The birth of new HGEs: internationalization through new digital technologies

Mercedes Teruel*, Alex Coad, Clemens Domnick, Florian Flachenecker, Peter Harasztosi, Mario Lorenzo Janiri, Rozalia Pal

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

11 Citations (Scopus)


This paper explores the relationship between new digital technologies, internationalisation activity and its impact on High Growth Enterprises (HGEs), using the EIB Group Survey of Investment and Investment Finance and ORBIS data for 27 EU Member States and the United Kingdom. After controlling for sample selection bias, our results suggest that being a HGE is positively associated with the probability that a firm conducts international activities, particularly FDI. Conversely, the internationalisation process seems to trigger strong subsequent firm-growth only for FDI, not for exports. Furthermore, we show evidence on the positive association between firms that are internationalised and those adopting new digital technologies. The adoption of new digital technologies is indirectly related to the status of being a HGE via internationalisation activity in the current period. Our results highlight the complex influence of exporting and FDI on the capacity to become a HGE and the role of new digital technologies in this process.

Original languageEnglish
Pages (from-to)804-845
Number of pages42
JournalJournal of Technology Transfer
Issue number3
Publication statusPublished - 2022 Jun


  • Digital technologies
  • Export
  • FDI
  • HGE
  • Internationalisation

ASJC Scopus subject areas

  • Business and International Management
  • Accounting
  • General Engineering


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