000078937 001__ 78937
000078937 005__ 20200716101449.0
000078937 0247_ $$2doi$$a10.3846/jbem.2019.6928
000078937 0248_ $$2sideral$$a111279
000078937 037__ $$aART-2019-111279
000078937 041__ $$aeng
000078937 100__ $$0(orcid)0000-0002-6468-0944$$aFuertes-Callén, Y.$$uUniversidad de Zaragoza
000078937 245__ $$aInter-relationship between firm growth and profitability in a context of economic crisis
000078937 260__ $$c2019
000078937 5060_ $$aAccess copy available to the general public$$fUnrestricted
000078937 5203_ $$aThis paper examines the dynamics between growth and profitability in an economic crisis context by considering the endogeneity of this relationship. It also analyzes the role of innovation and export intensity in the growth-profit relationship. Using a large firm-level dataset comprising Spanish manufacturing companies during the pre-crisis (2000–2007) and the crisis (2008–2014) period, static and dynamic panel data models are estimated. The analysis suggests the following results. First, in the short term, growth has a positive impact on profits, while the effect of profits on growth depends on the measure of growth used. So, employee’s growth requires previous profit but profit does not play a major role as determinant of sales growth. Second, profit rates are found to persist in the short term. In contrast, a reversion of turnover and employees growth rates is observed. Thirdly, the moderation analysis applied shows that the strategy that has enabled firms to grow is export. Moreover, the influence of the export intensity on profitability in the economic crisis period is obtained indirectly through sales and employee’s growth. Unlike expected, innovation efforts do not moderate the relationship between profitability and firm growth.
000078937 536__ $$9info:eu-repo/grantAgreement/ES/DGA/S38-17R
000078937 540__ $$9info:eu-repo/semantics/openAccess$$aby$$uhttp://creativecommons.org/licenses/by/3.0/es/
000078937 590__ $$a1.64$$b2019
000078937 591__ $$aECONOMICS$$b147 / 371 = 0.396$$c2019$$dQ2$$eT2
000078937 591__ $$aBUSINESS$$b117 / 152 = 0.77$$c2019$$dQ4$$eT3
000078937 592__ $$a0.458$$b2019
000078937 593__ $$aEconomics and Econometrics$$c2019$$dQ2
000078937 593__ $$aBusiness, Management and Accounting (miscellaneous)$$c2019$$dQ2
000078937 655_4 $$ainfo:eu-repo/semantics/article$$vinfo:eu-repo/semantics/publishedVersion
000078937 700__ $$0(orcid)0000-0002-5557-0380$$aCuellar-Fernández, B.$$uUniversidad de Zaragoza
000078937 7102_ $$14002$$2230$$aUniversidad de Zaragoza$$bDpto. Contabilidad y Finanzas$$cÁrea Economía Finan. y Contab.
000078937 773__ $$g20, 1 (2019), 86-106$$pJournal of Business Economics and Management$$tJournal of Business Economics and Management$$x1611-1699
000078937 8564_ $$s311285$$uhttps://zaguan.unizar.es/record/78937/files/texto_completo.pdf$$yVersión publicada
000078937 8564_ $$s63214$$uhttps://zaguan.unizar.es/record/78937/files/texto_completo.jpg?subformat=icon$$xicon$$yVersión publicada
000078937 909CO $$ooai:zaguan.unizar.es:78937$$particulos$$pdriver
000078937 951__ $$a2020-07-16-09:05:23
000078937 980__ $$aARTICLE