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What does (not) characterize persistent corporate high-growth?

Author

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  • Stefano Bianchini

    (BETA - Bureau d'Économie Théorique et Appliquée - UL - Université de Lorraine - UNISTRA - Université de Strasbourg - INRA - Institut National de la Recherche Agronomique - CNRS - Centre National de la Recherche Scientifique)

  • Giulio Bottazzi

    (LEM - Laboratory of Economics and Management - SSSUP - Scuola Universitaria Superiore Sant'Anna [Pisa])

  • Federico Tamagni

    (SSSUP - Scuola Universitaria Superiore Sant'Anna [Pisa])

Abstract

heoretical and empirical studies of firm–industry dynamics have extensively focused on the process of growth. Theory predicts innovation, efficiency, profitability and financial status as the central channels through which firms can possibly achieve outstanding growth performance. The question is whether such high-growth performance is sustained over time and, if so, what are the factors enabling persistent high-growth patterns. Exploiting panels of Italian, Spanish, French and UK firms, we relate high growth, persistent high growth and other growth patterns to measures of efficiency, innovativeness, profitability and financial conditions. We find that high-growth firms are characterized by higher productivity and leverage, and that persistent high-growth firms do not systematically differ from other high-growth firms in none of the considered economic and financial dimensions. The findings are robust across countries, manufacturing and services.

Suggested Citation

  • Stefano Bianchini & Giulio Bottazzi & Federico Tamagni, 2017. "What does (not) characterize persistent corporate high-growth?," Post-Print hal-02166824, HAL.
  • Handle: RePEc:hal:journl:hal-02166824
    DOI: 10.1007/s11187-016-9790-1
    Note: View the original document on HAL open archive server: https://hal.univ-lorraine.fr/hal-02166824
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