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Determinants of high-growth firms


  • Gerrit de Wit
  • Mercedes Teruel


High-growth firms have been shown to be a key factor for economic growth and structural change. This paper analyses the determinants of the number of highgrowth firms in a country for 17 OECD countries between 1999 and 2005, using the Amadeus data set, the GEM data set, and others. The first contribution of this paper is that it is - as far as we know - the first empirical analysis of highgrowth firms at the country level on the basis of actual measured growth. Second, we find indicative empirical evidence for three driving forces of high growth, viz. entrepreneurship, institutional settings, and opportunities for growth, all in accordance with theory and empirical findings in related fields of research. Third, the paper gives a tentative explanation of the differences in the average percentage of high-growth firms between countries. Finally, the paper gives some clues for policy makers how to promote high-growth firms.

Suggested Citation

  • Gerrit de Wit & Mercedes Teruel, 2011. "Determinants of high-growth firms," Scales Research Reports H201107, EIM Business and Policy Research.
  • Handle: RePEc:eim:papers:h201107

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    References listed on IDEAS

    1. André van Stel & David Storey & Chantal Hartog, 2010. "Institutions and Entrepreneurship: The Role of The Rule of Law," Scales Research Reports H201003, EIM Business and Policy Research.
    2. van Praag, C. Mirjam & Versloot, Peter H., 2007. "The Economic Benefits and Costs of Entrepreneurship: A Review of the Research," Foundations and Trends(R) in Entrepreneurship, now publishers, vol. 4(2), pages 65-154, October.
    3. van Praag, C M & Cramer, J S, 2001. "The Roots of Entrepreneurship and Labour Demand: Individual Ability and Low Risk Aversion," Economica, London School of Economics and Political Science, vol. 68(269), pages 45-62, February.
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