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One swallow does not make a summer : episodes and persistence in high growth

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One swallow does not make a summer : episodes and persistence in high growth

dc.contributor.author	Esteve Pérez, Silviano
dc.contributor.author	Pieri, Fabio
dc.contributor.author	Rodríguez, Diego
dc.date.accessioned	2022-05-18T14:30:58Z
dc.date.available	2022-05-18T14:30:58Z
dc.date.issued	2022
dc.identifier.uri	https://hdl.handle.net/10550/82834
dc.description.abstract	This paper analyzes firms' episodes (spells) of high growth (HG) using a sample of Spanish manufacturing firms observed over two decades. The use of duration models allows us to investigate the following: (i) the probability of experiencing HG episodes, (ii) persistence in HG, and (iii) the determinants of the transitions in and out of the HG state and whether their impact varies over the business cycle. We find that about half of the firms experience at least one HG episode, but they seldom experience more than one. Moreover, high-growth status is rarely repeated due to high first-year selection. Yet, in subsequent years beyond the first one, the hazard rate from HG status falls substantially. These results suggest an "episodic" nature of HG and further allow us to identify two groups of firms characterized by the following: (i) (relatively) long HG spells and short no high-growth (NHG) spells and (ii) short HG spells and long NHG spells. In addition, some firm and market (demand) characteristics increase the probability of becoming an HG firm and enhancing HG persistence. Finally, during the downturn, the role of younger age and smaller size in explaining HG decreases.
dc.language.iso	eng
dc.relation.ispartof	Small Business Economics, 2022
dc.source	Esteve Pérez, Silviano Pieri, Fabio Rodríguez, Diego 2022 One swallow does not make a summer : episodes and persistence in high growth Small Business Economics 58, 1517-1544.
dc.subject	Economia d'empresa
dc.subject	Economia Mètodes estadístics
dc.title	One swallow does not make a summer : episodes and persistence in high growth
dc.type	journal article	es_ES
dc.date.updated	2022-05-18T14:30:58Z
dc.identifier.doi	https://doi.org/10.1007/s11187-020-00443-8
dc.identifier.idgrec	148327
dc.rights.accessRights	open access	es_ES