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Working Paper No. 147. Ownership and High-Growth Firms

PublicationWorking paper
Carl Magnus Bjuggren, Dan Johansson, Familjeföretag, Företagandets villkor, Företagstillväxt, Gaseller, High-growth firms, Sven-Olov Daunfeldt
Working Paper No. 147.
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Abstract

Empirical studies demonstrate that most net job-growth originates from a small number of high-growth firms (HGFs). The purpose of this paper is to analyze whether firm ownership – family, or private non-family – matters for being a HGF, using data covering all firms in Sweden during 1993-2006. Firm growth is measured in terms of absolute employment growth, relative employment growth and as a combination of absolute and relative employment growth (the so-called Birch-index). We find that family ownership decreases the probability of exhibiting high growth. Changing ownership from family to private non family increases the probability of being a HGF, whereas a change from private non-family to family ownership decreases the probability of being a HGF. The results are robust, irrespective of measurement of firm growth, suggesting that ownership and changes in ownership are important determinants of rapid firm growth.

Bjuggren, C.M., Daunfeldt, S-O. & Johansson, D. (2010). Ownership and High-Growth Firms. Ratio Working Paper No. 147.


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