Growth of the firm in Australia

x, 227 leaves : ill. ; 34 cm.This thesis is a study of the growth of the firm in relationship to the size, profitability, market structures and other economic attributes of the individual firm. The study is mainly based on an empirical analysis of 402 selected. Australian public companies whose shares were listed on the Sydney Stock Exchange between 1950 and. 1967. The firms were primarily engaged. In various manufacturing activities during this 18 year period. The main sources of data for the study are the individual accounts obtained from the annual company reports. The growth of the firms is measured by the increase in net capital assets. The aim, approach and the scope of the thesis are presented in the introductory chapter (Chapter I). The size and business activities of the 402 firms are first examined in the context of the market structures in which they primarily operate. Because these firms are listed public companies, they are mostly relatively large firms in the total company population. Despite this, however, we find that their relative position in each industry varies considerably from being the largest firm to being one of a number of similarly sized competitors. The market structures in which the 402 firms operate also vary considerably, from single firm monopolies downwards, and changes in concentration ratios are observed in many markets during the 18 years studied. Having acquired background knowledge of the firms, their profitability and growth are examined in relation to their absolute size. Questions are asked whether larger firms grew faster than smaller firms; and what determined the firms’ profitability and growth. The problems of mergers and entry of new firms into industries, and the association between profitability and growth of the firms are also examined. In brief we find that there are wide differences in the rates of profit and. growth between individual firms and. we suggest that this is largely explained by the differences in management - differences in managerial quality, skill and motivations. The threads of our thesis concerning the importance of management in determining the profitability and growth of individual firms are drawn together in the last chapter where the observations and discoveries made in previous chapters are presented in an integrated form.Thesis (Ph.D.)--University of Adelaide, Dept. of Economics, 197