What does (not) characterize persistent corporate high-growth?

Stefano Bianchini, Giulio Bottazzi and Federico Tamagni
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Stefano Bianchini: University of Strasbourg

Small Business Economics, 2017, vol. 48, issue 3, No 10, 633-656

Abstract: Abstract Theoretical and empirical studies of firm–industry dynamics have extensively focused on the process of growth. Theory predicts innovation, efficiency, profitability and financial status as the central channels through which firms can possibly achieve outstanding growth performance. The question is whether such high-growth performance is sustained over time and, if so, what are the factors enabling persistent high-growth patterns. Exploiting panels of Italian, Spanish, French and UK firms, we relate high growth, persistent high growth and other growth patterns to measures of efficiency, innovativeness, profitability and financial conditions. We find that high-growth firms are characterized by higher productivity and leverage, and that persistent high-growth firms do not systematically differ from other high-growth firms in none of the considered economic and financial dimensions. The findings are robust across countries, manufacturing and services.

Keywords: High growth firms; Persistent high-growth; Productivity; Firm age; Firm size; D22; D24; L26 (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (42)

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Working Paper: What does (not) characterize persistent corporate high-growth? (2017)
Working Paper: What does (or does not) determine persistent corporate high-growth ? (2014)
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DOI: 10.1007/s11187-016-9790-1

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