In line with the theory of creative destruction, industries where incumbent firms generate high profits will attract entry, which should drive down profits. This disciplinary effect of entry implies that profits above the norm should not exist in the long run. Factors that affect entry—such as entry regulations—could affect this profits convergence process. Using an unbalanced panel of firm- and country-level data for approximately 13,000 firms in 33 countries between 2005 and 2013, we examine the profit dynamics of incumbent firms in the context of entry and entry regulations.

中文翻译：

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进入规则与在职企业的利润持久性

根据创造性破坏的理论，老牌企业产生高利润的行业将吸引进入市场，这将压低利润。进入的这种纪律性影响意味着，从长远来看，不应存在超出正常水平的利润。影响进入的因素（例如进入法规）可能会影响此利润趋同过程。我们使用2005年至2013年间33个国家/地区约13,000家公司的公司和国家/地区数据的不平衡面板，研究了进入和进入法规背景下的现有公司的利润动态。