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Does Size Of Innovative Firms Affect Their Growth Persistence?

Author

Listed:
  • Daria Ciriaci
  • Pietro Moncada-Paternò-Castello
  • Peter Voigt

Abstract

This study tests the theory of firms' proportionate growth on an original balanced panel ofSpanish innovative firms. It offers a novel comparative empirical analysis of the persistence ofinnovative firms' growth by examining serial correlations in their employment, sales andinnovative sales growth rates over the years 2002-2009. The main objective is to verify whetherinnovative SMEs and large innovative firms experience differences in their growth patterns. Tothis end, a semi-parametric quantile regression approach is adopted. Our empirical resultswidely confirm that there is a significant impact of firm size on both growth per se and itspersistence. In particular, the results suggest that notwithstanding the remarkable growthpotential of innovative SMEs, the persistence of their growth paths is the challenge. This resultshould be kept in mind when using mere company size as a marker for targeting policy support,especially when it comes to targeting innovative companies.

Suggested Citation

  • Daria Ciriaci & Pietro Moncada-Paternò-Castello & Peter Voigt, 2014. "Does Size Of Innovative Firms Affect Their Growth Persistence?," Brussels Economic Review, ULB -- Universite Libre de Bruxelles, vol. 57(3), pages 317-346.
    • Handle: RePEc:bxr:bxrceb:2013/226449
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    Citations

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    Cited by:

    1. Robert Gampfer & Jessica Mitchell & Blagoy Stamenow & Jana Zifciakova & Koen Jonkers, 2016. "Improving access to finance: which schemes best support the emergence of high-growth innovative enterprises? A mapping, analysis and assessment of finance instruments in selected EU Member States," JRC Research Reports JRC102928, Joint Research Centre.
    2. Pietro Moncada-Paternò-Castello, 2022. "Top R&D investors, structural change and the R&D growth performance of young and old firms," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 12(1), pages 1-33, March.
    3. Pietro Moncada-Paternò-Castello, 2016. "Sector dynamics and demographics of top R&D firms in the global economy," JRC Working Papers on Corporate R&D and Innovation 2016-06, Joint Research Centre.
    4. Daria Ciriaci & Pietro Moncada-Paternò-Castello & Peter Voigt, 2016. "Innovation and job creation: a sustainable relation?," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 6(2), pages 189-213, August.

    More about this item

    Keywords

    Quantile regression; Innovative firm's size; Growth persistence;
    All these keywords.

    JEL classification:

    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • L60 - Industrial Organization - - Industry Studies: Manufacturing - - - General

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