Key determinants in the theoretical debate on business growth
DOI:
https://doi.org/10.18041/1900-0642/criteriolibre.2019v18n31.6142Keywords:
age, Colombia, firm growth, firm size, high growth firmsAbstract
Business growth has been widely noted in the academic literature as a relevant variable that explains the level of employment and welfare. Recently, other studies consider the influence of High-Growth firms and Gazelles to explain the dynamics growth. The aim of this work is to approach business growth from a theoretical point of view, establishing is impact as a multidimensional variable. Some factors that explain the growth are look over to improve the impacts of them in the business growth such as size, age, region and economic cycle. Finally, this paper analyzes the studies of Colombian growth and their characteristics to explain their path and conditioning factors.
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References
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Boss, J., y Stam, E. (2013). Gazelles and industry growth: a study of young high-growth firms in The Netherlands. Industrial and Corporate Change, 23(1), 145-169. Disponible en: https://core. ac.uk/download/pdf/6672387.pdf
Bravo, A. (2010). Growth dynamics. Exploring business growth and contraction in Europe and the US. London, UK: Nesta.
Capasso, M.; Cefis, E., & Sapio, S. (2011). Framing the empirical findings on firm growth. Laboratory of Economics and Management, 1-37.
Cassia, L., & Colombelli, A. (2008). Do universities knowledge spillovers impact on new firm´s growth? Empirical evidence from UK.
International Entrepreneurship and Management Journal, 1-13.
Chen, J.R., & Lu, W.C. (2003). Panel unit root tests of firm size and its growth. Applied Economics Letters, 10,343-345.
Choi, Y., & Phan, P. (2014). Exploration, exploitation, and growth through new product development: the moderating effects of firm age and environmental adversity. IEEE Transactions on Engineering Management, 1-10.
Chun, D.; Chung, Y., & Bang, S. (2015). Impact of firm size and industry type on R&D efficiency throughout innovation and commercialization stages: evidence from Korean manufacturing firms. Technology Analysis & Strategic Management, 1-15.
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U.S. Bureau of Labor Statistics, 1-17.
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Coad, A. (2010). Investigating the exponential age distribution of firms. Economics Journal, 4(17), 1-31.
Coad, A.,& Hölzl, W.(2009). Onthe autocorrelation of growth rates. Evidence for micro, small and large firms from the Austrian service industries, 1975-2004. Journal of Industry, Competition and Trade, 9, 139-166. Disponible en: https://link.springer.com/content/ pdf/10.1007%2Fs10842-009-0048-3.pdf
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Daunfeld, S.O.; Halvarsson, D., & Johansson,
D. (sin fecha). A cautionary note on using the Eurostat-OECD definition of high-growth firms.
Delmar, F.; Davidsson, P., & Gartner, W. (2003). Arriving at the high growth firm. Journal of Business Venturing, 18(2), 189-216. Disponible en: http://citeseerx.ist.psu.edu/viewdoc/dow nload?doi=10.1.1.550.5499&rep=rep1&typ e=pdf
Demir, R.; Karl, W., y McKelvie, A. (2017). The strategic management of high-growth firms: a review and theoretical conceptualization. Long Range Planning, 50, 431-456.
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Gupta, P.; Guha, S., & Krishnaswami, S. (2013). Firm growth and its determinants. Journal of Innovation and Entrepreneurship, 2(15), 1-14.
Haltiwanger, J.; Jarmin, R., y Miranda, J. (2013). Who creates jobs? Small versus large versus young. The Review of Economics and Statistics, 95(2), 347-361. Disponible en: https://www. mitpressjournals.org/doi/pdf/10.1162/ REST_a_00288
Henrekson, M., & Johansson, D. (2010). Gazelles as job creators: a survey and interpretation of the evidence. Small Business Economics, 35, 227-244.
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data for 16 countries. Small Business Economics, 33, 59-75.
Honjo, Y., & Harada, N. (2006). SME policy, financial structure and firm growth: evidence from Japan. Small Business Economics, 27, 289-300.
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GROWTH_and_SIZE_CASE_of_TURKEY
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Lee, J. (2009). Does size matter in firm performance? Evidence from US Public Firms. International Journal of the Economics of Business, 16(2), 189-203.
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Levratto, N. ; Tessier, L., & Zouikri, M. (2010). The determinants of growth for SMEs. A longitudinal study from French manufacturing firms. Université de Paris Ouest Nanterre La Défense, 1-29.
Loof, H., & Nabavi, P. (2014). Survival, productivity and growth of new ventures across locations. Small Business Economics, 43, 477-491.
Lotti, F.; Santarelli, E., & Vivarelli, M. (2009). Defending Gibrat´s Law as a long-run regularity. Small Business Economics, 32, 31-44.
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Pfaffermayr, M. (2007). Firm growth under sample selection: conditional - Convergence in firm size? Review of Industrial Organization, 31, 303-328.
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and%20medium-size%20enterprises%20 Access%20to%20finance%20as%20a%20 growth%20constraint.pdf
Blázquez S., F.; Dorta V., J., y Verona M., M. (2006). Factores del crecimiento empresarial. Especial referencia a las pequeñas y medianas empresas. Revista Innovar, 16(28), 43-56. Disponible en: http://www.redalyc.org/ pdf/818/81802804.pdf
Bonaccorsi, A., y Giannangeli, S. (2010). One or more growth processes? Evidence from new Italian firms. Small Business Economics, 35, 137-152.
Bonaccorsi, A.; Piscitello, L., y Rossi, C. (August 2005). Explaining the territorial adoption of new technologies. A spatial econometric approach. Land use and water management in a sustainable network society. Conferencia llevada a cabo en el XXXXV Congress of the European Regional Science Association, Vrije Universiteit, Amsterdam.
Bornhäll, A.; Daunfeldt, S.O., & Rudholm, N. (2013). Sleeping gazelles: high profits but no growth. Science and Technology Policy Research, 1-31. Disponible en: http:// digitalknowledge.babson.edu/fer/vol34/ iss17/1
Boss, J., y Stam, E. (2013). Gazelles and industry growth: a study of young high-growth firms in The Netherlands. Industrial and Corporate Change, 23(1), 145-169. Disponible en: https://core. ac.uk/download/pdf/6672387.pdf
Bravo, A. (2010). Growth dynamics. Exploring business growth and contraction in Europe and the US. London, UK: Nesta.
Capasso, M.; Cefis, E., & Sapio, S. (2011). Framing the empirical findings on firm growth. Laboratory of Economics and Management, 1-37.
Cassia, L., & Colombelli, A. (2008). Do universities knowledge spillovers impact on new firm´s growth? Empirical evidence from UK.
International Entrepreneurship and Management Journal, 1-13.
Chen, J.R., & Lu, W.C. (2003). Panel unit root tests of firm size and its growth. Applied Economics Letters, 10,343-345.
Choi, Y., & Phan, P. (2014). Exploration, exploitation, and growth through new product development: the moderating effects of firm age and environmental adversity. IEEE Transactions on Engineering Management, 1-10.
Chun, D.; Chung, Y., & Bang, S. (2015). Impact of firm size and industry type on R&D efficiency throughout innovation and commercialization stages: evidence from Korean manufacturing firms. Technology Analysis & Strategic Management, 1-15.
Clayton, R.; Sadeghi, A., & Talan, D. (2007). Profile of high-growth firms and gazelles in the
U.S. Bureau of Labor Statistics, 1-17.
Coad, A.; Daunfeldt, S.O.; Hölzl, W.; Johansson, D., & Nightingale, P. (2014). High-growth firms: introduction to the special section. Industrial and Corporate Change, 23(1), 91-112.
Coad, A.; Segarra, A., & Teruel, M. (2013). Like milk or wine: Does firm performance improve with age? Structural Change and Economic Dynamics, 24, 173-189. Disponible en: http://www.urv.cat/media/upload/arxius/ catedra-innovacio-empresarial/Like%20 milk%20or%20wine.pdf
Coad, A., & Rao, R. (2010). Firm growth and R&D expenditure. Economics of Innovation and New Technology, 19(2), 127-145.
Coad, A. (2010). Investigating the exponential age distribution of firms. Economics Journal, 4(17), 1-31.
Coad, A.,& Hölzl, W.(2009). Onthe autocorrelation of growth rates. Evidence for micro, small and large firms from the Austrian service industries, 1975-2004. Journal of Industry, Competition and Trade, 9, 139-166. Disponible en: https://link.springer.com/content/ pdf/10.1007%2Fs10842-009-0048-3.pdf
Colombelli, A. ; Haned, N., & Le Bas, C. (2013). On firm growth innovation: some new empirical perspectives using French CIS (1992-2004). Structural Change and Economic Dynamics, 26, 14-26. Disponible en: https://hal.archives- ouvertes.fr/hal-01079383/document
Colombelli, A.; Krafft, J., & Quatraro, F. (2013). High-growth firms and technological knowledge: do gazelles follow exploration or exploitation strategies? Industrial and Corporate Change, 23(1), 261-291. Disponible en: https://doi. org/10.1093/icc/dtt053
Daunfeld, S.O.; Halvarsson, D., & Johansson,
D. (sin fecha). A cautionary note on using the Eurostat-OECD definition of high-growth firms.
Delmar, F.; Davidsson, P., & Gartner, W. (2003). Arriving at the high growth firm. Journal of Business Venturing, 18(2), 189-216. Disponible en: http://citeseerx.ist.psu.edu/viewdoc/dow nload?doi=10.1.1.550.5499&rep=rep1&typ e=pdf
Demir, R.; Karl, W., y McKelvie, A. (2017). The strategic management of high-growth firms: a review and theoretical conceptualization. Long Range Planning, 50, 431-456.
Escandón-Barbosa, D.; Arias, A.; Medina, L.; Gómez, L.; Varela, R.; Martínez, P., y Parra, L. (2015). Reporte GEM Colombia 2015/2016. Cali, Colombia: Ediciones Sello Javeriano, 1-96.
Fariñas, J., & Moreno, L. (2000). Firms´ growth, size and age: a nonparametric approach. Review of Industrial Organization, 17, 249-
265.
Frankish, J.; Roberts, R.; Coad, A.; Spears, T., & Storey, D. (2012). Do entrepreneurs really learn? Or do they just tell us that they do? Industrial and Corporate Change Advance Access, 1-34. Disponible en: https://www. researchgate.net/publication/277489050_ Do_entrepreneurs_really_learn_Or_do_they_ just_tell_us_that_they_do_Industrial_and_ Corporate_Change_221_73-106
Fotopoulos, G., & Louri, H. (2004). Firm growth and FDI: are multinationals stimulating local industrial development? Journal of Industry, Competition and Trade, 4(3), 163-189.
Galindo L., A. (2006). Repercussions of firm size definition on empirical results for firm efficiency and financing research. Observatorio Iberoamericano del Desarrollo Local y la Economía Social-OIDLES, 1(1), 308-361. Disponible en: https://mpra.ub.uni-muenchen. de/4731/1/MPRA_paper_4731.pdf
Goddard, J.; Tavakoli, M., & Wilson, J. (2005). Determinants of profitability in European manufacturing and services: evidence from a dynamic panel model. Applied Financial Economics, 15(18), 1269-1282.
Gupta, P.; Guha, S., & Krishnaswami, S. (2013). Firm growth and its determinants. Journal of Innovation and Entrepreneurship, 2(15), 1-14.
Haltiwanger, J.; Jarmin, R., y Miranda, J. (2013). Who creates jobs? Small versus large versus young. The Review of Economics and Statistics, 95(2), 347-361. Disponible en: https://www. mitpressjournals.org/doi/pdf/10.1162/ REST_a_00288
Henrekson, M., & Johansson, D. (2010). Gazelles as job creators: a survey and interpretation of the evidence. Small Business Economics, 35, 227-244.
Höhler, J., & Kühl, R. (2014). Do growth rates depend on the initial firm size? Evidence for the German agribusiness. 54 Jahrestagung der Gesellschaftfür Wirtschafts- und Sozialwissenschaften des Landbauese.V. “Neuere Theorien und Methoden in den Wirtschafts- und Sozialwissenschaften des Landbaus“, 1-13.
Hölzl, W. (2013). Persistence, survival, and growth: a closer look at 20 years of fast-growing firms in Austria. Industrial and Corporate Change, 23(1), 199-231.
Hölzl, W. (2009). Is the R&D behaviour of fast- growing SMEs different? Evidence from CIS III
data for 16 countries. Small Business Economics, 33, 59-75.
Honjo, Y., & Harada, N. (2006). SME policy, financial structure and firm growth: evidence from Japan. Small Business Economics, 27, 289-300.
Huber, P.; Oberhofer, H., & Pfaffermayr, M. (2013). Job creation and the intra-distribution dynamics of the firm size distribution. Industrial and Corporate Change, 23(1), 171-197. Disponible en: https://doi.org/10.1093/ icc/dtt055
Jang, S.,& Park, K.(2011). Inter-relationship between firm growth and profitability. International Journal of Hospitality Management, 30, 1027-1035. Disponible en: https://www.researchgate. net/publication/288039481_INTER- RELATIONSHIP_BETWEEN_PROFITABILITY_
GROWTH_and_SIZE_CASE_of_TURKEY
Kilic, K.; Ulusoy, G.; Gunday, G., & Alpkan, L. (2015). Innovativeness, operations priorities and corporate performance: An analysis based on a taxonomy of innovativeness. Journal of Engineering and Technology Management, 35, 115-133.
Langebaek, A. (2008). Determinantes del crecimiento de las empresas no financieras en Colombia: Ley de Gibrat y otras teorías. Borradores de Economía, 493, 1-27. Disponible en: http://www.banrep.gov.co/sites/default/ files/publicaciones/pdfs/borra493.pdf
Lee, S. (2014). The relationship between growth and profit: evidence from firm-level panel data. Structural Change and Economic Dynamics, 28, 1-11.
Lee, J. (2009). Does size matter in firm performance? Evidence from US Public Firms. International Journal of the Economics of Business, 16(2), 189-203.
Lee, S.; Florida, R., & Acs, Z. (2004). Creativity and entrepreneurship: A regional analysis of new firm formation. Regional Studies, 38(8), 879-891.
Leiva, J., y Alegre, J. (2012). Empresas gacelas: definición y caracterización. Academia. Revista Latinoamericana de Administración, 50, 31-43. Disponible en: https://doi.org/10.1016/j. strueco.2013.08.002
Levratto, N. ; Tessier, L., & Zouikri, M. (2010). The determinants of growth for SMEs. A longitudinal study from French manufacturing firms. Université de Paris Ouest Nanterre La Défense, 1-29.
Loof, H., & Nabavi, P. (2014). Survival, productivity and growth of new ventures across locations. Small Business Economics, 43, 477-491.
Lotti, F.; Santarelli, E., & Vivarelli, M. (2009). Defending Gibrat´s Law as a long-run regularity. Small Business Economics, 32, 31-44.
Maine, E.; Shapiro, D., & Vining, A. (2008). The role of clustering in the growth of new technology- based firms. Small Business Economics, 1-20.
Martínez, S. (2010). Competitividad, innovación y empresas de alto crecimiento en España. Identificación de las necesidades de estudio. Observatorio PYME, Dirección General de Política de la Pequeña y Mediana Empresa, 1-27. Disponible en: http://www.ipyme. org/publicaciones/ competitividadinnovacion empresascrecimiento.pdf
Moreno, A., & Casillas, J. (2007). High- growth SMEs versus non-high-growth SMEs: a discriminant analysis. Entrepreneurship & Regional Development: An International Journal, 19(1), 69-88. Disponible en: https://doi. org/10.1080/08985620601002162
Nightingale, P., & Coad, A. (2013). Muppets and gazelles: political and methodological biases in entrepreneurship research. Industrial and Corporate Change, 23(1), 113-143. Disponible en: http://sro.sussex.ac.uk/49180/1/Ind_ Corp_Change-2014-Nightingale-113-43.pdf
Orozco, J. (2013). Emprendimiento con alto potencial de crecimiento: recomendaciones para el Caribe colombiano (tesis de maestría). Cartagena: Universidad Tecnológica
de Bolívar. Recuperado de: http:// biblioteca.unitecnologica.edu.co/notas/ tesis/0065114.pdf
Parker, S.; Storey, D., & Witteloostuijn, A. (2010). What happens to gazelles? The importance of dynamic management strategy. Small Business Economic, 35, 203-226. Disponible en: https://link.springer.com/content/ pdf/10.1007%2Fs11187-009-9250-2.pdf
Petrunia, R. (2008). Does Gibrat´s Law Hold? Evidence from Canadian Retail and Manufacturing Firms. Small Business Economics, 30, 201-214.
Pfaffermayr, M. (2007). Firm growth under sample selection: conditional - Convergence in firm size? Review of Industrial Organization, 31, 303-328.
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2019-12-16
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Key determinants in the theoretical debate on business growth. (2019). Criterio Libre, 17(31), 275-296. https://doi.org/10.18041/1900-0642/criteriolibre.2019v18n31.6142
