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High-growth firms and innovation: an empirical analysis for Spanish firms

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  • Segarra Blasco, Agustí, 1958-
  • Teruel, Mercedes
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    Abstract

    This paper analyses the effect of R&D investment on firm growth. We use an extensive sample of Spanish manufacturing and service firms. The database comprises diverse waves of Spanish Community Innovation Survey and covers the period 2004–2008. First, a probit model corrected for sample selection analyses the role of innovation on the probability of being a high-growth firm (HGF). Second, a quantile regression technique is applied to explore the determinants of firm growth. Our database shows that a small number of firms experience fast growth rates in terms of sales or employees. Our results reveal that R&D investments positively affect the probability of becoming a HGF. However, differences appear between manufacturing and service firms. Finally, when we study the impact of R&D investment on firm growth, quantile estimations show that internal R&D presents a significant positive impact for the upper quantiles, while external R&D shows a significant positive impact up to the median. Keywords : High-growth firms, Firm growth, Innovation activity. JEL Classifications : L11, L25, L26, O30

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    Bibliographic Info

    Paper provided by Universitat Rovira i Virgili, Department of Economics in its series Working Papers with number 2072/228402.

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    Date of creation: 2014
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    Handle: RePEc:urv:wpaper:2072/228402

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    Keywords: Empreses -- Creixement; Innovacions tecnològiques; Emprenedoria; Investigació industrial; 33 - Economia;

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    1. Rachel Griffith & Stephen Redding & John Van Reenen, 2000. "Mapping the Two Faces of R&D: Productivity Growth in a Panel of OECD Industries," CEP Discussion Papers, Centre for Economic Performance, LSE dp0458, Centre for Economic Performance, LSE.
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    3. Alex Coad & Rekha Rao, 2010. "Firm growth and R&D expenditure," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 19(2), pages 127-145.
    4. Alex Coad & Rekha Rao, 2006. "Innovation and Firm Growth in High-Tech Sectors: A Quantile Regression Approach," LEM Papers Series, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy 2006/18, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    5. Fritsch, Michael & Mueller, Pamela, 2006. "The effect of new business formation on regional development over time: the case of Germany," Freiberg Working Papers 2006,13, TU Bergakademie Freiberg, Faculty of Economics and Business Administration.
    6. Beneito, Pilar, 2006. "The innovative performance of in-house and contracted R&D in terms of patents and utility models," Research Policy, Elsevier, Elsevier, vol. 35(4), pages 502-517, May.
    7. Catozzella, Alessandra & Vivarelli, Marco, 2007. "The Catalysing Role of In-House R&D in Fostering the Complementarity of Innovative Inputs," IZA Discussion Papers 3126, Institute for the Study of Labor (IZA).
    8. Boris Lokshin & René Belderbos & Martin Carree, 2008. "The Productivity Effects of Internal and External R&D: Evidence from a Dynamic Panel Data Model," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, Department of Economics, University of Oxford, vol. 70(3), pages 399-413, 06.
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    11. Daunfeldt, Sven-Olov & Elert, Niklas & Johansson, Dan, 2010. "The economic contribution of high-growth firms: Do definitions matter?," HUI Working Papers, HUI Research 35, HUI Research.
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    14. Agustí Segarra & Mercedes Teruel, 2011. "Productivity and R&D sources: evidence for Catalan firms," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 20(8), pages 727-748, September.
    15. Alex Coad & Werner Hölzl, 2010. "Firm growth: empirical analysis," Papers on Economics and Evolution 2010-02, Philipps University Marburg, Department of Geography.
    16. David B. Audretsch, 1995. "Innovation and Industry Evolution," MIT Press Books, The MIT Press, The MIT Press, edition 1, volume 1, number 0262011468, December.
    17. Elizabeth Garnsey & Erik Stam & Paul Heffernan, 2006. "New Firm Growth: Exploring Processes and Paths," Industry and Innovation, Taylor & Francis Journals, Taylor & Francis Journals, vol. 13(1), pages 1-20.
    18. Delmar, Frederic & Davidsson, Per & Gartner, William B., 2003. "Arriving at the high-growth firm," Journal of Business Venturing, Elsevier, vol. 18(2), pages 189-216, March.
    19. Fabrizio, Kira R., 2009. "Absorptive capacity and the search for innovation," Research Policy, Elsevier, Elsevier, vol. 38(2), pages 255-267, March.
    20. Giulio Cainelli & Rinaldo Evangelista & Maria Savona, 2006. "Innovation and economic performance in services: a firm-level analysis," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 30(3), pages 435-458, May.
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    Cited by:
    1. Stefano Bianchini & Giulio Bottazzi & Federico Tamagni, 2014. "What does (or does not) determine persistent corporate high-growth ?," LEM Papers Series, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy 2014/11, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.

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