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- Daunfeldt, Sven-Olof, et al.
(author)
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A cautionary note on using the Eurostat-OECD definition of high-growth firms
- 2012
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Reports (peer-reviewed)abstract
- Recent studies have suggested that most firms do not grow, and that a small number of high-growth firms create most new jobs. High-growth firms have therefore attracted an increasing amount of attention from researchers and policymakers. However, there is no uniform definition of what constitutes a high-growth firm in the literature. Eurostat and the Organisation for Economic Co-operation and Development (OECD) recently recommended that highgrowth firms should be defined as firms with at least ten employees in the startyear and annualized employment (or sales) growth exceeding 20% during a 3- year period. This definition would exclude almost 95% of surviving firms in Sweden and about 40% of new private jobs during 2005-2008. We therefore advise caution in using this definition.
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| 2. |
- Daunfeldt, Sven-Olov, 1970-, et al.
(author)
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Are High-Growth Firms One-Hit Wonders? : Evidence from Sweden
- 2015
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In: Small Business Economics. - : Springer Science and Business Media LLC. - 0921-898X .- 1573-0913. ; 44:2, s. 361-383
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Journal article (peer-reviewed)abstract
- Most firms do not grow, and a small number of high-growth firms seem to create most new jobs. These firms have therefore received increasing attention among policymakers. The question is whether high-growth tends to persist? We investigate this question using data on 432,689 observa-ions in Sweden during 1998-2008. We find that high-growth firms had declining growth rates in the previous 3-year period, and their probability of repeating high growth rates was very low. HGFs are essentially one-hit wonders, and it is thus doubtful whether policymakers can improve economic outcomes by targeting them.
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| 3. |
- Daunfeldt, Sven-Olov, et al.
(author)
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Do Targeted R&D Grants toward SMEs Increase Employment and Demand for High Human Capital Workers?
- 2022
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In: Questioning the Entrepreneurial State. - Cham : Springer. - 9783030942755 - 9783030942724 - 9783030942731 ; , s. 175-198
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Book chapter (peer-reviewed)abstract
- Most previous studies on the employment effects of government R&D grants targeting SMEs are characterized by data-, measurement-, and selection problems, making it difficult to construct a relevant control group of firms that did not receive an R&D grant. We investigate the effects on employment and firm-level demand for high human capital workers of two Swedish programs targeted toward growth-oriented SMEs using Coarsened Exact Matching. Our most striking result is the absence of any statistically significant effects. We find no robust evidence that the targeted R&D grant programs had any positive and statistically significant effects on the number of employees recruited into these SMEs, or that the grants are associated with an increase in the demand for high human capital workers. The lack of statistically significant findings is troublesome considering that government support programs require a positive impact to cover the administrative costs associated with these programs.
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| 4. |
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| 5. |
- Daunfeldt, Sven-Olov, 1970-, et al.
(author)
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High-growth firms : Not so vital after all?
- 2015
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Reports (other academic/artistic)abstract
- High-growth firms have received considerable interest recently since they create most of the new jobs in the economy. The purpose of our paper is to investigate the characteristics of high-growth firms prior to their growth period, and whether these characteristics differ across industries. Using data on a large sample of limited liability firms in Sweden for the period 2007-2010, we find that high-growth firms do not have the characteristics that we typically associate with successful firms. On the contrary, our results indicate that high-growth firms have low profits and a weak financial position. This might explain why studies have found that high-growth firms are seldom capable of sustaining their high growth rates in subsequent periods, and thus question policies that are targeted towards these companies.
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| 6. |
- Daunfeldt, Sven-Olov, et al.
(author)
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High-growth firms : Not so vital after all?
- 2016
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In: International Review of Entrepreneurship. - : Senate Hall Academic Publishing. - 2009-2822. ; 14:4, s. 377-394
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Journal article (peer-reviewed)abstract
- High-growth firms have received considerable interest recently since they create most of the new jobs in the economy. The purpose of our paper is to investigate the characteristics of high-growth firms prior to their growth period, and whether these characteristics differ across industries. Using data on a large sample of limited liability firms in Sweden for the period 2007-2010, we find that high-growth firms do not have the characteristics that we typically associate with successful firms. On the contrary, our results indicate that high-growth firms initially have low profits and a weak financial position. This might explain why studies have found that so few high-growth firms are capable of sustaining their high growth rates in subsequent periods, and thus question policies that are targeted towards these companies.
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| 7. |
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| 8. |
- Daunfeldt, Sven-Olof, et al.
(author)
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Statliga innovationsstöd till små och medelstora företag : har de någon effekt?
- 2016
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In: Ekonomisk Debatt. - : Nationalekonomiska föreningen. - 0345-2646. ; 44:1, s. 6-19
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Journal article (other academic/artistic)abstract
- Vi har under de senaste åren sett ett allt större intresse för innovationsdriven tillväxt. Några exempel på denna trend utgörs av EU:s tillväxtstrategi för perioden 2012-2020 (the Europe 2020 Strategy) där innovationer identifieras som nyckeln till framtida hållbar tillväxt. Ökade insatser på FoU förväntas leda till fler innovationer, stärkt konkurrenskraft, grönare tillväxt och även stärkt tålighet mot problemen som orsakats av finanskrisen (European Commission, 2013). Tanken på innovationsdriven tillväxt finns även i Sverige och det blir alltmer vanligt att beslutsfattare och forskare föreslår en mer aktiv roll för staten när det gäller att stimulera innovationer och företagstillväxt och ett vanligt förekoomande instrument är olika typer av direkt stöd riktat mot innovativ verksamhet.I syfte att studera om denna inriktning har ett empiriskt stöd analyserar vi effekterna av två selektiva företagsstöd, VINN NU och Forska & Väx, som båda riktas mot innovativa små och medelstora företag i Sverige. Den kontrafaktiska effektutvärderingen är möjlig genom tillgång till en unik mikrodatabas över utbetalda företagsstöd. Resultaten indikerar inga statistiskt säkerställda effekter av stöden på antal anställda, arbetskraftsproduktiviteten, omsättningstillväxten, andelen högutbildade arbetstagare eller andelen forskare efter det att stödperioden upphört. Vi finner således inget stöd för att riktade stöd till innovationsbenägna små – och mellanstora företag är en effektiv politik för att få fler växande företag.
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| 9. |
- Daunfeldt, Sven-Olof, et al.
(author)
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Statliga innovationsstöd till små och medelstora företag : har de någon effekt?
- 2016
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In: Ekonomisk Debatt. - : Nationalekonomiska föreningen. - 0345-2646. ; 44:1, s. 6-19
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Journal article (other academic/artistic)abstract
- Det blir alltmer vanligt att politiker och forskare föreslår en mer aktiv roll för staten när det gäller att stimulera innovationer och företagstillväxt. I denna artikel analyserar vi effekterna av två selektiva företagsstöd i Sverige, VINN NU och Forska & Väx, som båda riktas mot innovativa små och medelstora företag. Den kontrafaktiska effektutvärderingen är möjlig genom tillgång till en databas över utbetalda företagsstöd. Förutom svaga positiva effekter på omsättningen finner vi inga statistiskt säkerställda effekter av stöden på antal anställda, arbetskraftsproduktiviteten, omsättningstillväxten, andelen högutbildade arbetstagare eller andelen forskare efter stödperiodens slut. Vår analys ger således inget stöd för att riktade stöd till innovationsbenägna små och mellanstora företag är en effektiv politik för att få fler växande företag.
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| 10. |
- Daunfeldt, Sven-Olov, 1970-, et al.
(author)
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Using the Eurostat-OECD Definition of High-Growth Firms : A Cautionary Note
- 2015
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In: Journal of Entrepreneurship and Public Policy. - : Emerald Group Publishing Limited. - 2045-2101 .- 2045-211X. ; 4:1, s. 50-56
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Journal article (peer-reviewed)abstract
- Purpose – High-growth firms (HGFs) have attracted an increasing amount of attention from researchers and policymakers, and the Eurostat-Organisation for Economic Co-operation and Development (OECD) definition of HGFs has become increasingly popular. The paper aims to discuss this issue.Design/methodology/approach – The authors use a longitudinal firm-level data set to analyze the implications of using the Eurostat-OECD definition.Findings – The results indicate that this definition excluded almost 95 percent of surviving firms in Sweden, and about 40 percent of new private jobs during 2005-2008.Research limitations/implications – The proportion of small firms and their growth patterns differ across countries, and the authors therefore advise caution in using this definition in future studies.Practical implications – Policy based on the Eurostat-OECD definition of HGFs might be misleading or even counterproductive.Originality/value – No previous studies have analyzed the implications of using the Eurostat-OECD definition of HGFs.
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