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High growth and gazelles enterprises in Portugal: a firm demography and growth analysis

Sarmento, Elsa de Morais; Figueira, Catarina; Theodorakopoulos, Nicholas; Nunes, Alcina
Fonte: ICSB-International Council for Small Business Publicador: ICSB-International Council for Small Business
Tipo: Artigo de Revista Científica
ENG
Relevância na Pesquisa
46.27%
This paper describes employer enterprise dynamics in Portugal for High Growth and Gazelle enterprises for the period 1990‐ 2007 and discusses the main stylized facts related to these firms´ performance, longevity and employment by size, region and sector. Two parallel perspectives are provided, by turnover and by employment. The analysis carried out is based on a comprehensive dataset which provides the platform for uncovering features of Portuguese firms which have not been examined to such a detail before. In doing so, this study reveals potential business areas of growth which are of prime importance for a country’s economic growth and development.In addition, the paper also provides an international comparison between Portuguese firms and those in the UK. This comparison enables us to explore differences in national framework conditions and conclude that the regulatory environment in which Portuguese firms operate seem to be instrumental to the explanation of their poor performance relative to their UK counterparts.

Profiling high-growth enterprises in Portugal

Sarmento, Elsa de Morais; Theodorakopoulos, Nicholas; Figueira, Catarina; Nunes, Alcina
Fonte: APDR - Associação Portuguesa de Desenvolvimento Regional Publicador: APDR - Associação Portuguesa de Desenvolvimento Regional
Tipo: Conferência ou Objeto de Conferência
ENG
Relevância na Pesquisa
46.16%
This paper describes employer enterprise dynamics in Portugal for high-growth and gazelle enterprises for the period 1990-2007, using the methodology by Eurostat/OECD. It discusses stylized facts related to performance and employment by size, region and sector, to a detail which has not been previously considered, uncovering potential business areas of growth which are of prime importance for the country’s economic growth and development. Two parallel perspectives are provided, by turnover and by employment. We also provide a comparison between Portuguese firms and some of their European counterparts. This contrast highlights differences in performance related to underlying national framework conditions, and specifically to the regulatory and cultural environment in which Portuguese firms operate, which seems to be instrumental to the understanding of their poorer performance.

Profiling high-growth enterprises in Portugal

Sarmento, Elsa de Morais; Theodorakopoulos, Nicholas; Figueira, Catarina; Nunes, Alcina
Fonte: APDR - Associação Portuguesa de Desenvolvimento Regional Publicador: APDR - Associação Portuguesa de Desenvolvimento Regional
Tipo: Artigo de Revista Científica
ENG
Relevância na Pesquisa
46.16%
This paper describes employer enterprise dynamics in Portugal for high-growth and gazelle enterprises for the period 1990-2007, using the methodology by Eurostat/OECD. It discusses stylized facts related to performance and employment by size, region and sector, to a detail which has not been previously considered, uncovering potential business areas of growth which are of prime importance for the country’s economic growth and development. Two parallel perspectives are provided, by turnover and by employment. We also provide a comparison between Portuguese firms and some of their European counterparts. This contrast highlights differences in performance related to underlying national framework conditions, and specifically to the regulatory and cultural environment in which Portuguese firms operate, which seems to be instrumental to the understanding of their poorer performance.

High growth and gazelle enterprises in Portugal: a firm demography and growth analysis

Sarmento, Elsa de Morais; Figueira, Catarina; Theodorakopoulos, Nicholas; Nunes, Alcina
Fonte: International Council for Small Business (ICSB) Publicador: International Council for Small Business (ICSB)
Tipo: Artigo de Revista Científica
ENG
Relevância na Pesquisa
46.27%
This paper describes employer enterprise dynamics in Portugal for High Growth and Gazelle enterprises for the period 1990-2007 and discusses the main stylized facts related to these firms´ performance, longevity and employment by size, region and sector. Two parallel perspectives are provided, by turnover and by employment. The analysis carried out is based on a comprehensive dataset which provides the platform for uncovering features of Portuguese firms which have not been examined to such a detail before. In doing so, this study reveals potential business areas of growth which are of prime importance for a country’s economic growth and development. In addition, the paper also provides an international comparison between Portuguese firms and those in the UK. This comparison enables us to explore differences in national framework conditions and conclude that the regulatory environment in which Portuguese firms operate seem to be instrumental to the explanation of their poor performance relative to their UK counterparts.

Empresas de elevado crescimento : quais os principais fatores explicativos?

Bogas, Patrícia
Fonte: Universidade do Minho Publicador: Universidade do Minho
Tipo: Dissertação de Mestrado
Publicado em //2013 POR
Relevância na Pesquisa
46.28%
Dissertação de mestrado em Economia Industrial e da Empresa; As empresas de elevado crescimento têm atraído a atenção por parte dos investigadores. Dada a importância deste tópico, nomeadamente a influência deste grupo de empresas na criação de emprego e consequentemente no crescimento económico, são analisadas quai s as características que afetam a probabilidade da empresa se tornar de elevado crescimento. Em específico, o principal contributo da dissertação prende-se com a influência das características específicas da empresa, da indústria e da sua localização geográfica no elevado crescimento das empresas. Para o efeito, foi utilizada a base de dados Quadros de Pessoal , que agrupa informações para as empresas e trabalhadores da economia portuguesa. Os resultados demonstram que o nível de educação dos trabalhadores da empresa, a intensidade tecnológica da indústria bem como a diversidade de qualificações dos trabalhadores da região e aglomeração de serviços são os principais fatores que influenciam a probabilidade da empresa se tornar de elevado crescimento. De um modo geral, é possível concluir a importância do capital humano para o fenómeno de elevado crescimento.; High-growth firms have been attracting attention from researchers. Given the importance of this topic...

High-growth firms : what is the impact of region-specific characteristics?

Bogas, Patrícia; Barbosa, Natália
Fonte: Universidade do Minho Núcleo de Investigação em Políticas Económicas (NIPE) Publicador: Universidade do Minho Núcleo de Investigação em Políticas Económicas (NIPE)
Tipo: Trabalho em Andamento
Publicado em //2013 ENG
Relevância na Pesquisa
66.28%
This paper analyses high-growth firms in Portugal and aims at assessing the impact of region-specific characteristics on the probability of the firm being high-growth. Using a sample of active firms registered in the database Quadros de Pessoal between 2002 and 2006, the result suggest that high-growth firms is not a random phenomenon and that the region-specific characteristics determine significantly the probability of the firm being high-growth. In particular, industrial diversity, services agglomeration and diversity of employees qualifications in a region explain in a significantly way the probability of a firm being high-growth.; CEMPRE; Fundação para a Ciência e a Tecnologia (FCT); FEDER; QREN

Small vs. Young Firms across the World : Contribution to Employment, Job Creation, and Growth

Ayyagari, Meghana; Demirguc-Kunt, Asli; Maksimovic, Vojislav
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
36.43%
This paper describes a unique cross-country database that presents consistent and comparable information on the contribution of the small and medium enterprises sector to total employment, job creation, and growth in 99 countries. The authors compare and contrast the importance of small and medium enterprises to that of young firms across different economies. They find that small firms (in particular, firms with less than 100 employees) and mature firms (in particular, firms older than 10 years) have the largest shares of total employment and job creation. Small firms and young firms have higher job creation rates than large and mature firms. However, large firms and young firms have higher productivity growth. This suggests that while small firms employ a large share of workers and create most jobs in developing economies their contribution to productivity growth is not as high as that of large firms.

Entrepreneurship and the Extensive Margin in Export Growth : A Microeconomic Accounting of Costa Rica’s Export Growth during 1997–2007

Lederman, Daniel; Rodríguez-Clare, Andrés; Yi Xu, Daniel
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
36.37%
The literature on the correlation between exports and economic development runs deep into the history of economic thought and permeates policy debates. This paper studies the microeconomic structure of export growth in Costa Rica, with special emphasis on the extensive margin of trade, encompassing new exporting firms, new products, and new export markets, as well as the unit values of new versus incumbent products. The data suggest that few new firms survive the test of exporting -- more than 40 percent of firms exit export activities after one year -- and this firm turnover is associated with a steady deterioration of export unit values (prices). Furthermore, most new export products are associated with product switching by incumbent exporting firms. The typical new product introduced by incumbent firms tended to be priced at about 90 percent of the unit values of incumbent products. In contrast, the usual suspected obstacles to export growth, such as the inability of small firms to enter exporting activities or to grow their exports...

Mind the Gap? A Rural-Urban Comparison of Manufacturing Firms

Rijkers, Bob; Soderbom, Mans; Loening, Josef
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
36.4%
This paper compares and contrasts the performance of rural and urban manufacturing firms in Ethiopia to assess the impact of market integration and the investment climate on firm performance. Rural firms are shown to operate in isolated markets, have poor access to infrastructure and a substantial degree of market power, whereas urban firms operate in better integrated and more competitive markets, where they have much better access to inputs. Fragmentation may also help explain why urban firms are much larger, much more capital intensive and why they produce much more output per worker. Capital intensity and labor productivity are strongly correlated with firm size. Manufacturing technology choice does not vary strongly across space and increasing returns to scale are modest at best, suggesting that rural-urban differences in output per worker are predominantly driven by differences in capital intensity and Total Factor Productivity (TFP). The average TFP of firms in rural towns is much higher than that of rural firms in remote areas...

Big Constraints to Small Firms’ Growth? Business Environment and Employment Growth across Firms

Aterido, Reyes; Hallward-Driemeier, Mary; Pages, Carmen
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
36.35%
Using data on more than 56,000 enterprises in 90 countries, this paper finds that objective conditions in the business environment vary substantially across firms of different sizes and that there are important non-linearities in their impact on employment growth. The paper focuses on four areas: access to finance, business regulations, corruption, and infrastructure. The results, particularly on the impacts of finance and corruption on growth, depend on whether and how the analysis accounts for the possible endogeneity of the business environment. Controlling for endogeneity revises the finding that small firms benefit most from access to finance, particularly for sources of finance associated with investment and growth. The findings are also sensitive to how small is defined. Differentiating micro (less than 10 employees) from other small firms shows that, while small firms can be disadvantaged in such an environment, micro firms tend to be proportionally less affected by a weak business climate and...

How Bribery Distorts Firm Growth : Differences by Firm Attributes

Şeker, Murat; Yang, Judy S.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
46.35%
How corruption affects economic performance has been studied for over a decade. Yet the lack of detailed firm-level data has limited research regarding who is carrying the real burden of corruption. This study shows that for firms in the Latin America and Caribbean region, bribery significantly distorts firm growth. Firms that pay bribes when conducting business transactions -- such as applying for permits, electricity, or water connections -- have 24 percent lower annual sales growth than firms that do not face such solicitations. Moreover, these distortions are more severe for low-revenue-generating and young firms. Using the instrumental variables method, the authors show that these results are robust to different specifications and the use of different sub-samples.

The Financing and Growth of Firms in China and India : Evidence from Capital Markets

Didier, Tatiana; Schmukler, Sergio L.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
36.35%
This paper studies the extent to which firms in China and India use capital markets to obtain financing and grow. Using a unique data set on domestic and international capital raising activity and firm performance, it finds that the expansion of financial market activity since the 1990s has been more limited than what the aggregate figures suggest. Relatively few firms raise capital. Even fewer firms capture the bulk of the financing. Moreover, firms that issue equity or bonds are different and behave differently from other publicly listed firms. Among other things, they are typically larger and grow faster. The differences between users and non-users exist before the capital raising activity, are associated with the probability of raising capital, and become more accentuated afterward. The distribution of issuing firms shifts more over time than the distribution of those that do not issue, suggesting little convergence in firm size among listed firms.

Which Firms Do Foreigners Buy? Evidence from the Republic of Korea

Freund, Caroline; Djankov, Simeon
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
36.36%
Using data on mergers and acquisitions involving Korean firms, the authors identify which sectors and firms attracted foreign investment after the liberalization of investment of activity at the end of 1997. They find that domestic acquisitions are similar to foreign acquisitions by sector (of both the target and the acquiring firm), but that international transactions are larger than Korean transactions. This suggests that consolidation is a two-stage process: Firms consolidate first domestically, then internationally. The authors also find that foreign investment is focused on high-value-added sectors, on larger and more profitable firms, on firms with low debt, and on firms that export a large share of output. Their results suggest that growth induces foreign investment.

An entrepreneurship policy framework for high-growth firms: Navigating between policies for picking winners and market failure

Hindle, K.; Yencken, J.; O'Connor, A.
Fonte: Inderscience Publishers Publicador: Inderscience Publishers
Tipo: Artigo de Revista Científica
Publicado em //2011 EN
Relevância na Pesquisa
66.31%
This paper outlines an analysis of high-growth technology ventures framed within a time when innovation and entrepreneurship were clearly central pillars of economic policy in Australia. The paper first outlines the case that entrepreneurship policy is highly reliant upon supporting high entrepreneurial potential firms. It next outlines the innovation and entrepreneurship policy environment of the Australian Government between 2001 and 2006 and discusses its shortcomings. Using a series of mini cases of technology-based high-growth firms coincidental with this policy environment, the policy areas that require attention in order to support high-growth technology ventures are highlighted. The paper concludes by providing a policy framework conceived through the lens of high-growth business ventures. When viewed in this way it is apparent that neither policy designed to pick winners or policy that addresses market failure fully support or facilitate high-growth ventures.; Kevin Hindle, John Yencken, Allan O'Connor

Patterns of Business Creation, Survival and Growth : Evidence from Africa

Klapper, Leora; Richmond, Christine
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
ENGLISH
Relevância na Pesquisa
36.39%
The authors study firm dynamics using a novel database of all formally registered firms in Cote d'Ivoire from 1977 to 1997, which account for about 60 percent of gross domestic product. First, they examine entry and exit patterns and the role of new and exiting firms versus incumbents in job creation and destruction. They find that while the rate of job creation at new firms is quiet high -- at 8 percent on average -- the number of jobs added by new firms is small in absolute terms. Next, they examine survival rates and find that the probability of survival increases monotonically with firm size, but manufacturing and foreign-owned firms face higher likelihoods of exit compared with service oriented and domestically owned firms. They find that higher growth of gross domestic product increases the probability of firm survival, but this is a broad impact with no firm size disproportionately affected. In robustness checks, they find that after 1987 size is no longer a significant determinant of firm survival for new entrants...

Determinants of Job Creation in Eleven New EU Member States : Evidence from Firm Level Data

Oberhofer, Harald; Vincelette, Gallina A.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
36.37%
This paper builds on the analysis of job creation developed in World Bank (2013) to provide an empirical investigation of the industry and firm-specific determinants of the job creation process in eleven new European Union (EU11) economies. It relies on the Amadeus dataset of firms during 2002-2009. The main results indicate that during the years prior to the global financial crisis, traditional industries were crucial for the net creation of jobs in EU11. However, traditional industries were the ones most severely affected by the financial crisis. By contrast, services firms were less vulnerable to the economic downturn. At the firm level, small and young firms registered the highest employment growth rates. The empirical results also indicate that more productive firms tended to be less vulnerable to economic downturns. Moreover, the results demonstrate that the perceived quality of the business climate by the EU11 enterprises is correlated with not only the firms' employment growth, but also their productivity. In the post-crisis period...

Firm Growth and Productivity in Belarus : New Empirical Evidence from the Machine Building Industry

Crespo Cuaresma, Jesus; Oberhofer, Harald; Vincelette, Gallina A.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
36.36%
Using a unique dataset comprising information for more than 900 firms in the machine building sector in Belarus, this paper investigates the determinants of firm growth for an economy where state ownership of enterprises is widespread. It uses panel data models based on generalizations of Gibrat's law, total factor productivity estimates and matching methods to assess the differences in firm growth between private and state-owned firms. The results indicate that labor hoarding and soft budget constraints play a particularly important role in explaining differences in performance between these two groups of firms.

Competition and Innovation-Driven Inclusive Growth

Dutz, Mark A.; Kessides, Ioannis; O'Connell, Stephen; Willig, Robert D.
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
ENGLISH
Relevância na Pesquisa
36.36%
The paper investigates the strength of innovation-driven employment growth, the role of competition in stimulating and facilitating it, and whether it is inclusive. In a sample of more than 26,000 manufacturing establishments across 71 countries (both OECD and developing), the authors find that firms that innovate in products or processes, or that have attained higher total factor productivity, exhibit higher employment growth than non-innovative firms. The strength of firms' innovation-driven employment growth is significantly positively associated with the share of the firms' workforce that is unskilled, debunking the conventional wisdom that innovation-driven growth is not inclusive in that it is focused on jobs characterized by higher levels of qualification. They also find that young firms have higher propensities for product or process innovation in countries with better Doing Business ranks (both overall and ranks for constituent components focused on credit availability and property registration). Firms generally innovate more and show greater employment growth if they are exposed to more information (through internet use and membership in business organizations) and are exporters. The empirical results support the policy propositions that innovation is a powerful driver of employment growth...

What Makes Firms Grow in Developing Countries? An Extension of the Resource-Based Theory of Firm Growth and Empirical Analysis; International Journal of Technological Learning, Innovation and Development

Lee, Keun; Temesgen, Tilahun
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Journal Article; Journal Article
EN
Relevância na Pesquisa
46.34%
This paper examines what makes firms grow using the investment climate survey that was conducted by the World Bank in eight developing countries. We rely on the resource-based theory of the firm that was proposed by Penrose (1959) where firm growth depends on the kinds and amount of the diverse resources a firm has. The paper extends Penrose's original idea to accommodate diverse options for firm growth and finds the following. First, in low-growth (capability) firms, growth is contributed by basic resources such as physical capital and human capital, whereas in high-growth firms, by higher-level resources such as managerial capital and research and development (R&D) capital. Second, the difference between low- versus high-growth firms has more to with the effectiveness of the relevant resources and less with the difference in the amount of resources. Third, export orientation and conglomeration are the most important strategies for firm growth, compared to networking with other local, state-owned enterprises (SOEs) or foreign firms.

Analyst forecast accuracy and firm growth

Siegel, Philip; Lessard, Jeffrey; Karim, Khondkar
Fonte: World Scientific Publicador: World Scientific
Tipo: Artigo de Revista Científica
EN_US
Relevância na Pesquisa
56.16%
This study examines the affect of business segment industry specialization as a supplement to portfolio complexity on forecast error and Tobin’s Q. After controlling for diversification and growth potential, forecast error is negatively related to business segment industry specialization. Diversification (high growth firms) increases (decreases) forecast error. High growth, focused firms are associated with noncomplex portfolios and business segment industry specialization. Within a simultaneous equation model, forecast error does not predict the firm’s Tobin Q ratio; however, Tobin’s Q does predict whether analysts forecast accurately.