Abstract:
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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 high-growth 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 high-growth 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.
Keywords: high-growth firms, fast growing firms, entrepreneurship, institutional
obstacles, opportunities for growth |