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What drives firm growth? Evidence from the Greek industry

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  • Ilias A. Makris

Abstract

This work deals with the strongly debated issue of firm growth. A large dataset of Greek firms from various sectors is used, including economic and non-economic indices, to examine the role of several indicators and firm characteristics in economic performance. The period between 2002 and 2009 is covered, including both, years of economic boost (Olympic Games of 2004) and of severe decrease (current economic crisis), to highlight possible differentiations in firms' growth rates. Drawing on literature, a growth model relying on sales volume is developed, and statistically tested for its ability to interpret firm performance. Findings indicate financial 'health' (leverage and liquidity) as a critical interpreter of sales' growth. Apart from financial indicators, non-economic data such as firm size also seem to be a significant determinant of firm dynamics. Finally, by examining firm's orientation, we find that clearly export-oriented firms appear higher rates of growth.

Suggested Citation

  • Ilias A. Makris, 2014. "What drives firm growth? Evidence from the Greek industry," International Journal of Economics and Business Research, Inderscience Enterprises Ltd, vol. 7(1), pages 17-27.
    • Handle: RePEc:ids:ijecbr:v:7:y:2014:i:1:p:17-27
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    Cited by:

    1. Jasmina Dzafic & Nedzad Polic, 2019. "The Impact of Financial Leverage on Firm Growth: Empirical Evidence from Bosnia & Herzegovina," Eurasian Journal of Business and Management, Eurasian Publications, vol. 7(1), pages 65-73.
    2. Ilias Makris & Vasileios Giannopoulos & Efi Cheila, 2022. "Associating Company-Specific Characteristics with Ownership Structure and Performance: An Analysis of Publicly Listed Firms from Selected Countries in the Eurozone during the 2008 Financial Crisis and," Businesses, MDPI, vol. 2(4), pages 1-13, October.

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