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Assessing the Determinants of High-Growth Manufacturing Firms in Italy


  • Alessandro Arrighetti
  • Andrea Lasagni


Few firms grow rapidly, but their contribution to employment growth is often impressive. The main purpose of this paper is to analyse both the external and internal factors that can affect the probability of being a high-growth firm (HGF) in Italy. We found that HGFs are, on average, young firms and are present in different industries, but the role of demand is important to understanding their performance at the sectoral level. Moreover, our findings show that financial constraints and profitability are not associated with the probability of being a HGF. HGFs, on average, are characterised by high productivity, but only when growth is measured in terms of sales. The most original results of this study concern the endogenous determinants of rapid growth, which have yet to be adequately examined in the literature. First, we found that the concentration of ownership is important for HGFs that experienced rapid growth in their sales. Second, the quality of human capital is a strong point for firms experiencing rapid employment growth .

Suggested Citation

  • Alessandro Arrighetti & Andrea Lasagni, 2013. "Assessing the Determinants of High-Growth Manufacturing Firms in Italy," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 20(2), pages 245-267, July.
  • Handle: RePEc:taf:ijecbs:v:20:y:2013:i:2:p:245-267
    DOI: 10.1080/13571516.2013.783456

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    References listed on IDEAS

    1. A. Arrighetti & A. Ninni, 2009. "Firm size and growth opportunities: a survey," Economics Department Working Papers 2009-EP05, Department of Economics, Parma University (Italy).
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    1. repec:fan:eseses:v:html10.3280/es2017-003008 is not listed on IDEAS
    2. José Miguel Giner & María Jesús Santa-María & Antonio Fuster, 2017. "High-growth firms: does location matter?," International Entrepreneurship and Management Journal, Springer, vol. 13(1), pages 75-96, March.
    3. Goedhuys-Degelin M.D.L. & Sleuwaegen L., 2015. "Human capital, innovation and the distribution of firm growth rates," MERIT Working Papers 013, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    4. A. Arrighetti & F. Landini & A. Lasagni, 2016. "Swimming Upstream Throughout the Turmoil: Evidence on Firm Growth During the Great Recession," Economics Department Working Papers 2016-EP04, Department of Economics, Parma University (Italy).
    5. repec:taf:apeclt:v:23:y:2016:i:5:p:369-372 is not listed on IDEAS

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