Anotace:
High-growth companies (also called gazelles) are an increasing part of the European business fabric, especially after the Great Recession of 2007-09. They are creating new jobs and improving the competitiveness of Euro area countries. This paper documents the economic and institutional factors that have led this business segment to grow in importance. Using a panel of data for the Euro area member countries from 2014 to 2020, we estimate which factors are related to the evolution of high-growth firms. The results highlight the importance of economic growth, the weight of bank credit in the economy, labor flexibility, freedom of investment and the development of more creative and innovative products. The growth of this business segment does not seem to be influenced by other factors such as institutions, property rights and the quality of infrastructure. The conclusions drawn from this work can contribute to the development and implementation of public policies aimed at fostering business growth.