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Firm-Level, Macroeconomic, And Institutional Determinants Of Firm Growth: Evidence From Europe, Anže Burger, Andreja Jaklič, Klemen Knez, Patricia Kotnik, Matija Rojec
Firm-Level, Macroeconomic, And Institutional Determinants Of Firm Growth: Evidence From Europe, Anže Burger, Andreja Jaklič, Klemen Knez, Patricia Kotnik, Matija Rojec
Economic and Business Review
To examine the main drivers of firm growth, we estimated a model integrating firm-level, industry-specific as well as country-level determinants, aiming at a comprehensive explanation of firm growth. We used a large dataset of European firms for the 2005–2017 period and combined Amadeus firm-level data with macroeconomic variables and multidimensional measures of institutional framework, based on a range of sources. Using different panel regression model specifications, we found the most consistent relationships for firm-level determinants. Among country-level determinants, infrastructure quality, inward FDI, natural resources, and inequality show a consistently positive and significant relation with firm growth.