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High-growth young firms in Italy

Author

Listed:
  • Andrea Cintolesi

    (Bank of Italy)

  • Edoardo Frattola

    (Bank of Italy)

  • Rosalia Greco

    (Bank of Italy)

  • Francesca Leombroni

    (Bank of Italy)

  • Andrea Linarello

    (Bank of Italy)

  • Andrea Locatelli

    (Bank of Italy)

  • Sara Nesi

    (Bank of Italy)

  • Simone ZuccolalÃ

    (Bank of Italy)

Abstract

High-growth firms (HGFs) are crucial for job creation and economic growth. In this paper, we study their characteristics in Italy using unique firm-level data. HGFs, defined as the top 10 per cent of the distribution of new businesses' three-year revenue growth rate, generate 68 per cent of their cohorts' employment growth and 78 per cent of revenue growth. HGFs are more prevalent in digital-intensive sectors and geographically concentrated in specific regions. They are intangible-intensive, invest more and are more innovative, in the sense that they file more patents and are more likely to be innovative startups. HGF founders are younger, more mobile (especially from South to North), and more likely to have prior entrepreneurial experience. These findings inform policies to promote HGF creation and address regional disparities.

Suggested Citation

  • Andrea Cintolesi & Edoardo Frattola & Rosalia Greco & Francesca Leombroni & Andrea Linarello & Andrea Locatelli & Sara Nesi & Simone ZuccolalÃ, 2024. "High-growth young firms in Italy," Questioni di Economia e Finanza (Occasional Papers) 889, Bank of Italy, Economic Research and International Relations Area.
    • Handle: RePEc:bdi:opques:qef_889_24
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    File URL: https://www.bancaditalia.it/pubblicazioni/qef/2024-0889/QEF_889_24.pdf
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    More about this item

    Keywords

    high-growth firms; entrepreneurship; innovation; digital intensity; internal mobility;
    All these keywords.

    JEL classification:

    • J61 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Geographic Labor Mobility; Immigrant Workers
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives

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