30 de Outubro de 2020, 12:00
30 de Outubro de 2020, 13:00
"Drivers of exceptional job creation – a dynamic
probit approach using portuguese firm-level data"
We expand the survey on Gazelles by focusing on the Portuguese case.
Such firms drive a disproportionally large amount of net job
creation, and we examine what sets them apart from their peers in the
Portuguese business fabric. Our analysis focus on balance sheet data
spanning from 2006 to 2017. The produced evidence suggests the
availability of human capital and the young age of the firm contribute
to both exceptional and average growth. However, it is the enhanced
innovative capacity, the availability of equity, and the exporting
status of the firm that might be setting the difference between the
average and the exceptional growth performance – thus pointing to
nonlinearities in the growth process. The effect of competing in
foreign markets is intertwined with the age of the firm.
Internationalization is positively associated with exceptional net job
creation only for more mature firms. Our results also suggest that the
lack of access to adequate external funding was not a hampering factor
to high-growth during the period covered. Finally, in line with
previous studies, we find no persistency in the process of
high-growth, since qualifying as a Gazelle is unlikely to be a
recurrent fact over the years for a given firm.
Francisco Rodrigues is a PhD student in Economics at
Nova SBE. He completed is Masters in that same institution with a
major on Macroeconomics and Financial Markets. In between, he has
worked as a research assistant at GEE, focusing on business dynamics
in the Portuguese economy, and at ECB´s DG-Research, where, as part of
the HFCS team, the focus was on household finance and consumption in
the Euro Area.
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