The Turnover of Market Leaders in Japanese Manufacturing Industries (2006.7)

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CPDP- 22-E(PDF:313KB)	"The Turnover of Market Leaders in Japanese Manufacturing Industries" (2006.7) Masatoshi Kato(Japan Society for the Promotion of Science and Graduate School of Commerce and Management, Hitotsubashi University and Competition Policy Research Center, Fair Trade Commission of Japan) Yuji Honjo(Faculty of Commerce, Chuo University) This paper explores the turnover of market leaders, using data on Japanese manufacturing industries over the period 1975.2002. By applying survival data techniques, we describe industry differences in the turnover of market leaders over time. Our empirical results suggest that market leaders tend to maintain their positions in concentrated industries and consumer good industries. On the other hand, it is found that the turnover of market leaders is more likely to occur in growing industries and R&D-intensive industries. Furthermore, we provide evidence that leadership positions are more stable in industries where cartels were legally sanctioned. JEL classification codes: L10, L60 Keywords: Industry differences, market leaders, survival data techniques, turnover.

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Contents，Author

"The Turnover of Market Leaders in Japanese Manufacturing Industries" (2006.7)
Masatoshi Kato(Japan Society for the Promotion of Science and Graduate School of Commerce and Management, Hitotsubashi University and Competition Policy Research Center, Fair Trade Commission of Japan)
Yuji Honjo(Faculty of Commerce, Chuo University)
This paper explores the turnover of market leaders, using data on Japanese manufacturing industries over the period 1975.2002. By applying survival data techniques, we describe industry differences in the turnover of market leaders over time. Our empirical results suggest that market leaders tend to maintain their positions in concentrated industries and consumer good industries. On the other hand, it is found that the turnover of market leaders is more likely to occur in growing industries and R&D-intensive industries. Furthermore, we provide evidence that leadership positions are more stable in industries where cartels were legally sanctioned.
JEL classification codes: L10, L60
Keywords: Industry differences, market leaders, survival data techniques, turnover.