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The Determinants of Growth for SMEs - A Longitudinal Study from French Manufacturing Firms

Nadine LevrattoMessaoud ZouikriLuc Tessier

出版	SSRN, 2011
URL	http://books.google.com.hk/books?id=O9DfzwEACAAJ&hl=&source=gbs_api

註釋This paper investigates the structural and strategic determinants of firm growth using a unique data set covering French firms with between 10 and 250 employees and active from 1997 through 2007. On the basis of the proposition that firm growth is not a purely random process, we consider a growth model that combines different factors that may be determinants of the firm's growth path. The results, which are based on two families of multinomial logit models, do not confirm conclusions reached in previous research about the exclusive role played by a firm's previous size in determining growth. In addition, legal structure, market share and localization are found to have a significant impact on the development of the individual growth path. However, environmental and structural elements are not the only elements on which to focus when attempting to explain employment growth on the firm level - strategic factors matter as well. In this regard, we demonstrate the critical role of labor costs and financial structure as explanatory variables in firm growth.