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Startup Types and Macroeconomic Performance in Europe

Author

Listed:
  • De Haas, Ralph
  • Sterk, Vincent
  • van Horen, Neeltje

Abstract

We construct a new and comprehensive data set on 1.3 million European startups. A cluster analysis identifies five distinct startup types that are consistently present across countries, industries, and cohorts. The initial differences between these startup types are persistent and each type displays a characteristic life cycle in terms of productivity, employment, and survival. An agnostic firm dynamics model helps quantify how much structural policy could improve macroeconomic performance by shifting the composition of startup cohorts. We show that policies benefiting high-performance startups, while discouraging the entry of underperforming firms, can yield substantial gains in aggregate employment and productivity.

Suggested Citation

  • De Haas, Ralph & Sterk, Vincent & van Horen, Neeltje, 2022. "Startup Types and Macroeconomic Performance in Europe," CEPR Discussion Papers 17400, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:17400
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    Keywords

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    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • 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
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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