Cluster dynamics of financial centres in the UK: do connected firms grow faster?

Vladimír Pažitka and Dariusz Wójcik

Regional Studies, 2019, vol. 53, issue 7, 1017-1028

Abstract: This study investigates the connection between network centrality and firm growth on a sample of 3224 financial services firms located in the UK in the aftermath of the global financial crisis. The findings, based on a spatial econometric model of long-term firm growth, indicate that firms that span structural holes, engage in co-management appointments and have network connections to related companies in other financial centres grow faster. In contrast, such connections generate substantial negative indirect effects on proximate firms, leading to a divergence of growth rates between globally connected and locally embedded firms.

Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:taf:regstd:v:53:y:2019:i:7:p:1017-1028

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DOI: 10.1080/00343404.2018.1531116

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