This paper documents the evolution of markups and concentration, detects causality between firm churning and markups/concentration, and determines the impact of fixed costs on markups. It relies on production data of Eswatini during 1994–2007 to estimate markups using the production approach. It finds elasticities, markups and concentration to be comparable with other findings elsewhere. Although no causality is found from a regression of markups/concentration to entry/exit dynamics an increase in productivity within high capital stock industries and in fixed costs raises average markups. Further research will focus on markup state dependence, unobserved heterogeneity, and endogenous regime switching to enhance understanding of markup pricing.

中文翻译：

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斯威士兰（斯威士兰）的固定成本、加价和集中度：面板数据的公司层面分析

本文记录了加价和集中度的演变，检测了公司流失和加价/集中之间的因果关系，并确定了固定成本对加价的影响。它依赖于 1994-2007 年 Eswatini 的生产数据，使用生产方法估计加价。它发现弹性、加价和集中度与其他地方的其他发现相当。尽管没有发现加价/集中度回归与进入/退出动态之间的因果关系，但高资本存量行业内生产率的提高和固定成本的提高会提高平均加价率。进一步的研究将集中在加价状态依赖性、未观察到的异质性和内生机制转换上，以增强对加价定价的理解。