Swimming upstream throughout the turmoil: Evidence on firm growth during the great recession

Alessandro Arrighetti, Fabio Landini and Andrea Lasagni

Scottish Journal of Political Economy, 2021, vol. 68, issue 3, 322-344

Abstract: Economic downturns significantly impact on industry and firm dynamics. During a slowdown, increased competitive pressure makes less efficient firms more likely to exit (the cleansing hypothesis). However, evidence on Italian manufacturing firms during the Great Recession contrasts with this view. In fact, a not negligible subset of firms grew considerably during the crisis, increasing intra‐industry heterogeneity. In this paper, we study these swimming upstream firms (SUFs) and we obtain two results. First, SUFs exhibit a high capability accumulation profile (innovation, intangibles investments and internationalization). Second, the impact of endogenous capability accumulation does not vanish after controlling for exogenous factors.

Date: 2021
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https://doi.org/10.1111/sjpe.12272

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Working Paper: Swimming Upstream Throughout the Turmoil: Evidence on Firm Growth During the Great Recession (2016)
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