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Is there heterogeneity among persistent high‐growth firms?

Guilherme Fowler A. Monteiro, Adriana Bruscato Bortoluzzo and Pedro Lipkin P. Rosa

Growth and Change, 2021, vol. 52, issue 4, 2272-2292

Abstract: Theoretical and empirical studies on persistent high growth have largely focused on the extent to which companies are able to sustain their high growth rates over time and whether there are firm‐level determinants of this behavior. These studies, however, neglect the question of whether persistent high‐growth firms exhibit distinct growth patterns. To analyze this question empirically, we examine a database of approximately 16,000 persistently high‐growth companies located in Brazil during the period 2013–2016. First, we develop a clustering analysis, finding three high‐growth patterns. Based on this classification, and through ordered logit regression, we then examine whether regional dimensions explain the differences in growth. The results indicate that companies located in regions with more availability of technological, educational, and physical infrastructure are more likely to be in the groups with the highest growth. On the other hand, the increase in regional sophistication in economic terms tends to reduce the likelihood of very high growth. This specific result is confirmed when we perform quantile regressions.

Date: 2021
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