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Title:Young innovative companies: The new high-growth firms? PDF Logo
Authors:Czarnitzki, Dirk
Delanote, Julie
Issue Date:2012
Series/Report no.:ZEW Discussion Papers 12-030
Abstract:Young Innovative Companies (YIC) gained increasing attention from governments and scholars due to their expected high innovative performance and growth. Consequently, this study investigates whether Young Innovative Companies, as defined by the EU, grow more than other firms, both in terms of employment and in terms of sales. Using a database of Flemish firms over the years 2001-2008 reveals that these firms do grow significantly more than other firms. In addition, this study shows that YICs can be differentiated from New Technology Based Firms and small young firms in terms of growth, pointing to the importance of combining the individual properties characterizing YICs, that is being young (<6 years), small (<250 employees) and R&D intensive (R&D intensity > 15%). In our estimations, we also take the underlying distribution of the growth variables into account by performing quantile regressions. The results of these quantile regressions reveal that YICs especially grow faster than the other, already fast-growing firms, indicating that they are high performers. In addition, we never find that these companies perform significantly worse than the other firms.
Subjects:Young Innovative Companies
Growth
JEL:M13
L25
O33
Persistent Identifier of the first edition:urn:nbn:de:bsz:180-madoc-323041
Document Type:Working Paper
Appears in Collections:Publikationen von Forscherinnen und Forschern des ZEW
ZEW Discussion Papers

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