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Persistent high-growth firms in China’s manufacturing

Daniele Moschella (), Federico Tamagni and Xiaodan Yu

Small Business Economics, 2019, vol. 52, issue 3, No 2, 573-594

Abstract: Abstract This article explores the association between persistence of high-growth and crucial dimensions of firm structure and performance (productivity, profits, investment patterns, innovation, and financial structures) to shed light on what makes a persistent high-growth firm. We employ a multidimensional definition of a high-growth firm that simultaneously accounts for growth of sales and employment, and design an empirical strategy that seeks to capture the “long-run” ability of high-growth firms to replicate their high-growth performance over time. Exploiting a large panel covering the period of the China’s miracle, we find that none of the considered firm attributes stands out as distinctive feature of persistent high-growth. This finding casts doubts on the long-run contribution of high-growth firms, in turn challenging the long-run effectiveness of policies supporting the creation and expansion of such firms.

Keywords: Entrepreneurship; High-growth firms; Persistent high-growth firms; China (search for similar items in EconPapers)
JEL-codes: D22 D24 L26 (search for similar items in EconPapers)
Date: 2019
References: Add references at CitEc
Citations: View citations in EconPapers (11)

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DOI: 10.1007/s11187-017-9973-4

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