**4. Hypotheses**

We use an extended version of Gibrat's Law, which contains three propositions that pertain to the sector's growth, inertia, and variance. This translates into testing the sectors: autoregressive, moving average, and heteroskedastic components, parameters which are obtained via dynamic panel data modelling. The three propositions translate into the three hypotheses, which encapsulate the stricter version of Gibrat's Law. The first hypothesis is:
