The Performance of German Firms in the Business-Related Service Sector
德国企业相关服务业公司的绩效表现
We analyze the performance of firms from the German business-related service sector for 1994–2000. Performance is measured by ordinal assessment of changes in total sales. We estimate first-order Markov chain models using extensions of the multinomial logit model: a linear index model with alternative specifications of heterogeneity and a semiparametric model. The preferred specification involves heterogeneity connected to the firm and the type of transition. Our findings…