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High-growth firms and innovation in European countries

Author

Listed:
  • Agustí Segarra Blasco

    (Universitat Rovira i Virgili)

  • Mercedes Teruel Carrizosa

    (Universitat Rovira i Virgili)

  • Elisenda Jové Llopis

    (Universitat Rovira i Virgili)

Abstract

This paper analyses the effect of innovation on a high-growth firm (HGF). The micro-data belongs to the Community Innovation Survey 2008 provided by Eurostat covering the period 2006-2008 for 15 European countries. We classify the EU countries in two groups according to the share of business R&D on GDP: leader countries (Germany, Slovenia, Czech Republic, Norway, Portugal, Spain and Italy) and laggard countries (Estonia, Hungary, Slovakia, Lithuania, Romania, Bulgaria, Latvia and Cyprus). Firms in leader countries are more prone to invest in R&D but the presence of HGFs is more moderated than firms in laggard countries. Our main results show that the drivers to innovate and become a HGF differ across European countries. In leader countries, the HGF firms presence is related to R+D inversions and innovation, whereas in laggard countries depend directly on the size of the firm, as well as the turbulence rate in the economy as a whole. All in all, our results show light on the different entrepreneurial ecosystems of the European Union member countries.

Suggested Citation

  • Agustí Segarra Blasco & Mercedes Teruel Carrizosa & Elisenda Jové Llopis, 2016. "High-growth firms and innovation in European countries," EKONOMIAZ. Revista vasca de Economía, Gobierno Vasco / Eusko Jaurlaritza / Basque Government, vol. 90(02), pages 194-221.
    • Handle: RePEc:ekz:ekonoz:2016207
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    References listed on IDEAS

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    1. Werner Hölzl, 2014. "Persistence, survival, and growth: a closer look at 20 years of fast-growing firms in Austria," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 23(1), pages 199-231, February.
    2. Colin Mason & Ross Brown, 2013. "Creating good public policy to support high-growth firms," Small Business Economics, Springer, vol. 40(2), pages 211-225, February.
    3. Magnus Henrekson & Dan Johansson, 2010. "Gazelles as job creators: a survey and interpretation of the evidence," Small Business Economics, Springer, vol. 35(2), pages 227-244, September.
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    Cited by:

    1. Francisco Rodrigues & Nuno Tavares & Gabriel Osório Barros, 2021. "Drivers of exceptional job creation – a dynamic probit approach using portuguese firm-level data," Portuguese Economic Journal, Springer;Instituto Superior de Economia e Gestao, vol. 20(1), pages 45-69, January.
    2. Agustí Segarra-Blasco & Mercedes Teruel & Elisenda Jov�-Llopis, 2018. "High-growth firms in European countries: The role of innovation," Revista Cuadernos de Economia, Universidad Nacional de Colombia, FCE, CID, vol. 37(75), pages 637-808.

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    Keywords

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    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
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General

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