High-Growth Firms: Introduction to the Special Section

Coad, Alex, Daunfeldt, Sven-Olov, Hölzl, Werner, Johansson, Dan and Nightingale, Paul (2014). High-growth Firms: Introduction to Special Section. Industrial and Corporate Change, 23(1): 91–112.

Posted: 11 May 2021

See all articles by Alex Coad

Alex Coad

European Union - IPTS

Sven-Olov Daunfeldt

HUI Research

Werner Hölzl

Austrian Institute of Economic Research (WIFO)

Dan Johansson

Örebro University School of Business

Paul Nightingale

University of Sussex - Science and Technology Policy Research Unit (SPRU)

Date Written: April 6, 2014

Abstract

High-growth firms (HGFs) have attracted considerable attention recently, as academics and policymakers have increasingly recognized the highly skewed nature of many metrics of firm performance. A small number of HGFs drives a disproportionately large amount of job creation, while the average firm has a limited impact on the economy. This article explores the reasons for this increased interest, summarizes the existing literature, and highlights the methodological considerations that constrain and bias research. This special section draws attention to the importance of HGFs for future industrial performance, explores their unusual growth trajectories and strategies, and highlights the lack of persistence of high growth. Consequently, while HGFs are important for understanding the economy and developing public policy, they are unlikely to be useful vehicles for public policy given the difficulties involved in predicting which firms will grow, the lack of persistence in high growth levels, and the complex and often indirect relationship between
firm capability, high growth, and macro-economic performance.

Keywords: Gazelles, firm growth, rapid firm growth, high-impact firms

JEL Classification: L25, L26.

Suggested Citation

Coad, Alex and Daunfeldt, Sven-Olov and Hölzl, Werner and Johansson, Dan and Nightingale, Paul, High-Growth Firms: Introduction to the Special Section (April 6, 2014). Coad, Alex, Daunfeldt, Sven-Olov, Hölzl, Werner, Johansson, Dan and Nightingale, Paul (2014). High-growth Firms: Introduction to Special Section. Industrial and Corporate Change, 23(1): 91–112. , Available at SSRN: https://ssrn.com/abstract=3821043

Alex Coad

European Union - IPTS

calle inca garcilaso, 3
Seville, 41092
Spain

Sven-Olov Daunfeldt

HUI Research ( email )

Regerinsgatan 60
Stockholm, SE-10329
Sweden

Werner Hölzl

Austrian Institute of Economic Research (WIFO)

P.O. Box 91
Wien, A-1103
Austria

Dan Johansson (Contact Author)

Örebro University School of Business ( email )

School of Business
Örebro, SE-70182
Sweden

Paul Nightingale

University of Sussex - Science and Technology Policy Research Unit (SPRU) ( email )

Mantell Building
Falmer
Brighton BN1 9RF, East Sussex
United Kingdom

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