Article Title: 'The efficiency of firms: what difference does competition make?' by Hay and Lui

File size: 372KB

Description of data:

This is a sample data from of 186 UK Manufacturing firms over the period of 1970 to 1989. The sample has been used for Hay and Lui's study of 'the efficiency of firms: what difference does competition make?' published in the Economic Journal in May 1997. The empirical estimations of the study utilised the following variables:

1. Firm
   
2. Year
   
3. Industry: 1-21 codes, and definition for each code is given in the paper.
   
4. Output: measured by value added in real term.
   
5. Sales Revenue: in real term.
   
6. Profit: in real term, and a further definition is given in the paper.
   
7. Investment: in real term, and the detail of constructing the variable is given in the paper.
   
8. Capital Stock: in real term, and the detail of constructing the variable is given in the paper.
   
9. Labour
   
10. Market Shares: see definition in the paper.
    
11. Market value relative to the total capital stock: it should be aware of that capital stock used to scale down the market value is a nominal term.
    
12. Market demand 1: measured by growth of the total industrial output, which means the ratio of the output (t) to the output (t-1).
    
13. Market demand 2: measured by growth of the total industrial sale, which means the ratio of the sale (t) to the sale (t-1).
    

These are the variables of 186 firms over the period 1970 to 1989, which have been deflated using relevant output and capital price indies. They are raw data in the sense that they have not been edited for removing outliers and missing values, so that some editing work on the sample is necessary before use of it. The code given above represent a column-order in the released dataset (ASCII).

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