- P-ISSN2287-1608
- E-ISSN2287-1616
- KCI
Long-term Growth Patterns and Determinants of High-growth Startups – Focusing on Korean Gazelle Companies during 2006-2020
이종윤 (고려대학교)
설성수 (한남대학교)
Abstract
To know the long-term growth patterns and determinants of successful startups, 15-year (2006-2020) panel data of 252 companies that had a growth rate of over 20% every year in the last three years were used. In the first analysis, statistics on the period required to designate a gazelle company or listed on the stock market were examined. In addition, five long-term growth patterns were presented. In the panel analysis, the R&D intensity, operating profit ratio, size, and age of the company were pointed out as determinants of growth. The operating profit margin and R&D intensity have a positive effect on growth. Gibrat’s law was not supported, but an inverted U-shape was observed. Jovanovic’s law was confirmed. Although many studies tend not to point to profitability as a determinant of long-term growth, this is an important long-term growth factor of a company. The operating profit ratio was used in this study
- keywords
- High-growth, Gazelle company, Successful startups, Growth pattern, Long-term growth determinant
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