the University of Agder in Kristiansand, Norway. The thesis looks at WHY Microfinance is struggling to help microenterprises, focusing on profits, ROA and sales growth. The thesis concludes that microfinance is helping microenterprises earn higher profits, but that it has no prolonged impact on sales growth. It shows that the financial literacy in this context is generally very low, which should be a concern to practitioners. Enhanced financial and economic literacy, are called for. In addition, the paper highlights the possibility of actually seeing a decline in performance over the first years due to size, and that economies of scale kick in at a later stage, when the firm moves from being micro into being a small business.
2016 san diego and national economic update march 9 2016Evan Donaldson
This is a summary of a presentation made to the PMI on the state of the national economy, and the state of the San Diego economy. Data are taken from multiple sources.
International Journal of Business and Management Invention (IJBMI)inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online
PRESENTATIONResearch question and literature reviewEffects o.docxharrisonhoward80223
PRESENTATION
Research question and literature review
Effects of corporate income tax avoidance in the economy
What the question adds to the existing literature.
Several scholars have done research on how avoidance if corporate income tax has increased their pay as well as the corporations' profits.
They have not explained on how the avoidance of corporate tax has affected the economy.
The Corporate income tax is among the major sources of the federal revenue, through research in 2014 it raises about $320.7 billion in the fiscal year, 10.6 percent of all the countries’ revenue and 1.9 percent out of all the gross domestic product.
Economic framework.
When these corporate income taxes are avoided, the amount of money available to provide public goods and services reduces and consequently, the economy increased very much making it be out of balance.
Again, corporate income tax has contributed to budget shortfall. Corporations are complaining that there has been increased tax rate in the Federal income tax but what has led to this is the failure for many corporations to pay taxes on the amount of profits they make (Lebergott 2015).
Potential Data Sources
The target population will be ;
several CEOs in selected corporation
unions which deal with different corporations
the Fed which controls all the accounting and finances of the country
lastly is workers within those selected corporations
Importance of the Question
The importance of this research proposal will be to educate the relevant people on how this act of corporate income tax avoidance has towards the economy.
After which the expected measures will be taken to ensure that the economy is will control and people are not taxed very high (Onji and Tang 2015).
The gap between employees and the CEO pay affects the performance of the firm
Research shows that the size of the gap is determined the by the size of the firm of the industry (Carpenter and Sanders (2002).
But vertical pay disparity has negative effects on the firm, for example, the Korea firms
How the firm performance affects the CEO pay beyond what average employees make.
Between 1978 and 2014 after the inflation adjustments, CEO pay increased by about 1,000 percent while employees in the same period their pay increased by only 11 percent.
In this research, there are several factors which influence the firms pay apart from the individual CEO so the CEO is not to blame here and should just be paid despite the firms' performance (Pathak et.al 2014).
References
Carpenter, M. A., & Sanders, W. M. (2002). Top management team compensation: The missing link between CEO pay and firm performance? Strategic Management Journal, 23(4), 367-375.
Conyon, M. J., & Murphy, K. J. (2000). The prince and the pauper? CEO pay in the United States and the United Kingdom. The Economic Journal, 110(467), 640-671.
Gabaix, X., & Landier, A. (2006). Why has CEO pay increased so much? (No. w12365).
Nation.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
3. 3 Frontier Economics
Introduction – Business Dynamism
● Business dynamism is the process of continual business churning—
some firms are born while others close their doors; some existing
firms expand while others contract; some workers move into new
roles, while others come in to replace them
● This constant process of business volatility has important benefits:
□ Productivity: more productive firms replace less productive ones
(entering firms are more productive than existing ones); labor and capital
are reallocated to more productive uses
□ Job creation: while older firms account for most of employment levels, it
is new and young firms that are a vital source of new jobs (net job
creation); important to note that small ≠ young – in fact, outside of young
firms, small businesses as a group are net job destroyers
□ Innovation: entrepreneurs are a critical vehicle for disruptive innovation
● A key source of business dynamism—what will be most of the talk
today—is the process of firm entry, or what I’ll call entrepreneurship
4. 4 Frontier Economics
Introduction – Data
● These data come from the Census Bureau’s Business Dynamics
Statistics (BDS), and its underlying series the Longitudinal Business
Database (LBD), and cover the entire universe of business
establishments and firms with employees on payrolls in the US
● The data begin in 1977, are current through, and are publicly
available by firm age, firm size, broad sector, state, and metropolitan
area, and at more detailed levels in the restricted use data files
● Data are collected annually at the establishment level and are tied
back to the parent firm—most notably here, this allows us to capture
firm age (and therefore firm entry), amongst other things
● The distinction between firms and establishments is critical in the
study of business dynamics and entrepreneurship, and as this
analysis shows, it has become increasingly important over time
● This research stands on many shoulders—including researchers and
funders at the Census Bureau, Kauffman Foundation, among others
5. 5 Frontier Economics
Summary
● Business dynamism has experienced a steady secular decline for
three decades, reaching firms all of sizes, in every geography, and
across broad sector groups—including high-tech and high-growth
● The single biggest factor causing the decline in business dynamism
is the secular decline in the rate of firm entry, which in recent years
has been surpassed by the rate of firm exit (ie, closures > births)
● Compounding this is an uptick in early-stage firm failure rates
● As a result, the business structure is aging, business consolidation
has increased, and existing firms are increasingly the source of new
economic activity (ie, new business establishments)
● Despite the importance of a small number of high growth firms to
employment growth, their share and might has declined (post 2000)
● Similarly, the there has been a convergence in growth rates among
the high, medium, and low ends of the distribution—a reduction in
skewness—and a reduction in the overall rate of net job creation
7. 7 Frontier Economics
24%
26%
28%
30%
32%
34%
36%
38%
1978 1982 1986 1990 1994 1998 2002 2006 2010
Business Dynamism Been on a Steady, Three-Decade Decline
Job Reallocation Rate and Trend Rate (1978-2012)
Source: Census Bureau
Note: Trend rate is calculated with a Hodrick-Prescott filter
Broken
Scale
8. 8 Frontier Economics
A Range of Measures of Dynamism All Point Down
Alternative Measures of Business Dynamism (1978-2011)Figure 1: Alternative Measures of Business Dynamism
Figure 2: 90-10 Gap in Firm Growth Rates (Employment-Weighted Distribution)
0.1
0.2
0.3
0.4
0.5
0.6
0.7
19791981198319851987198919911993199519971999200120032005200720092011
Std Deviation (Firms) Within Firm Volatility
Within Estab Volatility Std Deviation (Estabs)
Job Reallocation (Firms) Job Reallocation (Estabs)
0.7
0.75
All
Source: Decker, Haltiwanger, Jarmin, and Miranda (2014), “The Secular Decline in
Business Dynamism in the U.S.,” working paper, June.
9. 9 Frontier Economics
Figure 4: Percent of Decline in Job Flows Accounted for by Composition Effects, Private
Sector, 1987-89 to 2004-06
Startup rate Firm Exit Rate
-30
-20
-10
0
10
20
30
40
Detailed
Industry
Codes
Age
Controls
Size
Controls
Industry,
Age, Size,
MU, Chain
Industry,
Age, Size,
MU, Chain,
State
Job creation Job destruction Reallocation
Accounting for Long-Term Decline by Observable Source
% Decline in Job Flows from Composition Effects (1987-89 to 2004-06)
Source: Decker, Haltiwanger, Jarmin, and Miranda (2014), “The Secular Decline in
Business Dynamism in the U.S.,” working paper, June.
10. 10 Frontier Economics
6%
8%
10%
12%
14%
16%
1978 1982 1986 1990 1994 1998 2002 2006 2010
The U.S. Economy Has Become Less Entrepreneurial Over Time
Firm Entry and Exit Rates (1978-2012)
Source: Census Bureau
Entry
Exit
11. 11 Frontier Economics
0%
5%
10%
15%
20%
25%
30%
1978 1982 1986 1990 1994 1998 2002 2006 2010
Early-Stage Failure Rates Have Increased Since Early-1990s
Firm Exit Probability by Firm Age—Trend Rates (1978-2012)
Source: Census Bureau
1
2
3
4
5
6-10
11-15
16-20 21-25
26+
Note: Trend rates are calculated with a Hodrick-Prescott filter
14. 14 Frontier Economics
1.16
1.22
1.28
1.34
15
18
21
24
1978 1982 1986 1990 1994 1998 2002 2006 2010
Business Consolidation is on the Rise
Average Firm and Establishment Sizes, and Ratio (1978 v 2012)
Source: Census Bureau
EmployeesperFirm/Establishment
Ratio
Employees per Firm
Ratio
Employees per Establishment
15. 15 Frontier Economics
87%
68%
13%
32%
0%
20%
40%
60%
80%
100%
1978 1982 1986 1990 1994 1998 2002 2006 2010
Existing Firms Are Increasingly a Source of New Establishments
Share of New Establishments by Ownership Type (1978 v 2012)
Source: Census Bureau
ShareofAllNewBusinessEstablishments
New Firms
Existing Firms
16. 16 Frontier Economics
• Decker, et al (2014), “The Role of Entrepreneurship
in U.S. Job Creation and Economic Dynamism,”
Journal of Economic Perspectives
• Decker, et al (2014), “The Secular Decline in
Business Dynamism in the U.S.,” Working Paper
• Hathaway and Litan (2014), “Declining Business
Dynamism in the United States: A Look at States
and Metros,” Brookings Institution
• Hathaway and Litan (2014), “The Other Aging of
America: The Increasing Dominance of Older
Firms,” Brookings Institution
• Hathaway, et al (2014), “The Shifting Source of
New Business Establishments and New Jobs,”
Federal Reserve Bank of Cleveland
• Criscuolo, et al (2014), “The dynamics of
employment growth: new evidence from 18
countries,” OECD
Broad Application of These Trends
● The decline has
reached every state
and nearly every
metropolitan area,
firms of all sizes, and
each broad sector.
There has also been
a slowdown in
entrepreneurship and
dynamism—over a
shorter time horizon
—across the OECD
17. 17 Frontier Economics
Notes: Annual averages of statistics computed from Longitudinal Business Database, from 1992–2011.
The 90th, 10th, and median are all based on the employment-weighed firm level growth rate distribution
for each firm age cell. The mean is the aggregate net growth rate of the firm age cell which is equivalent
to the employment-weighted average of the firm level net growth rate in each cell.
B: Mean and Median Net Employment Growth Rates for Surviving Firms
−60
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16+
Firm age
0
2
4
6
8
10
12
14
16
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16+
Firm age
Growthrate(percent)
Median Mean
Young Firms Grow Most; Typical Firm Doesn’t Grow Much
Mean and Median Net Employment Growth Rates for Surviving Firms
Source: Decker, Haltiwanger, Jarmin, and Miranda (2014), “The Role of Entrepreneurship in
US Job Creation and Economic Dynamism,” Journal of Economic Perspectives
18. 18 Frontier Economics
Figure 2
Net Employment Growth and Growth Rates for Surviving Firms
B: Mean and Median Net Employment Growth Rates for Surviving Firms
−60
−40
−20
0
20
40
60
80
100
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16+
Firm age
12
14
16
t)
A: 90th, Median, and 10th Percentiles of Net Employment Growth for Surviving Firms
Median 90th percentile 10 percentile
Median Mean
Growthrate(percent)
Employment Growth is Highly Skewed
90th, Median, and 10th Percentiles of Net Employment Growth for Surviving Firms
Source: Decker, Haltiwanger, Jarmin, and Miranda (2014), “The Role of Entrepreneurship in
US Job Creation and Economic Dynamism,” Journal of Economic Perspectives
19. 19 Frontier Economics
● Preliminaries
● Total Private Sector
● High-Growth & High-Tech
● Summary and Discussion
20. 20 Frontier Economics
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
1994 1997 2000 2003 2006 2009
“High-Growth” Firms on the Decline
High-Growth Firms as a Share of Total Firms (1994/97 to 2009/12)
Source: Bureau of Labor Statistics
Note: High-growth indicates at least 72.8% growth in employment over a three-year period
First Year of Three-Year Growth Period
“High Growth” Firms
21. 21 Frontier Economics
Figure 7: High-Growth Firms (90th
Percentile from Employment-weighted Distribution)
Note: The 90th percentile is based on the employment-weighted distribution of firm employment
growth rates. Data are HP trends using parameter set to 100. Author calculations from the
Longitudinal Business Database.
0
5
10
15
20
25
30
35
40 All firms
Continuers
High Growth Firms Achieve Lower Rates; Especially post-2000
Employment Weighted Distribution of Firm Growth Rates at 90th Percentile
Source: Decker, Haltiwanger, Jarmin, and Miranda (2015), “Where has all the skewness
gone? The decline in high- growth (young) firms in the U.S.,” working paper, March.
22. 22 Frontier Economics
Figure 6: 90-50 and 50-10 Gaps, All Firms and Continuers
Note: The 90-50 gap and the 50-10 gap are the difference between the 90th and the 50th
percentile and the 50th and 10th percentile, respectively, of the employment-weighted
distribution of firm employment growth rates. Data are HP trends using parameter set to 100.
Author calculations from the Longitudinal Business Database.
0
5
10
15
20
25
30
35
40 90-50 All firms
50-10 All firms
90-50 Continuers
50-10 Continuers
Growth Convergence at High and Low Ends of the Distribution
Gaps Between Employment Weighted Firm Growth Rate Percentiles
Source: Decker, Haltiwanger, Jarmin, and Miranda (2015), “Where has all the skewness
gone? The decline in high- growth (young) firms in the U.S.,” working paper, March.
23. 23 Frontier Economics
0%
3%
6%
9%
12%
15%
18%
21%
24%
1978 1982 1986 1990 1994 1998 2002 2006 2010
High-Tech Entrepreneurship is Down Sharply After 2000
Firm Entry Rates by Sector (1978-2012)
Source: Census Bureau
ICT
Total
Life Science
24. 24 Frontier Economics
Figure 13: High-Growth Firms (90th Percentile of Employment-weighted Distribution), High
Tech and Publicly Traded
Note: The 90th percentile is based on the employment-weighted distribution of firm employment
growth rates. Data are HP trends using parameter set to 100. High tech is defined as in Hecker
(2005) (see Appendix Table A.1). Data include all firms (new entrants, continuers, and exiters).
Author calculations from Compustat and the Longitudinal Business Database.
0
5
10
15
20
25
30
35
40 High Tech
Publicly Traded
High-Growth, High-Tech and Public Firms Slow Down after 2000
Employment Weighted Distribution of Firm Growth Rates at 90th Percentile
Source: Decker, Haltiwanger, Jarmin, and Miranda (2015), “Where has all the skewness
gone? The decline in high- growth (young) firms in the U.S.,” working paper, March.
25. 25 Frontier Economics
Figure 11: 90-50 and 50-10 Gaps, High Tech
Note: Solid lines indicate 90-50 gap; dashed lines indicate 50-10 gap. The 90-50 gap and the 50-
10 gap are the difference between the 90th and the 50th percentile and the 50th and 10th
percentile, respectively, of the employment-weighted distribution of firm employment growth
rates. Data are HP trends using parameter set to 100. High tech is defined as in Hecker (2005)
(see Appendix Table A.1). Author calculations from the Longitudinal Business Database.
0
5
10
15
20
25
30
35
90-50 Tech
50-10 Tech
90-50 Tech Continuers
50-10 Tech Continuers
High- and Low-End Convergence Also Occurring in High Tech
Source: Decker, Haltiwanger, Jarmin, and Miranda (2015), “Where has all the skewness
gone? The decline in high- growth (young) firms in the U.S.,” working paper, March.
Gaps Between Employment Weighted Firm Growth Rate Percentiles
26. 26 Frontier Economics
● Preliminaries
● Total Private Sector
● High-Growth & High-Tech
● Summary and Discussion
27. 27 Frontier Economics
Top Signs of Declining Business Dynamism and
Entrepreneurship in the U.S. (Haltiwanger, 2015)
1. The decline in dynamism accelerated after 2000
2. Industries and firm types in decline shifted after 2000 too
3. Overall industry composition pushed dynamism in other direction
4. Decline in startup rate is single biggest factor in dynamism decline
5. Workers more likely to work at large, mature, national(global) firms
6. Worker reallocation and worker churn have declined
7. Decline in labor market fluidity has driven down employment levels
8. Job recovery driven by slowdown in job destruction, not creation
9. Decline due to change in responsiveness to shocks
10. Contribution of reallocation to productivity growth has declined
Source: Haltiwanger (2015), “Top Ten Signs of Declining Business Dynamism and Entrepreneurship
in the U.S.,” Kauffman Foundation, August.
28. 28 Frontier Economics
Discussion
● Potential causes (work in progress—nobody really knows yet)
□ Slowing population/labor force growth
□ Competition/business consolidation (U-shaped relationship w/ firm entry)
□ IT/globalization (beneficial in retail; what effect in other sectors?)
□ Regulatory barriers (difficult to start? difficult exit?)
□ Other factors? (risk aversion; higher opp. cost; media depiction)
● Much left unexplained
□ What has been the impact of the decline on productivity, job creation,
innovation? Do past relationships hold?
□ Dispersion of TFP among firms would suggest more dynamism, not less;
has reallocation become less important? Why aren’t more firms failing?
● Measurement
□ Measuring growth through employment—should it be revenue? TFP?
□ OECD research suggests yes; upcoming work from Haltiwanger, et al too
30. 30 Frontier Economics
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31. 31 Frontier Economics
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