Persistent high-growth firms in China's manufacturing

Daniele Moschella (), Federico Tamagni and Xiaodan Yu

LEM Papers Series from Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy

Abstract: This article explores the association between persistence of high- growth and crucial dimensions of firm structure and performance (productivity, profits, investment patterns, innovation and financial structures) to shed light on what makes a persistent high-growth firm. We employ a multidimensional definition of an high-growth firm that simultaneously accounts for growth of sales and employment, and design an empirical strategy that seeks to capture the "long-run" ability of high-growth firms to replicate their high-growth performance over time. Exploiting a large panel covering the period of the China's miracle, we find that none of the considered firm attributes stands out as distinctive feature of persistent high-growth. This finding casts doubts on the long-run contribution of high-growth firms, in turn challenging the long-run effectiveness of policies supporting the creation and expansion of such firms.

Keywords: Entrepreneurship; High-growth firms; Persistent high-growth firms; China (search for similar items in EconPapers)
Date: 2017-09-01
New Economics Papers: this item is included in nep-bec, nep-cna, nep-cse, nep-eff, nep-ent, nep-ino, nep-sbm, nep-tid and nep-tra
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Citations: View citations in EconPapers (4)

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Journal Article: Persistent high-growth firms in China’s manufacturing (2019)
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Persistent link: https://EconPapers.repec.org/RePEc:ssa:lemwps:2017/03

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