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

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

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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 2021
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, 2021
dc.rights.uri info:eu-repo/semantics/openAccess
dc.source Esteve Pérez, Silviano Pieri, Fabio Rodríguez, Diego 2021 One swallow does not make a summer : episodes and persistence in high growth Small Business Economics pp-1-28
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 info:eu-repo/semantics/article
dc.date.updated 2022-05-18T14:30:58Z
dc.identifier.doi https://doi.org/10.1007/s11187-020-00443-8
dc.identifier.idgrec 148327

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