Exporting high-growth enterprises, including gazelles, in Romania

In our paper we analyse the most relevant aspects concerning the characteristics of a special category of SMEs, namely the so-called high-growth enterprises, which, in principle, are considered factors contributing to the sustainable development of national economy and to the convergence process, under certain restrictions. As far as the high-growth enterprises are considered, the following cumulative criteria have been used in order to identify them: average annualized growth, in terms of number of employees greater than 10% per year, over a three-year period; at least 10 employees at the beginning of the growth period. A gazelle is a high-growth enterprise that is up to 5 years old. The importance of this kind of enterprises derive from the contribution they should have to the economic growth and to the job creation in the country where are located. Achieving high growth rates in profitability is the reason why the decision-makers are focusing on the high-growth enterprises, including gazelles. The present paper analyses the impact of high-growth enterprises and gazelles on exports, turnover and employment, in the 2008-2015 period, under circumstances of two major events which marked the national economy – Romania’s integration into the European Union, starting in 2007 also the international financial crisis, in 2009-2010. The study identifies several factors that explain the evolution of the high-growth enterprises, including the gazelles, and some recommendations to support their development in accordance with the importance they have for employment in the national economy.