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High growth firms in employment and productivity: dynamic interactions and the role of financial constraints?

Cristina Guillamón (), Enrique Moral-Benito () and Sergio Puente
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Cristina Guillamón: Banco de España

No 1718, Working Papers from Banco de España, Working Papers Homepage

Abstract: Using a panel of Spanish firms over the period 2002-2012, we investigate the interactions between high growth episodes in terms of size and productivity. We find that high growth in productivity (size) increases the likelihood of high growth in size (productivity). However, the effect from size to productivity is smaller than the effect from productivity to size. We also explore the potential role of firm-level financial constraints using information from the Central Credit Register (CIR) of Banco de España. Our results indicate that credit constraints hamper high growth episodes in terms of both size and productivity.

Keywords: keyword; high-growth firms; high-impact firms; productivity; panel firm-level data (search for similar items in EconPapers)
JEL-codes: L25 L11 D24 C23 (search for similar items in EconPapers)
Pages: 72 pages
Date: 2017-05
New Economics Papers: this item is included in nep-bec, nep-eff, nep-ent, nep-eur, nep-sbm and nep-tid
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