Statistics by subject – Business performance and ownership

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All (10)

All (10) (10 of 10 results)

  • Articles and reports: 11F0019M1997111
    Description:

    Recent studies have shown that companies with relatively high debt-to-asset (leverage) ratios exhibit more variability in investment and employment patterns. Other studies argue that high aggregate corporate leverage is associated with macroeconomic instability. This paper establishes and compares the evolution of aggregate corporate leverage trends in Canada and the United States from 1961 to 1996. Leverage has increased nearly 50 percent in both countries, and the majority of this increase is attributable to a greater use of short-term debt instruments. Although the magnitude of the increase is similar in both countries, the period harboring the lion's share of the increase is country-specific.

    Most of the increase in corporate leverage in Canada occurred between 1974 to 1983; a period associated with low real interest rates and rapid capital expansion in western Canada. The brunt of the increase in American corporate leverage occurred between 1982 and 1990. Over this period, U.S. companies were in the process of massive capital restructuring by purchasing outstanding equity with borrowed funds. This period was also associated with an increase in the number and value of U.S. leveraged buy-outs that aided in pushing financial leverage higher.

    Release date: 1997-12-11

  • Articles and reports: 11F0019M1997108
    Description:

    Trade exerts generally favourable effects on the performance of domestic manufacturing industries in the dimensions of allocative and productive efficiency. This paper reviews theory and recent evidence on these linkages and also explore a third effect-on the turbulence of competitive conditions and the turnover of business units. Calculations using primary census records for Canada over 1973-1992 indicate, with time and industry effect, controlled, market-share turnover, entry, exit, and mergers all increase with trade exposure. The effect is tied to market structures of differentiated products but broad international disturbances (North American Free Trade Area) also have significant effects. The normative significant of turbulence is mixed but has important positive components.

    Release date: 1997-10-15

  • Articles and reports: 11F0019M1997107
    Description:

    The debate over the appropriate function of government policy for research and development (R&D) subsidies brings into focus the different roles that are played by large and small firms in the innovation process. Small firms, it is often claimed, have different tendencies to use R&D facilities than large firms and, therefore, require the development of special programs that are directed at this sector. This paper examines the differences in the innovation profiles of small and large firms, and how R&D intensity and efficacy varies across different size classes. It investigates the contribution that R&D makes to success in the small and medium-sized population and the types of policies that small firms feel are the most appropriate to reduce the impediments to innovation that they face.

    The paper finds a number of differences between large and small firms in the tendency to innovate and to use R&D facilities. Small firms can be divided into two groups. The first group consists of firms that resemble large firms in that they perform R&D and generate new products and processes primarily through their own efforts. The second are those who rely upon customers and suppliers for their sources of ideas for innovation. Large firms, by way of contrast, tend to rely more heavily on R&D. While they too rely on networks for ideas, their networks focus more heavily on relationships with other firms that belong to the same firm.

    Most of the differences between small and large firms are explained by the fact that firms of different sizes specialize in different parts of the production process. Firms of different sizes serve different niches; they each have their own advantages. Small firms are more flexible but can suffer from cost disadvantages due to scale. They overcome their disadvantages by networking with their customers and by showing the same flexibility in their R&D process that they exhibit elsewhere. They rely less on dedicated R&D facilities and more on the flexible exploitation of R&D as opportunities arise. They also network with customers in order to adopt their suggestions for new innovations.

    Release date: 1997-09-17

  • Articles and reports: 75-001-X19970033205
    Description:

    Around the beginning of the year, analysts were predicting that1997 would be a good year for the Canadian economy and labourmarket. Is it living up to expectations? This review examinestrends and developments in the labour market during the firsthalf of 1997. (This article appeared as an advance release inJuly 1997.)

    Release date: 1997-09-10

  • Articles and reports: 11F0019M1996093
    Description:

    The statistical observation that small firms have created the majority of new jobs during the 1980s has had a tremendous influence on public policy. Governmentshave looked to the small firm sector for employment growth, and have promoted policies to augment this expansion. However, recent research in the US suggeststhat net job creation in the small firm sector may have been overestimated, relative to that in large firms. The first part of this paper addresses various measurement issues raised in the recent research, and uses a very unique Canadian longitudinal data set thatencompasses all companies in the Canadian economy to reassess the issue of job creation by firm size. We conclude that over the 1978-92 period, for both theentire Canadian economy and the manufacturing sector, the growth rate of net and gross employment decreases monotonically as the size of firm increases, no matterwhich method of sizing firms is used. Measurement does matter, however, as the magnitude of the difference in the growth rates of small and large firms is verysensitive to the measurement approaches used. Part one of the paper also produces results for various industrial sectors, and examines employment growth inexisting small and large firms (i.e., excluding births). It is found that employment growth in the population of existing small and large firms is very similar. Finallyattempts are made to introduce a job quality aspect to the numbers by using payroll distributions rather than employment. The net and gross rates of increase anddecrease in payrolls by firm size are found to be only marginally different than those of employment. The second part of the paper looks at concentration of employment creation and destruction within size classes. This is relevant because if growth is highlyconcentrated, knowing that a firm is small will provide little information about its prospects for growth. Most small firms would grow relatively little, or decline, whilea few expanded a lot. It is found that both job creation and destruction is highly concentrated among relatively few firms in all size groups, but it is greater amongsmall and mid-sized companies than large. Finally attempts are made to correlate the performance of businesses over two three-year periods. It is found thatknowing that a firm is a high performer (in terms of jobs created) over one period is of only limited value in determining growth in the second period. This isparticularly true among small firms. These results suggest that firms which expand rapidly during one period are replaced to some considerable degree by others inthe subsequent period.

    Release date: 1997-07-17

  • Articles and reports: 67F0001M1997008
    Description:

    This article profiles Canadian direct investment abroad (CDIA), focussing on the years 1986 to 1992.

    Release date: 1997-05-13

  • Articles and reports: 67F0001M1997009
    Description:

    This study presents and analyses data on direct investment profits in Canada and abroad from 1983 to 1993.

    Release date: 1997-05-13

  • Articles and reports: 67F0001M1997012
    Description:

    This paper provides information on Canadian bonds held by foreign investors.

    Release date: 1997-05-13

  • Articles and reports: 67F0001M1997014
    Description:

    This paper examines the growth in repo transactions between Canadian residents and non-residents since the beginning of the decade.

    Release date: 1997-05-13

  • Articles and reports: 75-001-X19970012989
    Description:

    How has 1996 performed compared with 1995 and 1994? This year-end review examines changes and trends in the labour market over the past year. (This article appeared as an advance release in January 1997.)

    Release date: 1997-03-14

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Analysis (10)

Analysis (10) (10 of 10 results)

  • Articles and reports: 11F0019M1997111
    Description:

    Recent studies have shown that companies with relatively high debt-to-asset (leverage) ratios exhibit more variability in investment and employment patterns. Other studies argue that high aggregate corporate leverage is associated with macroeconomic instability. This paper establishes and compares the evolution of aggregate corporate leverage trends in Canada and the United States from 1961 to 1996. Leverage has increased nearly 50 percent in both countries, and the majority of this increase is attributable to a greater use of short-term debt instruments. Although the magnitude of the increase is similar in both countries, the period harboring the lion's share of the increase is country-specific.

    Most of the increase in corporate leverage in Canada occurred between 1974 to 1983; a period associated with low real interest rates and rapid capital expansion in western Canada. The brunt of the increase in American corporate leverage occurred between 1982 and 1990. Over this period, U.S. companies were in the process of massive capital restructuring by purchasing outstanding equity with borrowed funds. This period was also associated with an increase in the number and value of U.S. leveraged buy-outs that aided in pushing financial leverage higher.

    Release date: 1997-12-11

  • Articles and reports: 11F0019M1997108
    Description:

    Trade exerts generally favourable effects on the performance of domestic manufacturing industries in the dimensions of allocative and productive efficiency. This paper reviews theory and recent evidence on these linkages and also explore a third effect-on the turbulence of competitive conditions and the turnover of business units. Calculations using primary census records for Canada over 1973-1992 indicate, with time and industry effect, controlled, market-share turnover, entry, exit, and mergers all increase with trade exposure. The effect is tied to market structures of differentiated products but broad international disturbances (North American Free Trade Area) also have significant effects. The normative significant of turbulence is mixed but has important positive components.

    Release date: 1997-10-15

  • Articles and reports: 11F0019M1997107
    Description:

    The debate over the appropriate function of government policy for research and development (R&D) subsidies brings into focus the different roles that are played by large and small firms in the innovation process. Small firms, it is often claimed, have different tendencies to use R&D facilities than large firms and, therefore, require the development of special programs that are directed at this sector. This paper examines the differences in the innovation profiles of small and large firms, and how R&D intensity and efficacy varies across different size classes. It investigates the contribution that R&D makes to success in the small and medium-sized population and the types of policies that small firms feel are the most appropriate to reduce the impediments to innovation that they face.

    The paper finds a number of differences between large and small firms in the tendency to innovate and to use R&D facilities. Small firms can be divided into two groups. The first group consists of firms that resemble large firms in that they perform R&D and generate new products and processes primarily through their own efforts. The second are those who rely upon customers and suppliers for their sources of ideas for innovation. Large firms, by way of contrast, tend to rely more heavily on R&D. While they too rely on networks for ideas, their networks focus more heavily on relationships with other firms that belong to the same firm.

    Most of the differences between small and large firms are explained by the fact that firms of different sizes specialize in different parts of the production process. Firms of different sizes serve different niches; they each have their own advantages. Small firms are more flexible but can suffer from cost disadvantages due to scale. They overcome their disadvantages by networking with their customers and by showing the same flexibility in their R&D process that they exhibit elsewhere. They rely less on dedicated R&D facilities and more on the flexible exploitation of R&D as opportunities arise. They also network with customers in order to adopt their suggestions for new innovations.

    Release date: 1997-09-17

  • Articles and reports: 75-001-X19970033205
    Description:

    Around the beginning of the year, analysts were predicting that1997 would be a good year for the Canadian economy and labourmarket. Is it living up to expectations? This review examinestrends and developments in the labour market during the firsthalf of 1997. (This article appeared as an advance release inJuly 1997.)

    Release date: 1997-09-10

  • Articles and reports: 11F0019M1996093
    Description:

    The statistical observation that small firms have created the majority of new jobs during the 1980s has had a tremendous influence on public policy. Governmentshave looked to the small firm sector for employment growth, and have promoted policies to augment this expansion. However, recent research in the US suggeststhat net job creation in the small firm sector may have been overestimated, relative to that in large firms. The first part of this paper addresses various measurement issues raised in the recent research, and uses a very unique Canadian longitudinal data set thatencompasses all companies in the Canadian economy to reassess the issue of job creation by firm size. We conclude that over the 1978-92 period, for both theentire Canadian economy and the manufacturing sector, the growth rate of net and gross employment decreases monotonically as the size of firm increases, no matterwhich method of sizing firms is used. Measurement does matter, however, as the magnitude of the difference in the growth rates of small and large firms is verysensitive to the measurement approaches used. Part one of the paper also produces results for various industrial sectors, and examines employment growth inexisting small and large firms (i.e., excluding births). It is found that employment growth in the population of existing small and large firms is very similar. Finallyattempts are made to introduce a job quality aspect to the numbers by using payroll distributions rather than employment. The net and gross rates of increase anddecrease in payrolls by firm size are found to be only marginally different than those of employment. The second part of the paper looks at concentration of employment creation and destruction within size classes. This is relevant because if growth is highlyconcentrated, knowing that a firm is small will provide little information about its prospects for growth. Most small firms would grow relatively little, or decline, whilea few expanded a lot. It is found that both job creation and destruction is highly concentrated among relatively few firms in all size groups, but it is greater amongsmall and mid-sized companies than large. Finally attempts are made to correlate the performance of businesses over two three-year periods. It is found thatknowing that a firm is a high performer (in terms of jobs created) over one period is of only limited value in determining growth in the second period. This isparticularly true among small firms. These results suggest that firms which expand rapidly during one period are replaced to some considerable degree by others inthe subsequent period.

    Release date: 1997-07-17

  • Articles and reports: 67F0001M1997008
    Description:

    This article profiles Canadian direct investment abroad (CDIA), focussing on the years 1986 to 1992.

    Release date: 1997-05-13

  • Articles and reports: 67F0001M1997009
    Description:

    This study presents and analyses data on direct investment profits in Canada and abroad from 1983 to 1993.

    Release date: 1997-05-13

  • Articles and reports: 67F0001M1997012
    Description:

    This paper provides information on Canadian bonds held by foreign investors.

    Release date: 1997-05-13

  • Articles and reports: 67F0001M1997014
    Description:

    This paper examines the growth in repo transactions between Canadian residents and non-residents since the beginning of the decade.

    Release date: 1997-05-13

  • Articles and reports: 75-001-X19970012989
    Description:

    How has 1996 performed compared with 1995 and 1994? This year-end review examines changes and trends in the labour market over the past year. (This article appeared as an advance release in January 1997.)

    Release date: 1997-03-14

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