Essays on firm behavior and firm performance

This dissertation comprises three individual chapters in an effort to examine different explanatory variables that affect firm performance. Chapter Two proposes an additional determinant of firm survival. Based on a detailed examination of firm survival in the British automobile industry between 1895 and 1970, we conclude that a firm's selection of submarket (defined by quality level) influenced survival. In contrast to findings for the US automobile industry, there is no evidence of first-mover advantage in the market as a whole. However, we do find evidence of first-mover advantage after conditioning on submarket choice. Chapter Three examines the effects of product line expansion on firm performance in terms of survival time. Based on a detailed examination of firm survival time in the British automobile industry between 1895 and 1970, we find that diversification exerts a positive effect on firm survival. Furthermore, our findings support the literature with respect to the impacts of submarket types, pre-entry experience, and timing of entry on firm survival time. Chapter Four examines corporate diversification in U.S. manufacturing and service firms. We develop measures of how related a firm's diverse activities are using input-output data and the NAILS classification to construct indexes of "vertical relatedness" and "complementarity". Strong relationships between these two measures are found. We utilize profitability and excess value as the measure for firm performance. Econometric analysis reveals that there is no relationship between the degree of relatedness of diversification and firm performance for the study period.

Tom Stoppard: Humanizing chaos

The purpose of this study was to critically evaluate Tom Stoppard’s application of chaos theory and quantum science in ROSENCRANTZ AND GUILDENSTERN ARE DEAD, HAPGOOD and ARCADIA; and determine the extent to which Stoppard argues for the importance of human action and choice. ^ Through critical analysis this study examined how Stoppard applies the quantum aspects of: (1) indeterminacy to human epistemology in ROSENCRANTZ AND GUILDENSTERN ARE DEAD; (2) complementarity to human identity in HAPGOOD; and (3) recursive symmetry to human history in ARCADIA. It also examined how Stoppard excavates the complexities of human action, choice and identity through the lens of chaos theory and quantum science. ^ These findings demonstrated that Tom Stoppard is not merely juxtaposing quantum science and human interactions for the sake of drama; rather, by excavating the complexities of human action, choice and identity through the lens of chaos theory and quantum science, Stoppard demonstrates the fundamental connection between individuals and the post-Newtonian universe.^