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Craig S. Galbraith, Cameron School of Business, University of North Carolina–Wilmington

Curt H. Stiles, Cameron School of Business, University of North Carolina–Wilmington

ABSTRACT. This study examines the impact of the interaction of the firm variables market share and scale, and the industry conditions of concentration and growth, on the market value of 225 closely held, micro-market share manufacturing firms. The results suggest that the market value of small firms with micro-market shares benefits from the presence of large firms in concentrated industries. The study also found support for the hypothesis that the impact of concentration and scale economies on small-firm performance varies according to industry growth.

SOMMAIRE. Cette étude examine l’impact de l’interaction de la part de marché des variables de l’entreprise avec les conditions de concentration et de croissance, sur la valeur marchande de 225 entreprises industrielles par actions, bien gardées et se livrant à la micromercatique. Les résultats suggèrent que la valeur marchande des petites entreprises de micromercatique à actions bénéficie de la présence de grandes entreprises dans les industries concentrées. Cette étude soutient également l’hypothèse que l’impact de la concentration et des économies d’échelle sur la performance des petites entreprises varie selon la croissance de l’industrie.

 Market Share, Scale, and Market Value: An Empirical Study of Small Closely Held Manufacturing Firms