Persistent high-growth firms in China’s manufacturing

Daniele Moschella, Federico Tamagni, Xiaodan Yu

Research output: Journal PublicationArticlepeer-review

40 Citations (Scopus)


This article explores the association between persistence of high-growth and crucial dimensions of firm structure and performance (productivity, profits, investment patterns, innovation, and financial structures) to shed light on what makes a persistent high-growth firm. We employ a multidimensional definition of a high-growth firm that simultaneously accounts for growth of sales and employment, and design an empirical strategy that seeks to capture the “long-run” ability of high-growth firms to replicate their high-growth performance over time. Exploiting a large panel covering the period of the China’s miracle, we find that none of the considered firm attributes stands out as distinctive feature of persistent high-growth. This finding casts doubts on the long-run contribution of high-growth firms, in turn challenging the long-run effectiveness of policies supporting the creation and expansion of such firms.

Original languageEnglish
Pages (from-to)573-594
Number of pages22
JournalSmall Business Economics
Issue number3
Publication statusPublished - 15 Mar 2019


  • China
  • Entrepreneurship
  • High-growth firms
  • Persistent high-growth firms

ASJC Scopus subject areas

  • General Business,Management and Accounting
  • Economics and Econometrics


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