High-Growth Firms: Facts, Fiction, and Policy Options for Emerging Economies

Abstract

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Family Business Growth Around the World

“…Firms that consistently invest in innovation experience higher growth by introducing new products, services and business models (Geroski & Machin, 1992;Yasuda, 2005). Similarly, people-related investments boost employee motivation, engagement and productivity (Bakker & Schaufeli, 2008;Oswald, Proto, & Sgroi, 2015) and create strong organizational identities (Dorrenbacher, Tomenendal, & Stanske, 2017), thereby boosting growth (Goedhuys & Sleuwaegen, 2016;Grover Goswami, Medvedev, & Olafsen, 2019).…”

The Public Policy to Support High Growth Firms: Is a New Ideology of Industrial Policy Born?

“…Утверждается, что следует направить усилия на улучшение распределения и перераспределения ресурсов между фирмами, на передачу положительных экстерналий от фирмы к фирме и на развитие способностей или умений фирм. По первым буквам английских слов (Allocative efficiency -Business-to-business spillovers -Capabilities of firms) такой подход получил звучное название «азбуки поддержки предпринимательства» («ABCs of entrepreneurship policy») [16], аналогичная позиция в отечественной литературе высказана Н. В. Смородинской, Д. Д. Катуковым, В. Е. Малыгиным [24]). Фактически это призыв отказаться от селективности.…”

“…Второе и третье условия в значительной степени обеспечивают объективность критериев предоставления поддержки только фирмам, демонстрировавшим бесспорную экономическую эффективность в прошлом (победы в национальном рейтинге), и готовность связать свое будущее с продолжением роста. Четвертое условие -экспортная экспансия 16 -является критерием постоянного наращивания фирмами-участниками проекта конкурентных преимуществ. Дело в том, что учет экспортной активности в проекте был построен так, что стоимость экспорта помножалась на коэффициент уровня развития страны, в которую он направлялся.…”

Spillovers from high growth firms: evidence from Hungary

“…Services are organized in knowledge-intensive services and other services.13 The relatively large HGF share in high-tech manufacturing over many years is somewhat in contrast with findings in the literature(Daunfeldt et al 2016;Henrekson and Johansson 2010). The WorldBank (2018) shows that while there may be more HGFs in high-tech sectors in Hungary, there is no consistent pattern of HGFs in high-tech sectors across many developing countries. The table shows that this is partly driven by the peculiarities of the Birch definition, but the share of HGFs is still large in these industries according to the OECD definition, suggesting that high-tech manufacturing was indeed quite dynamic in this period in Hungary.…”

“…Programs catering to these firms tend to rely on broad policy instruments, similar to those used to support small and medium-sized enterprises (SMEs). Autio et al (2007) and the World Bank (2018) offer a review of the evidence on these measures from advanced and developing countries, respectively. However, framing such policies only in terms of job creation is simplistic, because the welfare effects of these policies also depend fundamentally on the overall effects of HGFs on the economy.…”