TY - JOUR
T1 - The birth of new HGEs
T2 - internationalization through new digital technologies
AU - Teruel, Mercedes
AU - Coad, Alex
AU - Domnick, Clemens
AU - Flachenecker, Florian
AU - Harasztosi, Peter
AU - Janiri, Mario Lorenzo
AU - Pal, Rozalia
N1 - Funding Information:
We are grateful to James Gavigan, Agustí Segarra-Blasco and participants at the EC Workshop on “Entrepreneurial Ecosystems for High Growth Enterprises” (Joint Research Centre, Brussels, Belgium, 26–27 February 2020) for many helpful suggestions and comments. The usual disclaimers apply. This work was supported by CT-EX2017D318324-101 and CT-EX2014D180880-103 by the European Commission. Mercedes Teruel received also support by Universitat Rovira i Virgili [2019PFR-URV-B2-80] and the Consolidated Group of Research [2014-SGR-1395]. Alex Coad received support from the National Research Foundation of Korea Grant funded by the Korean Government (NRF-2018S1A3A2075175).
Funding Information:
We are grateful to James Gavigan, Agustí Segarra-Blasco and participants at the EC Workshop on “Entrepreneurial Ecosystems for High Growth Enterprises” (Joint Research Centre, Brussels, Belgium, 26–27 February 2020) for many helpful suggestions and comments. The usual disclaimers apply. This work was supported by CT-EX2017D318324-101 and CT-EX2014D180880-103 by the European Commission. Mercedes Teruel received also support by Universitat Rovira i Virgili [2019PFR-URV-B2-80] and the Consolidated Group of Research [2014-SGR-1395]. Alex Coad received support from the National Research Foundation of Korea Grant funded by the Korean Government (NRF-2018S1A3A2075175).
Publisher Copyright:
© 2021, The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature.
PY - 2022/6
Y1 - 2022/6
N2 - 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.
AB - 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.
KW - Digital technologies
KW - Export
KW - FDI
KW - HGE
KW - Internationalisation
UR - http://www.scopus.com/inward/record.url?scp=85106269785&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=85106269785&partnerID=8YFLogxK
U2 - 10.1007/s10961-021-09861-6
DO - 10.1007/s10961-021-09861-6
M3 - Article
AN - SCOPUS:85106269785
SN - 0892-9912
VL - 47
SP - 804
EP - 845
JO - Journal of Technology Transfer
JF - Journal of Technology Transfer
IS - 3
ER -