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NOTE: Since 2009 the title of the International Journal of Entrepreneurship Education (IJEE) has been changed to the title above.  ISSN numbers: IJEE 1649-2269 and IRE 2009-2822

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ISSN Number: 2009-2822. Frequency: 4 Issues per year (online only)  

#1541 - High-Growth Firms: Not So Vital After All?

IRE Vol 14: Issue 4, 2016 , Pages 377-394

Author(s): Sven-Olov Daunfeldt (HUI Research, Stockholm, Sweden and Dalarna University, Borlänge, Sweden), Daniel Halvarsson (The Ratio Institute, Stockholm, Sweden), and Oana Mihaescu (HUI Research, Stockholm, Sweden)

High-growth firms have received considerable interest recently since they create most of the new jobs in the economy. The purpose of our paper is to investigate the characteristics of high-growth firms prior to their growth period, and whether these characteristics differ across industries. Using data on a large sample of limited liability firms in Sweden for the period 2007-2010, we find that high-growth firms do not have the characteristics that we typically associate with successful firms. On the contrary, our results indicate that high-growth firms initially have low profits and a weak financial position. This might explain why studies have found that so few high-growth firms are capable of sustaining their high growth rates in subsequent periods, and thus question policies that are targeted towards these companies.

Keywords: entrepreneurship, firm growth, gazelles, high-growth firms, high-impact firms, innovation

JEL-codes: L11; L25

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