@article{a3dab055252340ef8feb5afcf4414080,
title = "High-growth versus declining firms: The differential impact of human capital and R&D",
abstract = "We provide evidence that both human capital and R&D increase the likelihood that a firm will be a high-growth firm in the industry. However, different from human capital, being an R&D active firm also increases the probability of substantial decline or failure, underscoring the risky nature of innovation. Quantile regression results show that, different from R&D, human capital is growth-enhancing for all firms, hence also those located in the lower quantiles of the distribution of growth rates across firms.",
keywords = "Firm growth, high-growth firms, human capital, quantile regression, R&D, firm size, growth rate, industrial development, innovation, probability, regression analysis, research and development",
author = "{Goedhuys - Degelin}, Micheline and L. Sleuwaegen",
note = "Export Date: 25 May 2016 Correspondence Address: Goedhuys, M.; UNU-MERITNetherlands; email: Goedhuys@merit.unu.edu References: Amit, R.H., Glosten, L.R., Muller, E., Entrepreneurial Ability, Venture Investments and Risk Sharing (1990) Management Science, 36 (10); Arrighetti, A., Lasagni, A., Assessing the Determinants of High-Growth Manufacturing Firms in Italy (2013) International Journal of the Economics of Business, 20 (2), pp. 245-267; Coad, A., Daunfeldt, S.-O., Johansson, D., Wennberg, K., Whom Do High-Growth Firms Hire? (2014) Industrial and Corporate Change, 23 (1), pp. 293-327; Coad, A., Rao, R., Innovation and Firm Growth in High-Tech Sectors: A Quantile Regression Approach (2008) Research Policy, 37 (4), pp. 633-648; Colombo, M., Grilli, L., Young Firm Growth in High-Tech Sectors: The Role of Founders{\textquoteright} Human Capital (2007) Innovation, Industrial Dynamics and Structural Transformation, pp. 67-86. , Cantner U., Malerba F., (eds), Berlin: Springer-Verlag; Czarnitzki, D., Delanote, J., Young Innovative Companies: The New High-Growth Firms? (2013) Industrial and Corporate Change, 22 (5), pp. 1315-1340; Demirel, P., Mazzucato, M., Innovation and Firm Growth: Is R&D Worth It? (2012) Industry & Innovation, 19 (1), pp. 45-62; Deschryvere, M., R&D, Firm Growth and the Role of Innovation Persistence: An Analysis of Finnish Smes and Large Firms (2014) Small Business Economics, 43 (4), pp. 1-19; Goedhuys, M., Sleuwaegen, L., High-Growth Entrepreneurial Firms in Africa: A Quantile Regression Approach (2010) Small Business Economics, 34 (1), pp. 31-51; Goedhuys, M., Sleuwaegen, L., Human Capital, Innovation and the Distribution of Firm Growth Rates (2015) UNU-MERIT working paper 2015-013, , Maastricht: The Netherlands; H{\"o}lzl, W., Friesenbichler, K., High-Growth Firms, Innovation and the Distance to the Frontier (2010) Economics Bulletin, 30 (2), pp. 1016-1024; Lopez-Garcia, P., Puente, S., What Makes A High-Growth Firm? A Dynamic Probit Analysis Using Spanish Firm-Level Data (2012) Small Business Economics, 39 (4), pp. 1029-1041; Mazzucato, M., Parris, S., High-Growth Firms in Changing Competitive Environments: The US Pharmaceutical Industry (1963 to 2002) (2015) Small Business Economics, 44 (1), pp. 145-170; (2007) OECD-Eurostat Manual on Business Demography Statistics, , Paris: OECD Publishing; High Growth Enterprise Rate, 2011 or Latest Available Year (2014) Entrepreneurship at a Glance 2014, , Paris: OECD Publishing; Segarra, A., Teruel, M., High-Growth Firms and Innovation: An Empirical Analysis for Spanish Firms (2014) Small Business Economics, 43 (4), pp. 805-821; Wennberg, K., (2013) Managing High-Growth Firms: A Literature Review, , OECD.org",
year = "2016",
doi = "10.1080/13504851.2015.1076139",
language = "English",
volume = "23",
pages = "369--372",
journal = "Applied Economics Letters",
issn = "1350-4851",
publisher = "Routledge/Taylor & Francis Group",
number = "5",
}