Size-Dependent Policies and Efficient Firm Creation

Ando, Sakai

アクセス数:129件（2024-04-26 06:09 集計）

固定URL: https://hdl.handle.net/11094/70005

論文情報

タイトル	Size-Dependent Policies and Efficient Firm Creation
著者	著者名 Ando, Sakai
キーワード等	misallocation
	firm creation
	size-dependent policy
	financial development
	incomplete markets
抄録	I study the welfare implications of size-dependent firm regulation policies (SDPs) in the presence of entrepreneurial risks. Although SDP has been considered a source of misallocation, I show that, once entrepreneurial risks are taken into account, SDP can improve efficiency. Quantitatively, I show that, based on French data, removing the SDP leads to output and welfare loss by 1.5% and 1.3%, respectively, in opposition to the output gain reported by the previous literature that abstracts from risks. Qualitatively, I solve an optimal non-linear SDP problem and show that the observed SDP shares certain features with the optimal SDP. The analysis uncovers a novel tradeoff between the inefficiencies of the intensive and extensive margins. In extension, it is shown that (1) whether SDPs improve efficiency depends on the level of financial development and (2) capital accumulation and consumption-smoothing motive further justify SDPs.
出版者	The Institute of Social and Economic Research, Osaka University
収録物名	Institute of Social and Economic Research Discussion Papers
巻(号)	1033
ページ	1-66
刊行年月	2018-06-27
言語	英語
ハンドルURL	https://hdl.handle.net/11094/70005
関連情報 (references)	URI http://www.iser.osaka-u.ac.jp/library/dp/2018/DP1033.pdf
アクセス権	metadata only access
カテゴリ	ディスカッション／ワーキング・ペーパー DP/WP
カテゴリ	Institute of Social and Economic Research Discussion Papers

資源タイプ	テクニカルレポート
ローカル資源タイプ	ディスカッション／ワーキング・ペーパー
DCMI資源タイプ	text
DCTERMS.bibliographicCitation	Institute of Social and Economic Research Discussion Papers. 2018, 1033, p. 1-66
DC.title	Size-Dependent Policies and Efficient Firm Creation
DC.creator	Ando, Sakai
DC.publisher	The Institute of Social and Economic Research, Osaka University
DC.language' scheme='DCTERMS.RFC1766	英語
DC.type' scheme='DCTERMS.DCMIType	text
DCTERMS.issued' scheme='DCTERMS.W3CDTF	2018-06-27
DC.relation' scheme='DCTERMS.URI	http://www.iser.osaka-u.ac.jp/library/dp/2018/DP1033.pdf
DC.subject	misallocation
	firm creation
	size-dependent policy
	financial development
	incomplete markets
DCTERMS.abstract	I study the welfare implications of size-dependent firm regulation policies (SDPs) in the presence of entrepreneurial risks. Although SDP has been considered a source of misallocation, I show that, once entrepreneurial risks are taken into account, SDP can improve efficiency. Quantitatively, I show that, based on French data, removing the SDP leads to output and welfare loss by 1.5% and 1.3%, respectively, in opposition to the output gain reported by the previous literature that abstracts from risks. Qualitatively, I solve an optimal non-linear SDP problem and show that the observed SDP shares certain features with the optimal SDP. The analysis uncovers a novel tradeoff between the inefficiencies of the intensive and extensive margins. In extension, it is shown that (1) whether SDPs improve efficiency depends on the level of financial development and (2) capital accumulation and consumption-smoothing motive further justify SDPs.
citation_title	Size-Dependent Policies and Efficient Firm Creation
citation_author	Ando, Sakai
citation_publisher	The Institute of Social and Economic Research, Osaka University
citation_language	英語
citation_date	2018-06-27
citation_journal_title	Institute of Social and Economic Research Discussion Papers
citation_volume	1033
citation_firstpage	1
citation_lastpage	66
citation_public_url	https://hdl.handle.net/11094/70005
citation_abstract_html_url	http://www.iser.osaka-u.ac.jp/library/dp/2018/DP1033.pdf

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