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No 73:
Are high-growth firms one-hit wonders? Evidence from Sweden

Sven-Olov Daunfeldt () and Daniel Halvarsson

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 observations in Sweden during 1997-2008. 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.

Keywords: Gazelles; High-growth firms; Persistence; Autocorrelation; Transition Probabilities; (follow links to similar papers)

JEL-Codes: L11; L25; (follow links to similar papers)

16 pages, November 2, 2012

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