Competencies and Institutions Fostering High-growth FirmsCompetencies and Institutions Fostering High-Growth Firms examines high-growth firms, also known as "Gazelles", which have become critical to net job creation and economic growth. It analyzes how the institutional framework - the "rules of the game" -- affects such firms, taking the theory of competence blocs as a point of departure. The three institutional categories that are key areas for the promotion of high growth firms include the tax system, the organization of labor markets and product market regulations. The authors characterize institutions as either fostering dynamic capitalism, by providing a favorable environment for the emergence of competence blocs and the generation of high growth firms or leading to "sclerotic capitalism" by failing to produce such an environment. By analyzing high growth firms through the lens of the theory of competence blocs, Competencies and Institutions Fostering High-Growth Firms offers a more holistic view of economic growth. Rapid firm growth is a complex process requiring a number of complementary competencies. This analysis suggests that the commercialization of innovations and generation of high growth firms would be greatly facilitated if more product markets are contestable and tax structures and labor market institutions are adjusted to stimulate the emergence of more effective competence blocs. |
Common terms and phrases
Acemoglu actors in secondary Aghion analysis Audretsch Baumol blocs and HGFs business angels competence blocs Competent customers corporate tax Davidsson Delmar dividends dynamic capitalism economic growth Edward Elgar Eliasson employee enterprises entrepreneurs Entrepreneurship exemptions exit firm growth function Gazelles Haltiwanger High-growth Firms important incentives individuals Industrialists innovation Inventors invest job creation Johansson Journal of Economics Labor Economics labor income labor market regulations labor security labor taxation large firms level and degree marginal tax nomic OECD OECD countries opportunities opportunity cost organizations owners ownership pension percent petence bloc potential HGFs private equity private financing profits property rights Public Financing Research secondary markets sector self-employment Skilled labor Small Business Economics small firms social insurance system stock options structure studies Sweden Swedish tax code tax rate tax system taxed as wage theory of competence tion University venture capital venture capitalists wage income workers