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Small Business Economics

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01.12.2014

High-growth firms and innovation: an empirical analysis for Spanish firms

verfasst von: Agustí Segarra, Mercedes Teruel

Erschienen in: Small Business Economics | Ausgabe 4/2014

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Abstract

This paper analyses the effect of R&D investment on firm growth. We use an extensive sample of Spanish manufacturing and service firms. The database comprises diverse waves of Spanish Community Innovation Survey and covers the period 2004–2008. First, a probit model corrected for sample selection analyses the role of innovation on the probability of being a high-growth firm (HGF). Second, a quantile regression technique is applied to explore the determinants of firm growth. Our database shows that a small number of firms experience fast growth rates in terms of sales or employees. Our results reveal that R&D investments positively affect the probability of becoming a HGF. However, differences appear between manufacturing and service firms. Finally, when we study the impact of R&D investment on firm growth, quantile estimations show that internal R&D presents a significant positive impact for the upper quantiles, while external R&D shows a significant positive impact up to the median.

Vorheriger Artikel Persistence of innovation and firm’s growth: evidence from a panel of SME and large Spanish manufacturing firms

Nächster Artikel Age and firm growth: evidence from three European countries

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Titel: High-growth firms and innovation: an empirical analysis for Spanish firms
verfasst von: Agustí Segarra
Mercedes Teruel
Publikationsdatum: 01.12.2014
Verlag: Springer US
Erschienen in: Small Business Economics / Ausgabe 4/2014
Print ISSN: 0921-898X
Elektronische ISSN: 1573-0913
DOI: https://doi.org/10.1007/s11187-014-9563-7

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