Business start-ups, closures and economic churn - A review of the literature

This review of the empirical and theoretical literature was commissioned by the Small Business Service (Department for Trade and Industry). Our brief was to consider existing research that has examined the causes and the impact of economic churn on productivity, employment and ultimately economic growth. As well as considering the effect of churn on markets, we were also asked to look at the determinants of business start-ups and closures at the firm level; an integral part of the churn process. Finally we were asked to identify existing gaps in the literature and put forward methodologies for addressing these.[...]

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Year of publication:	2006-08-23
Authors:	Robinson, Catherine ; O’Leary, Brigid ; Rincon, Ana
Institutions:	Great Britain / Department for Business, Enterprise and Regulatory Reform
Published in:	Department for Business, Enterprise and Regulatory Reform - Globally Competitive Business Environment - 2003 to 2008 Reports Globally Competitive Business Environment - 2003 to 2008 Reports
Subject:	Unternehmensgründung \| foundation of an enterprise \| Wirtschaftsmodell \| Markteintrittsstrategie \| Produktivitätsanalyse

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Business start-ups, closures and economic churn
A review of the literature
Executive Summary
1. Introduction
2. The theoretical foundations
3. The definition of economic churn
3.1 Unit for consideration – plant or firm?
3.2 Types of entry and exit
3.3 The importance of industry
3.4 The importance of time
3.5 Conclusions
4. Measurement of entry, exit and churn
4.1 Conclusions
5. Rates of churn
5.1 Churn at the regional level
5.2 Conclusions
6. The impact of churn on the economy
6.1 Productivity
6.2 Empirical studies of the productivity impact of churn
6.3 Employment
6.4 Economic growth
7. The costs of churn
7.1 Conclusions
8. Alternative modes of entry and exit
8.1 The entry decision
8.2 Entry by diversifying firms
8.3 Changes in ownership
8.4 Modes of exit
8.5 Conclusions
9. Start-ups and closures: the UK experience
9.1 Competing theories of the firm
9.2 Business start-ups
9.3 Technology and innovation
9.4 Survival versus exit
>9.5 UK industrial start-up policy
9.6 Conclusion
10. Analysing churn from the top-down
11. Proposals for future analysis
11.1 Rates of churn
11.2 Churn and productivity
References
Annex 1: Table of Evidence

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