Institutional Barriers and Industry Dynamics

  title={Institutional Barriers and Industry Dynamics},
  author={Sea-Jin Chang and W. Brian},
This study demonstrates that new entrants exhibit higher productivity but also higher exit hazard than incumbents in post-liberalization China. We argue this seemingly paradoxical relationship is attributable to institutional barriers, defined as the hindrance in the institutional environment that prevents market selection forces to function. New entrants require higher productivity to compensate for those institutional barriers, which in turn implies a higher exit hazard after controlling for… CONTINUE READING

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