High Growth Firms and Innovation: an empirical analysis for Spanish firms

Agustí Segarra Blasco and Mercedes Teruel Carrizosa ()

Working Papers from Universitat Rovira i Virgili, Department of Economics

Abstract: This paper analyzes the effect of firms’ innovation activities on their growth performance. In particular, we observe how important innovation is for high-growth firms (HGFs) for an extensive sample of Spanish manufacturing and services firms. The panel data used comprises diverse waves of Spanish CIS over the the period 2004-2008. First, a probit analysis determines whether innovation affects the probability of being a high-growth firm. And second, a quantile regression technique is applied to explore the determinants and characteristics of specific groups of firms (manufacturing versus service firms and high-tech versus low-tech firms). It is revealed that R&D plays a significant role in the probability of becoming a HGF. Investment in internal and external R&D per employee has a positive impact on firm growth (although internal R&D presents a significant impact in the last quantiles, external R&D is significant up to the median). Furthermore, we show evidence that there is a positive impact of employment (sales) growth on the sales (employment) growth. Keywords: high-growth firms, firm growth, innovation activity JEL Classifications: L11, L25, O30

Keywords: Empreses -- Innovacions tecnològiques -- Espanya; Empreses -- Creixement; 33 - Economia; 65 - Gestió i organització. Administració i direcció d'empreses. Publicitat. Relacions públiques. Mitjans de comunicació de masses (search for similar items in EconPapers)
Date: 2011
New Economics Papers: this item is included in nep-bec, nep-cse, nep-ent, nep-ino, nep-sbm and nep-tid
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)

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http://hdl.handle.net/2072/179669

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Journal Article: High-growth firms and innovation: an empirical analysis for Spanish firms (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:urv:wpaper:2072/179669

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