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

Author

Listed:
  • Stefano Bianchini

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

  • Giulio Bottazzi

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

  • Federico Tamagni

    (SSSUP - Scuola Universitaria Superiore Sant'Anna = Sant'Anna School of Advanced Studies [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
    as

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