92 BOOK REVIEW lent discussion of the limitations of the data. Kambhampati methodically considers bias in the CR when, for example, ﬁrms are diversiﬁed and the sample consists only of ﬁrms quoted on the stock market. Since the initial data pool considers only India’s top 974 companies, CR1 through CR4 ratios are calculated for each industry and then normalized to generate a one-ﬁrm equivalent CR. Based on this measure, forty industries are classiﬁed as either high or low concentration. The one-ﬁrm equivalent CR for high concentration industries ranges from 53.7 with 1 ﬁrm (the matches industry) to 6.7 with 21 ﬁrms (paper and pulp industry). The one-ﬁrm equivalent CR ranges from 6.2 with 8 ﬁrms (industrial machinery for food and textiles) to 0.7 with 50 ﬁrms (electrical appliances industry). Kambhampati concludes that overall concentration in Indian industry is low and that in 1984 it is lower than in comparable industries in the United Kingdom. Chapter 5 considers the determinants of structure. The model posits that CRs in 1984 are a function of technical factors, performance, conduct, and the entry policy of government. These factors are estimated respectively by economies of scale variables (signiﬁcant), proﬁt margins lagged (not signiﬁcant), advertising
Review of Industrial Organization – Springer Journals
Published: Oct 15, 2004
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