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- Table A5. Logit Regression: Probability that Plant i Ships to Zip Code z in 1997 Each column gives the results from a separate logit regression. The dependent variable equals 1 provided plant i ships to zip code z in 1997. The sample includes all i-z pairs for which i was purchased between 1992 and 1996, and z was a destination zip code for at least one such acquired plant in 1997. Controls for total sales in zip code z (minus sales from plant i) are included, but not reported. All regressions include establishment-destination county fixed effects. An asterisk denotes significance at a five percent level.
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- Table A7. Logit Regressions: Probability Plant i Ships to Zip Code z in 1997. Robustness Checks Notes: Each column gives the results from a separate logit regression. The dependent variable equals 1 provided plant i ships to zip code z in 1997. The sample includes all i-z pairs for which i was purchased between 1992 and 1996, and z was a destination zip code for at least one such acquired plant in 1997. Controls for total sales in zip code z (minus sales from plant i) are included but not reported. All regressions include establishment-destination-county fixed effects. An asterisk denotes significance at a five percent level.
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Teece, David J. “Towards an Economic Theory of the Multiproduct Firm.†Journal of Economic Behavior and Organization, 3(1), 1982, 39-63.
- TFP − − − − = , where the weights αj are the input elasticities of input j∈{l, k, m, e}. Output is the plant’s inventory-adjusted total value of shipments deflated to 1987 dollars. While inputs are plant-specific, we use industry-level input cost shares to measure the input elastiticies. These cost shares are computed using reported industry-level labor, materials, and energy expenditures from the NBER Productivity Database (which is itself constructed from the CM). Capital expenditures are constructed as the reported industry equipment and building stocks multiplied by their respective BLS capital rental rates in the corresponding two-digit industry. Real Materials and Energy Use. Materials and energy inputs are plants’ reported expenditures on each divided by their respective industry-level deflators from the National Bureau of Economic Research Productivity Database.
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Tirole, Jean. The Theory of Industrial Organization. Cambridge, MA: MIT Press, 1988.
- To further explore the evolution of acquired establishments’ shipping patterns, we run a series of logit regressions to estimate the probability that an acquired plant i will ship to any particular zip code z in 1997. In these regressions, the variables of interest measure the shipping patterns of the acquiring and acquired firms in 1993. In addition, we include the following variables as controls: establishment-by-destination-county fixed effects; controls for total sales to zip code z as well as the great-circle distance between i and z, an indicator variable equal to one if there exists an establishment from the same firm in 1997, and an indicator variable equal to one if establishment i shipped to z in 1993.
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- To give an example, establishments in the motor-vehicle-related wholesale industries (SICs 5010-5019) had sales of $159 billion and purchases of $131 billion in 1993. We therefore set RJ = 0.82 (131/159) for all vehicle-related wholesale industries. For each commodity and industry within SICs 5010-5019, we impute aggregate purchases as 82% of the shipments of the respective commodity that we observe CFS establishments making. When J is a retail industry, we utilize the CFS data along with the Annual Retail Trade Survey (ARTS).
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- U.S. Bureau of Labor Statistics. “Trends in Multifactor Productivity: 1948-81.†Bulletin 2178.
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- U.S. Census Bureau. “Instructions for Completing the Commodity Flow Survey.†Washington D.C., Government Printing Office, 1997.
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- Use Ownership Change Database to define mergers? No No No No No Yes Approx. N 869,000 589,000 1.31m 147,000 255,000 1.98m Approx. number of establishment-bydestination counties 28,000 18,000 42,000 4,700 11,000 65,000 Pseudo R2 0.192 0.190 0.193 0.179 0.138 0.183 Average probability that i ships to z in 1997 4.0% 4.0% 4.0% 4.0% 7.8% 4.1% Figure A1. Firm Size Distributions by Organizational Structure Notes: This figure shows density plots of the firm size distributions (measured by logged total employees) for the three types of multi-establishment firms: single-industry, multi-establishment firms (thick, dashed line); multi-industry, non-VI firms (thin, dashed line); and VI firms (thin, solid line). See text for details.
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- Washington D.C., Government Printing Office, 1983.
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