摘要 :
Although firms are typically considered to grow continuously, discontinuous growth paths of low-growth firms, the so-called large jumps, are also frequently observed. However, while researchers have discussed large jumps theoretic...
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Although firms are typically considered to grow continuously, discontinuous growth paths of low-growth firms, the so-called large jumps, are also frequently observed. However, while researchers have discussed large jumps theoretically, empirical evidence is lacking. Based on the gaps in the literature, this study examines how low-growth firms achieve large jumps and how such firms become high-growth firms by sustaining their growth momentum thereafter. By constructing a unique merged dataset of Korean manufacturing firms, we find that 24% of low-growth firms achieved large jumps and 27.4% of these maintained their growth momentum, becoming high-growth firms. The results show that R&D investment and R&D collaboration increase the probability of achieving large jumps. However, becoming a high-growth firm by sustaining the growth momentum after large jumps requires persistency of R&D investment and internal capabilities instead of collaboration. Our findings suggest management and policy implications to escape from the low-growth trap.
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This article analyses the growth performance of a large set of entrepreneurial firms in ten manufacturing sectors of 11 Sub-Saharan African countries. The focus of the article is on identifying those entrepreneurs’ attributes and...
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This article analyses the growth performance of a large set of entrepreneurial firms in ten manufacturing sectors of 11 Sub-Saharan African countries. The focus of the article is on identifying those entrepreneurs’ attributes and firm characteristics that tend to generate a significant number of high-growth firms in these countries. To this end, we use a quantile regression, which provides a more complete estimation of the growth distribution of firms conditional on different attributes. The results indicate that firms that engage in product innovation, have their own transport means and are connected to the internet through their own website are especially characterized by higher growth rates and also display a distribution of growth rates skewed to the right, hosting a higher number of high-growth firms. The effect of the last two variables, which relate to distance-bridging modes of infrastructure, points to the self-reinforcing growth effects they generate in creating wider input and output markets. Education raises growth opportunities by affecting the lower quantiles, but it does not appear to influence the upper quantiles. The estimated conditional growth distributions for the technology-intensive machinery and electronics sectors show more extreme tails and a lower mean in comparison to the traditional industries, indicating the more risky nature of doing business in these industries.
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This study examined the relationship between firm age, firm size, profitability and leverage on firm growth of listed non-financial firms in Nigeria. Using secondary data from 66 non-financial firms within Ten years period (2012-2...
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This study examined the relationship between firm age, firm size, profitability and leverage on firm growth of listed non-financial firms in Nigeria. Using secondary data from 66 non-financial firms within Ten years period (2012-2021) in Nigeria, hypotheses were developed and tested using multiple regression technique along with the F-statistics model. The results shows that the computed F-Stat value is 4.53 with a corresponding p-value of 0.0338 implying that firm age (FAGE) has no significant influence on firm growth. The result for firm size also observed that the computed value of F-stat is 9.82 with a corresponding p-value of 0.0018 inferring that firm size has no significant effect on firm growth. Similarly, in testing the relationship between firm profitability and firm growth, the F-stat stood at 2.43 with a corresponding p-value of 0.1198 indicating that firm profitability has no significant influence on firm growth. Additionally, in testing the relationship between firm leverage and firm growth, the value of F-stat is 3.11 with a corresponding p-value of 0.0785 indicates that firm leverage has no significant effect on firm growth.
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This paper investigates growth in employment over a 13-year period in 12 small biotechnology firms, with the purpose of understanding the effects of a science park location on firm development. Findings show that all of the firms ...
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This paper investigates growth in employment over a 13-year period in 12 small biotechnology firms, with the purpose of understanding the effects of a science park location on firm development. Findings show that all of the firms experiencing higher-growth moved off of a science park prior to exhibiting high-growth performance. Similarly, all the non-surviving firms with a science park history also relocated off-park prior to their failure. This suggests that we need to look beyond firms' present locations to see the effects of a science park location.
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While most firms do not grow, a small number of firms are able to maintain and accelerate their growth over time. Researchers, practitioners, and policymakers continue to question the factors which increase a firm's chances of gro...
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While most firms do not grow, a small number of firms are able to maintain and accelerate their growth over time. Researchers, practitioners, and policymakers continue to question the factors which increase a firm's chances of growing rapidly and becoming a more powerful economic driver. Using a robust longitudinal data set from the United Kingdom (UK.) during the period from 2000 to 2017, we investigate the propensity of firms to accelerate growth in sales, employment, market share, and productivity. We report varying effects of firm characteristics, industry competitive factors, and regional factors as drivers of accelerated growth. This study will help policymakers and firm managers understand the forces behind different types of acceleration, and it provides a foundation for future research on the speed of firm growth.
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The theory of firm growth is in a rather unsatisfactory state. However, the analysis of large firm-level datasets which have become available in recent years allows us to begin building an evidence base which can, in turn, be used...
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The theory of firm growth is in a rather unsatisfactory state. However, the analysis of large firm-level datasets which have become available in recent years allows us to begin building an evidence base which can, in turn, be used to underpin the development of more satisfactory theory. Here we study the 239 thousand UK private sector firms born in 1998 over their first 15 years of life. A first, and quite striking, finding is the extraordinary force of mortality. By age 15, 90% of the UK firms born in 1998 are dead, and, for those surviving to age 15, the hazard of death is still about 10% a year. The chance of death is related to the size and growth of firms in an interesting way. Whilst the hazard rate after 15 years is largely independent of size at birth, it is strongly affected by the current (age 14) size. In particular, firms with more than five employees are half as likely to die in the next year as firms with less than five employees. A second important finding is that most firms, even those which survive to age 15, do not grow very much. By age 15 more than half the 26,000 survivors still have less than five jobs. In other words, the growth paths - what we call the 'growth trajectories' - of most of the 26,000 survivors are pretty flat. However, of the firms that do grow, firms born smaller grow faster than those born larger. Another striking finding is that growth is heavily concentrated in the first five years. Whilst growth does continue, even up to age 15, each year after age five it involves only a relatively small proportion of firms. Finally, there are two groups of survivors which contribute importantly to job creation. Some are those born relatively large (with more than 20 jobs) although their growth rate is quite modest. More striking though, is a very small group of firms born very small with less than five jobs (about 5% of all survivors) which contribute a substantial proportion (more than one third) of the jobs added to the cohort total by age 15.
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This study provides a detailed analysis of the growth rate distribution of firms and examines sources of variation in distributional properties. Exploring a large sample of manufacturing firms in Korea, Japan, and China over the p...
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This study provides a detailed analysis of the growth rate distribution of firms and examines sources of variation in distributional properties. Exploring a large sample of manufacturing firms in Korea, Japan, and China over the period 2010-2017, this study observes heterogeneous properties in the growth rate distribution of groups of firms belonging to the same country, sector, year, and firm size class. Country effects are a major source of variation in distributional properties, particularly determining the growth rate variance and left width of the distribution. The central tendency and tail behaviour of the distribution mainly change over time. Size effects explain the right width of the distribution. However, inter-sectoral distributions do not differ significantly in terms of their distributional properties. This study contributes to understanding underlying growth dynamics of groups of firms, determined by a combination of various factors at different levels, and provides policy implications.
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Gibrat's Law predicts that firm growth is a purely random effect and therefore should be independent of firm size. The purpose of this paper is to test Gibrat's law within the retail industry, using a novel data-set comprising all...
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Gibrat's Law predicts that firm growth is a purely random effect and therefore should be independent of firm size. The purpose of this paper is to test Gibrat's law within the retail industry, using a novel data-set comprising all surviving Swedish limited liability companies active at some point between 1998 and 2004. Very few studies have previously investigated whether Gibrat's Law seems to hold for retailing, and they are based on highly aggregated data. Our results indicate that Gibrat's Law can be rejected for a large majority of five-digit retail industries in Sweden, since small retail firms tend to grow faster than large ones.
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Young firms are known to grow at a faster rate than incumbents. With administrative firm data from Germany, we show that the higher growth rates indeed translate into upward mobility within the sector-specific firm size distributi...
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Young firms are known to grow at a faster rate than incumbents. With administrative firm data from Germany, we show that the higher growth rates indeed translate into upward mobility within the sector-specific firm size distribution. Young firms are therefore not only able to catch up with incumbents, but also able to grow larger in absolute values. Recentered influence function regression results reveal that young firms cause significant rank mobility within the stock of firms, which even holds when the local skewness of the firm size distribution is accounted for. The results clearly indicate a Schumpeterian growth process where young firms challenge established ones.
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