Distribution and determinants of
high-growth firms in Portugal
International Workshop
“High-Growth firms: Local policies and local determinants”
28th March 2012
Copenhagen
Elsa Sarmento
Catarina Figueira
Universidade de Aveiro
Cranfield University
(esarmento@ua.pt)
(catarina.figueira@cranfield.ac.uk )
Introduction
Target:
Employer
Enterprise
Population
(enterprises with more than one paid worker
according the registrars of the Portuguese Social
Security System), using the entrepreneurship
dataset obtained from Quadros de Pessoal.
Methodology: The compilation of this dataset
follows the methodology applied by Eurostat and
OECD (2007) on the classification of what
constitutes a High Growth or Gazelle firm.
Dataset: The derived dataset from the application
of this methodology consists of an annual
average of 215,903 active employer enterprises,
with an annual average of 36,803 births and
23,743 enterprise deaths over the period 19852007. In 2007, there were 354.920 employer
enterprises employing 3.205.372 workers.
Population of
Enterprises with Ten or
More Employees
High-Growth Enterprises
(as Measured by Turnover)
Gazelle Enterprises
(as Measured by
Turnover)
Gazelle Enterprises
(as Measured by
Employment)
High-Growth Enterprises
(as Measured by Employment)
Gazelle enterprises are a subset
of High Growth enterprises
which consist of employer
enterprises that during a period
of at least 5 years have had an
annual average growth in
turnover
or
employment,
respectively, greater than or
equal to 20 % per year.
Growth can be measured either
by the number of employees or
by turnover.
Observed factors about firm dynamics in Portugal
Taxa de natalidade (Business demography statistics Eurostat)
hazard ratio >1:
Survival Table for Employer
Enterprise
Births
by
NUTII
region,
1987-2005
EntrantsBirths
and Firm
exiters
average
firm
size,
by
NUTII
2005
2006
an increase in
Size Distribution in 1987, 1997 and 2007
External factors
the given
Smoothed
hazard
estimate
Broad Economy
18,3
Population and
birth rate
of active-Employer
enterprises explanatory
Lisboa
e Vale
1987
Time
Nortefirm size ofCentro
Alentejo
Algarve
Açores
Madeira
Average
entrants
Average
firm size of
exiters
18
do Tejo
variableNormal
16,2
16,1
15,9
Election year
Norte
Lisboa Alentejo Açores Madeira Portugal
Norte Algarve Centro Lisboa Alentejo Açores
Madeira
Portugal
increases
the
410000
35
16 Algarve
14,9 85,6%
1 14,6 Centro
87,4%
85,5%
85,8%
85,6%
85,1%
86,1%
1997
14,2
probability
of
7.9
6.3
6.0
6.8
5.7
3.1
7.0
6.8
1985
13,7
Election year
13,3
14 2
13,2
2007
75,1%
75,1%12,3 13,1
75,5%
75,5%
74,2%
12,977,7%
12,8
7.5
5.7
6.0
6.1
6.3
3.7
9.1 76,0%
6.5
1986
exit.
360000
12,3
12,2
30
11,9
11,9
11,8 8.4
6.2 12 34.7
5.2 66,5%
5.1
4.5 70,1%
3.6
6.9
5.4
5.1
5.9
6.3
5.2
3.3
8.1
6.7
1987
11,5
67,0%
67,7%
67,0%
68,3%
11,1 67,0%
11,0
QCA
10,4 10,44.9
1990
6.1
4.1
5.3
6.3
4.3
3.0
4.8
5.7 II
7.7High
5.7
6.1
4.6
3.4
7.1
6.4
turbulence
9,9
9,8
9,7
310000
9,4
9,4
64,0%
60,5%
60,4%
61,2%
59,9%
61,3%
9,3
1991
6.2 10 44.4
5.3 59,8%
6.8
4.0
2.8
6.2
5.8
8.0
4.1
6.3
6.7
4.4
2.7
4.5
6.625
QCA I
9,0 8,7 8,8
8,7
QCA III
8,4 Empresa
8,3
1992
5.6
4.6 54,1%
5.5
4.2 58,9%
3.4
4.4
5.1
7.6 54,9%
4.5
5.9 55,8%
6.3
4.9 54,5%
3.28,3
5.9 56,2%
6.4
7,8
54.0
55,0%
na
7,3
7,1Hora
7,1
8 3.8
7,0
260000
1993
4.9
5.1
6.5 6,4 6,8 4.1
4.4
5.0
5.2
7.6 year 4.6
6.1
12.4
5.4
3.6
5.4
8.2
6,7
Election
6,5 6,5
Decreasing
firm
average
size
Birth 49,4%
rate 8.6
6
50,4%
5.9
4.1
4.5
4.3 54,5%
3.8
5.4
6.1
6.5 50,7%
3.8
4.6 51,1%
5.5
3.9 50,5%
4.0
4.3 51,6%
5.420
1994
6
4.6
3.6
4.3
3.3
2.8
5.2
4.1
6.4
3.6
4.6 Introduction
4.9
4.3
3.1
3.2
5.2
1995
21000073.4
Euro
45,3%
50,7%
46,6%
46,9%
47,2%
46,7%
47,5%
1996
4.3 4 3.3
3.8
4.5
3.9
2.4
4.7
4.1
5.5
3.4
4.6
5.0
3.9
2.4
4.5
4.9
dynamics
15
Hint3.5
at size
dependence
of growth
Maastricht
criteria
83.4Firm
43,2%
1997
4.5
3.5 41,7%
4.4
3.6 47,5%
2.5
3.8
4.1
5.9 43,4%
4.3 44,2%
5.6
3.9 43,7%
2.1
3.7 44,6%
5.1
160000
1998
4.6 2 3.3 Active 3.4
5.1
3.3
3.2
4.4
4.3
6.0
3.0
4.1
4.8
3.2
2.5
3.4
4.8
and
employer
9
38,7%
44,5%
40,2%
40,5%
41,1%
41,2%
41,7%
1999
4.2
3.4 enterprises
3.6
4.8
3.6
2.6
4.0
4.1
6.4
3.2
4.0
6.1
3.5
2.9
5.6
5.410
Economic
0
Less
survival
ability
110000
recession
2000
102.9 performance
37,6%
4.0
3.1 35,8%
6.6
3.1 41,9%
3.9
4.3
4.3
5.2 37,7%
3.1
4.3 38,5%
5.7
3.0 38,9%
3.0
4.3 38,6%
4.8
2001
4.6
3.4
3.7
4.6
3.3
4.1
4.8
4.2
5.0
4.1
4.2
5.7
3.6
3.3
4.9
4.8
11
33,0%
39,5%
35,1%
35,2%
36,2%
36,3%
36,6%
2002
4.160000 3.2
3.3
4.4
3.3
3.9
4.4
3.9
5.0
3.0
3.8
4.8
3.4
3.2
3.9
4.45
IES
Growth of employer
Significant
disparities
among
regions
2003
4.2 12
3.3 enterprises
3.3 30,5%
4.6
3.1 37,4%
3.5 I
3.6
4.0
2.9
3.3 34,0%
5.0
2.8 33,9%
3.3
3.2 34,3%
4.0
32,8%
QCA
QCA II4.2 33,0%
QCA
III
2004
3.8
3.3
3.3
4.5
3.2
3.9
4.2
3.8
3.9
2.9
3.0
4.5
3.0
3.7
3.2
3.7
10000
0
133.5
28,1%
35,3%
30,8%
31,0%
32,0%
31,3%
31,7%
2005
3.9
3.8
4.9
3.5
3.3
3.3
4.0
3.5
2.9
3.3
4.4
2.6
3.0
4.0
0
1
2
3
4
5
6
1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 20073.6
Effect
growth 29,4%
in survival 29,9%
rates
Firm
Size (Log10)
2006
3.4 14
3.2
2.9 26,4%
3.8
2.9 33,4%
3.3
4.1
3.4
29,0%
29,3% industry
30,2%
0
5
10
15
20
kernel
=
gaussian,
bandwidth
=
0.5000
2007
3.4
3.0
2.7
3.9
3.1
3.5
3.7
3.4
analysis
time
15
24,8%
31,8%
27,4%
27,8%
29,0%
28,2%
28,2%
Source: Sarmento, E. de Morais and A. Nunes (2012), “The dynamics of employer enterprise creation in Portugal over the last two decades: a
23,2%
30,4%
26,1%
26,2%
27,8% function
26,4%
26,9%
Source:16
Sarmento and Nunes
(2010).
95%
CI
Smoothed
hazard
size, regional
and
sectoral perspective”,
Notas
Económicas.
Based on: Eurostat, Statistics Portugal for Portugal INE (EIP) data and own calculations based on Quadros de Pessoal GEP, MTSS for Portugal QP (Eurostat/OECD)and
17 Demography
21,9%
28,9%
24,6%
24,9%
25,4%
25,4%
26,6%
SDBS Business
Indicators from the OECD
(EIP).
Notes: Preliminary version of 2005 for Bulgaria, Romania, Portugal and Slovenia.
20,7%
27,4% methodology,22,9%
23,9%
23,8%
25,4%
* 18
Employer enterprises
according to the Eurostat/OECD
based on Quadros de 23,2%
Pessoal.
QP
0
** Statistics Portugal data, for enterprises with more than 1 paid employee (employer enterprises).
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Number of employer enterprises
Digital delivery QP
(compuslory > 10
employees) from
July 04
Po
rtu
ga
l
%
1
20
High-Growth and Gazelle enterprises (by employment)
Dados de
base
High-growth and Gazelle Enterprises by Employment (enterprises)
High-growth enterprises by employment (enterprises)
Gazelle enterprises by employment (enterprises)
High-growth enterprise rates by employment (enterprises)
Gazelle rates by employment (enterprises)
4,5
4,18
3,84
2.000
3,54
3,38
3,32
3,36
3,5
3,30
2,99
2,74
1.500
2,97
2,83
2,73
2,79
2,56
3,0
2,82
2,67
2,58
2,5
%
Number of enterprises
4,0
3,72
2,0
1.000
1,5
1,13
0,91
1,00
0,92
500
0,72
0,78
0,99
0,75
0,73
0,82
0,79
0,68
0,74
0,76
0,78
0,68
1,0
0,5
0,0
0
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Source: GEE based on Quadros de Pessoal, GEP, Ministério do Trabalho e da Solidariedade Social
Source: Own calculations, based on "Quadros de Pessoal", GEP, Ministério do Trabalho e da Solidariedade Social and the OECD/Eurostat´s (2007) methodology.
High-Growth and Gazelle enterprises (by turnover)
High-growth and Gazelle Enterprises by Turnover (enterprises)
Dados
de base
High-growth enterprises by turnover (enterprises)
Gazelle enterprises by turnover (enterprises)
High-growth firm rates by turnover (enterprises)
Gazelle rates by turnover (enterprises)
14.000
30
24,6
25
22,1
12.000
20,4
20
17,4
13,9
Number of enterprises
10.000
11,9
8.557
8.000
7.885
4,3
6.405
3,4
2,6
2.000
12,4
12,5
12,0
15
11,5
9,9
2,6
2,3
5.177
3,3
5.150
3,2
5.422
2,6
2,6
2,8
9,4
8,7
9,8
9,5
3.880
1.726 1.574
1.254 963
836
2,7
3,7
10
2,2
5
5.127
4.858 5.079
0
2,7
3,0
5.737 5.894 5.723
4.586
4.412
4.000
12,5
7.556
4,7
6.000
11,7
10,5
4.878
4.271
-5
1.011 1.353 1.392 1.211 1.272 1.402 1.310 1.336
1.918
-10
1.532
1.186
0
-15
-20
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Source: GEE based on Quadros de Pessoal, GEP, Ministério do Trabalho e da Solidariedade Social
Source: Own calculations, based on "Quadros de Pessoal", GEP, Ministério do Trabalho e da Solidariedade Social and the OECD/Eurostat´s (2007) methodology.
Number of employees in high-growth firms according to the employment criteria, by NUTII
(1997, 2004 and 2007)
0 a 5000
5001 a 50000
> 50000
Source: Own calculations, based on "Quadros de Pessoal", GEP, Ministério do Trabalho e da Solidariedade Social and the OECD/Eurostat´s (2007) methodology.
Number of employees in gazelles according to the employment criteria, by NUTII
(1997, 2004 and 2007)
0 a 1000
1001 a 6000
> 6000
Source: Own calculations, based on "Quadros de Pessoal", GEP, Ministério do Trabalho e da Solidariedade Social and the OECD/Eurostat´s (2007) methodology.
Share of High-Growth firms in 10+ employees firms
(by employment and turnover)
Only 9,5% of all Portuguese employer enterprises (with more than ten
employees) have a turnover that is in line with that of High Growth firms.
If we consider the growth according to the number of employees instead, then
ShareofofHigh
High-Growth
employees
enterprises,
the percentage
Growth Enterprises
firms dropsinto10+
just
3 %.
by employment and turnover
Share of High-growth enterprises in 10+employ enterprises (by employment)
30
25
Share of High-growth enterprises in 10+employ enterprises (by turnover)
24,6
22,1
20,4
Average size
20
17,4
15
13,9
12,5
11,9
11,7
12,4
12,5
12,0
11,5
10,5
9,9
10
5
8,7
4,2
3,8
3,3
2,7
2,7
2,8
3,0
3,4
3,4
3,5
2,6
1993
1994
1995
1996
1997
1998
1999
2000
3,7
3,3
9,8
9,4
9,5
2,8
2,7
2,6
2,8
3,0
2003
2004
2005
2006
2007
0
1990
1991
1992
2001
2002
Source: Own calculations, based on "Quadros de Pessoal", GEP, Ministério do Trabalho e da Solidariedade Social and the OECD/Eurostat´s (2007) methodology.
Share of High-Growth employment in 10+ employees firms
(by employment and turnover)
Over time, we can observe a narrowing gap between the two measurement
criteria, for both HG and Gazelles.
Share of High-Growth Employment in 10+ employees enterprises, by
employment and turnover
Share of High-growth employment in 10+employ enterprises
30
Share of High-growth employment in 10+employ enterprises
26,9
25,4
24,4
25
19,6
Average size
20
16,6
15,2
15
14,8
13,9
13,4
12,5
12,4
9,9
6,0
6,4
6,3
1994
1995
9,2
9,6
8,2
7,9
7,2
10,6
9,9
8,9
7,4
12,4
11,6
10,0
10
13,1
7,0
7,0
7,3
7,2
10,0
7,6
6,2
5,3
5
0
1990
1991
1992
1993
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
Source: Own calculations, based on "Quadros de Pessoal", GEP, Ministério do Trabalho e da Solidariedade Social and the OECD/Eurostat´s (2007) methodology.
2007
Average firm size in HG firms and Gazelles and total population of firms, births and deaths
The average HG firm size is higher by an average of 18 employees than that of a
Gazelle. The growth in average size registered until 1999 was not maintained
during the following years. In line with the overall population of firms, HG and
Gazelles average size have also decreased from 2000 onwards.
Average Firm Size HG and Total population of firms
Average HG enterprise size - by employment
(nº HG emp/nº HG ent)
Average firm size births (employment)
Average firm size active pop firms (employment)
Average firm size deaths (employment)
Average Gaz enterprise size - by employment
(nº G emp/nº G ent)
140
130,8
119,1
120
114,4
Nº employees
92,5
96,6
89,7
116,7
105,2
92,0
100,0
93,2
116,7
113,3
106,9
100
121,2
118,9
113,8
103,5
109,1
101,1
102,1
102,1
97,8
95,9
80
104,3
109,88
101,3
101,8
93,66
86,3
81,2
60
67,9
66,0
14,3
13,4
69,0
40
20
15,7
15,1
12,0
11,6
11,3
11,0
10,8
10,6
10,0
10,0
9,4
9,3
9,3
9,0
9,0
9,0
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
0
1990
1991
1992
1993
Source: Own calculations, based on "Quadros de Pessoal", GEP, Ministério do Trabalho e da Solidariedade Social and the OECD/Eurostat´s (2007) methodology.
Share of HG firms (by employment) by size class
The majority of HG firms and Gazelles are SMEs.
Share of High-Growth Enterprises (employment) by size class
10 to 19
20 to 49
50 to 249
250 or more
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
1991
1990
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Source: Own calculations, based on "Quadros de Pessoal", GEP, Ministério do Trabalho e da Solidariedade Social and the OECD/Eurostat´s (2007) methodology.
100%
Share of HG and Gazelles (by employment) by NACE
There is a shift in the distribution of both High Growth firms over the period of
analysis, away from manufacturing (34% in 1995, down to 20% in 2007) to services
and commerce (39% in 1995 up to 56% in 2007) as well as construction (15% in
1995, up to 20% in 2007). A similar pattern is observed for Gazelles.
Source: Own calculations, based on "Quadros de Pessoal", GEP, Ministério do Trabalho e da Solidariedade Social and the OECD/Eurostat´s (2007) methodology.
Distribution of employment: HG and Gazelles (employ) by NUTII regions
More than half of HG firms are concentrated around the area of Lisbon and
Distribution
of HG (empl)
by NUT II regions
another
quarter
in employment
the North.
Distribution of employment in Gazelles (empl) by NUT II regions
1990 2000 2007
1992 2000 2007
70
60
54,9
60
50
57,3
56,1
46,7
50
41,8
44,3
40
40
30
%
%
33,1 32,8
26,9
33,3
30
25,0 25,6
20
15,8
20
12,7
11,4
13,0
10
4,4
3,0 2,2
2,9
1,9 2,6
0,9 1,5 1,1
1,1 1,4 1,1
Açores
Madeira
0
Lisboa e Vale do
Tejo
Norte
Centro
10,2 10,2
10
Alentejo
Algarve
2,2 1,7 3,1
4,6
3,0 3,6
1,3 2,1 0,8
1,3 0,7 0,6
Açores
Madeira
0
Lisboa e Vale do
Tejo
Norte
Centro
Algarve
Alentejo
Source: Own calculations, based on "Quadros de Pessoal", GEP, Ministério do Trabalho e da Solidariedade Social and the OECD/Eurostat´s (2007) methodology.
Share of HG (employ) in total employment in enterprises +10 employees by NUTII regions
The share of employment in HG firms is higher in Lisbon, which was in 2007,
more than twice the share of the second most important region, the North.
Share of HG (Empl) employment in total employment in enterprises + 10
employees
5,0
4,6
1990
4,5
2000
2007
4,2
4,0
3,5
3,3
3,1
%
3,0
2,4
2,5
2,0
2,0
1,5
1,2
1,0
1,3
0,9
0,5
0,3
0,3
0,2
0,2
0,2
0,2
0,1
0,1
0,1
0,0
Lisboa e Vale do Tejo
Norte
Centro
Alentejo
Algarve
Açores
0,0
0,0
0,0
Madeira
Source: Own calculations, based on "Quadros de Pessoal", GEP, Ministério do Trabalho e da Solidariedade Social and the OECD/Eurostat´s (2007) methodology.
Share of HG (employ) employment in each NUTII regions 'employment (+10 employees)
In 1990, the Algarve had the biggest share of regional employment in HG firms.
But the situation reversed and in 2007, with Lisbon leading the regional ranking.
Share of HG (Empl) employment in each regions´employment (+10
employees)
14,0
2000
1990
11,9
12,0
2007
12,1
10,5
10,2
10,0
8,0
9,5
9,4
7,9
7,6
7,9
7,7
7,5
%
7,0
6,6
6,1
6,0
6,0
5,2
6,1
6,0
5,2
4,0
4,0
3,9
2,0
0,0
Lisboa e Vale do Tejo
Norte
Centro
Alentejo
Algarve
Açores
Madeira
Source: Own calculations, based on "Quadros de Pessoal", GEP, Ministério do Trabalho e da Solidariedade Social and the OECD/Eurostat´s (2007) methodology.
UK comparison
Share of High Growth firms in total firms and employment
Non High Growth
High Growth
100%
2,6 2,8 3,0 3,4 3,4 3,5 3,7 3,3 2,8 2,7 2,6 2,8 3,0
4,2 3,8 3,3 2,75,3 2,7
6,4 6,3 7,0 7,9
7,0 7,3 6,2 7,2 7,6
7,4 7,2 6,0
8,9 10,0 9,9 9,9 8,2
95%
90%
85%
80%
75%
70%
65%
60%
55%
ENT
EMP
ENT
EMP
ENT
EMP
ENT
EMP
ENT
EMP
ENT
EMP
ENT
EMP
ENT
EMP
ENT
EMP
ENT
EMP
ENT
EMP
ENT
EMP
ENT
EMP
ENT
EMP
ENT
EMP
ENT
EMP
ENT
EMP
50%
ENT
EMP
Between 2005 and 2008, the UK High
Growth firms tripled, on average, the
number of employees. In Portugal, firms
have experienced a sustained decrease
in the number of employees.
Furthermore, High Growth firms account
for 6% of the total population of UK firms
in terms of employment growth (NESTA,
2009), which is the double of what the
evidence shows for Portugal.
When Portuguese firms are compared
with their UK counterparts, it is noticeable
that:
• on average High Growth firms in the
UK have been more successful at
creating
employment
than
the
Portuguese
• Portuguese High Growth firms tend to
display a higher degree of volatility.
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Source: Own calculations, based on "Quadros de Pessoal", GEP, Ministério do Trabalho e da Solidariedade Social and the OECD/Eurostat´s (2007) methodology.
16
UK comparison
A significant number of High Growth firms in Portugal operate in the
Construction sector, which has been particularly affected by variations in
the business cycle.
40
1995
Manufacturing
1996
1997
1998
36
Share of enterprises and employees in the construction sector, 1995-2006
1999
34
14
2000
2002
14
32
2001
2001
2004
13
2002
30
2005
2003
13
2004
28
2005
26
2006
24
13
14
15
16
17
18
19
20
Share of enterprises, %
12
12
2000
21
11
11
61
2006
1998
1997
1999
1996
10
2005
Services
59
Share of employees, %
2003
2006
Share of employees, %
Share of employees, %
38
1995
2004
10
2003
9
57
10
2002
11
12
13
14
15
16
Share of enterprises, %
2001
55
2000
53
1999
1998
1997
51
1996
49
1995
47
64
65
65
66
66
67
67
68
Share of enterprises, %
Source: Own calculations, based on "Quadros de Pessoal", GEP, Ministério do Trabalho e da Solidariedade Social and the OECD/Eurostat´s (2007) methodology.
17
Determinants of HG and Gazelles performance
Firm turbulence (excessive creative destruction?)
Short-term factors (business cycle)
Possible
determinants of
performance
Sectoral (and not regional)
Servicisation of the economy
Quality of entrepreneurs
Agglomeration effects
Share of HG and Gazelles closed during 2000-2009
High growth does not grant better survival chances in Portugal.
Gazelles seem more prone to dying than HG, showing that rapid growth based on
short-run factors does not grant longevity or sustained growth.
From the 87% microfirms in BP´s Central de Balanços, only 10 grew into large firms
(2000-2009).
Structure
Total Universe of non
financial firms
High-Growth
Gazelles
23,8%
25,8%
Microfirms
83,6%
23,6%
26,5%
SMEs
16,2%
20,0%
21,9%
0,2%
14,6%
18,8%
Lisbon
29,7%
25,9%
28,2%
Porto
17,4%
24,6%
26,3%
Other locations
52,9%
22,4%
24,3%
Limited liability companies
94,3%
23,6%
25,5%
By juridical nature Public limited companies
3,1%
17,7%
21,2%
Other
2,6%
38,9%
43,9%
Agriculture and Fisherires
2,7%
19,1%
22,2%
13,7%
26,6%
28,9%
0,3%
12,7%
14,7%
Construction
14,8%
23,2%
25,5%
Commerce
28,4%
28,4%
30,2%
Other Services
40,1%
20,3%
21,8%
By dimension
Large firms
By district
Manufacturing
By sector
Electricity and Water
What is the maximum size attained by
HG firms and Gazelles throughout their
life?
Microfirms: 1991-2009
Dimension
HG firms
Gazelles
Microfirms
86,4%
87,8%
SMEs
13,6%
12,2%
Large firms
0,0%
0,0%
Source: Bank of Portugal, based on Central de Balanços data and the Eurostat/OECD´s (2007) methodology.
19
Policy assessment
Support assessement for HG firms and Gazelles

No targeted support policies: One size fits all
(CSF support, financing schemes, venture capital, business angels,
incubators)
Few policy synergies:
Innovation & Internationalization & Entrepreneurship/SME policies.
Weak involvement with the regional administration
Obstacles and rigidities
Access to capital, Labour
Bureaucracy
Market,
Regulation,
Red
tape
and
20
Main (slide) bibliography
Bank of Portugal (2010), “Estrutura e dinâmica das sociedades não financeiras em Portugal” Lisbon.
Cabral, L. (2007), “Small firms in Portugal: a selective survey of stylized facts, economic analysis and
policy implementation”, Portuguese Economic Journal, 6(1), 65-88.
Eurostat; OECD (2007), “Eurostat-OECD Manual on Business Demography Statistics”, Paris, OECD
Publishing.
Instituto Nacional de Estatística [INE] (2009), “O empreendedorismo em Portugal. Indicadores sobre a
demografia das empresas 2004-2007”, Destaque INE, Lisboa.
NESTA (2009), “The vital 6 per cent, How high-growth innovative businesses generate prosperity and
jobs”, Research summary of October 2009.
NESTA (2011), “Vital growth: the importance of high-growth business to the recovery”, Research
summary, March 2011.
Nunes, A. and E. de Morais Sarmento (2012) “Business Demography Dynamics in Portugal: A NonParametric Survival Analysis”, in Bonnet, J. et al. (eds.) The Shift to the Entrepreneurial Society: A
Built Economy in Education, Sustainability and Regulation, Edward Elgar (Chapter 18).
Nunes, A. and E. de Morais Sarmento (2011), “Sobrevivência de empresas – o caso da região Norte de
Portugal” in Rui Nuno Baleiras (Coord.), Livro de Casos de Desenvolvimento Regional, Principia.
OECD (2008), “Measuring entrepreneurship: A digest of indicators”, OECD-Eurostat Entrepreneurship
Indicators Programme, OECD Statistics Directorate.
OECD (2009), “Measuring entrepreneurship: a collection of indicators”, 2009 Edition, OECD-Eurostat
Entrepreneurship Indicators Programme, OECD Statistics Directorate.
Sarmento, E. de Morais and A. Nunes (2012), “Getting smaller: size dynamics of employer enterprises in
Portugal” in Bonnet, J. et al. (eds.) The Shift to the Entrepreneurial Society: A Built Economy in
Education, Sustainability and Regulation, Edward Elgar.
Sarmento, E. de Morais and A. Nunes (2010), “Entrepreneurship performance indicators for active
employer enterprises in Portugal”, Temas Económicos nº 9, Ministério da Economia, da Inovação e
do Desenvolvimento, Lisboa.