Scandinavian Working Papers in Economics

HUI Working Papers,
HUI Research

No 50: Firm Growth in the Retail and Wholesale Trade Sectors – Evidence from Sweden

Sven-Olov Daunfeldt , Åsa Lang , Zuzana Macuchova and Niklas Rudholm ()
Additional contact information
Sven-Olov Daunfeldt: The Swedish Retail Institute (HUI), Postal: Regeringsgatan 60, 103 29 Stockholm, Sweden, and Dalarna University, SE- 791 88 Falun, Sweden,
Åsa Lang: Dalarna University, Postal: Department of Business Administration, School of Technology and Business Studies, SE-791 88 Borlänge, Sweden. and Mid Sweden University, Department of Social Sciences, SE-831 25 Östersund, Sweden.
Zuzana Macuchova: Dalarna University, Postal: SE- 791 88 Falun, Sweden
Niklas Rudholm: The Swedish Retail Institute (HUI), Postal: Regeringsgatan 60, 103 29 Stockholm, Sweden, and Dalarna University, SE- 791 88 Falun, Sweden,

Abstract: To identify the determinants of firm growth within the Swedish retail – and wholesale trade industries during the period 1998- 2004, we analyze a sample of 400 limited companies using quantile regression techniques. Our results indicate that firm growth mainly can be explained by time-invariant firm-specific effects, supporting Penrose’s (1959) suggestion that internal resources such as firm culture, brand loyalty, entrepreneurial skills, and so on, are important determinants of firm growth rates.

Keywords: firm dynamics; firm level heterogeneity; high-growth firms; resource-based view; quantile regression

JEL-codes: L11; L25; L26; L81

25 pages, June 1, 2011

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