High-growth versus declining firms: the differential impact of human capital and R&D

Micheline Goedhuys and Leo Sleuwaegen

Applied Economics Letters, 2016, vol. 23, issue 5, 369-372

Abstract: We provide evidence that both human capital and R&D increase the likelihood that a firm will be a high-growth firm in the industry. However, different from human capital, being an R&D active firm also increases the probability of substantial decline or failure, underscoring the risky nature of innovation. Quantile regression results show that, different from R&D, human capital is growth-enhancing for all firms, hence also those located in the lower quantiles of the distribution of growth rates across firms.

Date: 2016
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DOI: 10.1080/13504851.2015.1076139

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