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Distribution and determinants of high-growth firms in Portugal
International Workshop “High-Growth firms: Local policies and local determinants”
28th March 2012Copenhagen
Elsa Sarmento
Universidade de Aveiro
(esarmento@ua.pt)
Catarina Figueira
Cranfield University
(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 1985-2007. 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)
High-Growth Enterprises (as Measured by Employment)
Gazelle Enterprises (as Measured by
Turnover)
Gazelle 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.
High turbulence
Decreasing firm average size
Hint at size dependence of growth
Less survival ability
Significant disparities among regions
Effect industry growth in survival rates
Firm dynamics and
performance
Observed factors about firm dynamics in Portugal
0
5
10
15
20
25
30
35
10000
60000
110000
160000
210000
260000
310000
360000
410000
1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
%
Nu
mb
er
of
em
plo
yer
en
terp
rise
s
External factorsPopulation and birth rate of active Employer enterprises
Growth of employer enterprises
Active employer enterprises
Birth rate
QCA IIIQCA II
Empresa na Hora
QCA I
Election year
Election year
QCA IIIQCA I
QCA II
IES
Introduction Euro
Digital delivery QP (compuslory > 10 employees) from
July 04
Election year
Maastricht criteria
Economic recession
Portugal joined EMS
Rendimento Mínimo
Garantido
Source: Sarmento and Nunes (2010).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 SDBS Business Demography Indicators from the OECD (EIP).Notes: Preliminary version of 2005 for Bulgaria, Romania, Portugal and Slovenia. * Employer enterprises according to the Eurostat/OECD methodology, based on Quadros de Pessoal. ** Statistics Portugal data, for enterprises with more than 1 paid employee (employer enterprises).
.05
.06
.07
.08
.09
0 5 10 15 20analysis time
95% CI Smoothed hazard function
Smoothed hazard estimate - Broad Economy
Entrants and exiters average firm size, by NUTII
Norte Algarve Centro Lisboa Alentejo Açores Madeira Portugal Norte Algarve Centro Lisboa Alentejo Açores Madeira Portugal
1985 7.9 6.3 6.0 6.8 5.7 3.1 7.0 6.81986 7.5 5.7 6.0 6.1 6.3 3.7 9.1 6.51987 6.2 4.7 5.2 5.1 4.5 3.6 6.9 5.4 8.4 5.1 5.9 6.3 5.2 3.3 8.1 6.71990 6.1 4.1 5.3 6.3 4.3 3.0 4.8 5.7 7.7 4.9 5.7 6.1 4.6 3.4 7.1 6.41991 6.2 4.4 5.3 6.8 4.0 2.8 6.2 5.8 8.0 4.1 6.3 6.7 4.4 2.7 4.5 6.61992 5.6 4.0 4.6 5.5 4.2 3.4 4.4 5.1 7.6 4.5 5.9 6.3 4.9 3.2 5.9 6.41993 4.9 3.8 5.1 6.5 4.1 4.4 5.0 5.2 7.6 4.6 6.1 12.4 5.4 3.6 5.4 8.21994 5.9 4.1 4.5 8.6 4.3 3.8 5.4 6.1 6.5 3.8 4.6 5.5 3.9 4.0 4.3 5.41995 4.6 3.4 3.6 4.3 3.3 2.8 5.2 4.1 6.4 3.6 4.6 4.9 4.3 3.1 3.2 5.21996 4.3 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 4.91997 4.5 3.4 3.5 4.4 3.6 2.5 3.8 4.1 5.9 3.5 4.3 5.6 3.9 2.1 3.7 5.11998 4.6 3.3 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 4.81999 4.2 3.4 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 5.42000 4.0 2.9 3.1 6.6 3.1 3.9 4.3 4.3 5.2 3.1 4.3 5.7 3.0 3.0 4.3 4.82001 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 4.82002 4.1 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 4.42003 4.2 3.3 3.3 4.6 3.1 3.5 3.6 4.0 4.2 2.9 3.3 5.0 2.8 3.3 3.2 4.02004 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 3.72005 3.9 3.5 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 3.62006 3.4 3.2 2.9 3.8 2.9 3.3 4.1 3.42007 3.4 3.0 2.7 3.9 3.1 3.5 3.7 3.4
Average firm size of entrants Average firm size of exiters
Survival Table for Employer Enterprise Births by NUTII region, 1987-2005
Time Norte CentroLisboa e Vale
do TejoAlentejo Algarve Açores Madeira
1 85,6% 87,4% 85,5% 85,8% 85,6% 85,1% 86,1%2 75,1% 77,7% 75,1% 75,5% 75,5% 74,2% 76,0%3 66,5% 70,1% 67,0% 67,0% 67,7% 67,0% 68,3%4 59,8% 64,0% 60,5% 60,4% 61,2% 59,9% 61,3%5 54,1% 58,9% 55,0% 54,9% 55,8% 54,5% 56,2%6 49,4% 54,5% 50,4% 50,7% 51,1% 50,5% 51,6%7 45,3% 50,7% 46,6% 46,9% 47,2% 46,7% 47,5%8 41,7% 47,5% 43,2% 43,4% 44,2% 43,7% 44,6%9 38,7% 44,5% 40,2% 40,5% 41,1% 41,2% 41,7%10 35,8% 41,9% 37,6% 37,7% 38,5% 38,9% 38,6%11 33,0% 39,5% 35,1% 35,2% 36,2% 36,3% 36,6%12 30,5% 37,4% 32,8% 33,0% 34,0% 33,9% 34,3%13 28,1% 35,3% 30,8% 31,0% 32,0% 31,3% 31,7%14 26,4% 33,4% 29,0% 29,3% 30,2% 29,4% 29,9%15 24,8% 31,8% 27,4% 27,8% 29,0% 28,2% 28,2%16 23,2% 30,4% 26,1% 26,2% 27,8% 26,4% 26,9%17 21,9% 28,9% 24,6% 24,9% 25,4% 25,4% 26,6%18 20,7% 27,4% 22,9% 23,2% 23,9% 23,8% 25,4%
hazard ratio >1: an increase in the given explanatory variable increases the probability of exit.
High-Growth and Gazelle enterprises (by employment)
4,18
3,84
3,32
2,74 2,732,56
2,832,99
3,38 3,363,54
3,72
3,30
2,792,67
2,58
2,822,97
1,13
0,91 0,920,72 0,78 0,73
1,00 0,99
0,75 0,82 0,790,68 0,74 0,76 0,78
0,68
0,0
0,5
1,0
1,5
2,0
2,5
3,0
3,5
4,0
4,5
0
500
1.000
1.500
2.000
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
%
Num
ber
of e
nter
pris
es
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)
Source: GEE based on Quadros de Pessoal, GEP, Ministério do Trabalho e da Solidariedade Social
Dados de base
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)
8.5577.885
7.556
6.405
5.177
4.4123.880
4.5865.150 5.422
5.737 5.894 5.723
4.8784.271
4.858 5.079 5.127
1.726 1.574 1.254 963 8361.011 1.353 1.392 1.211 1.272 1.402 1.310 1.336
1.9181.532
1.186
24,6
22,120,4
17,4
13,911,9
10,511,7
12,5 12,4 12,5 12,0 11,59,9
8,7 9,4 9,8 9,5
4,7 4,33,4 2,6 2,3 2,6 3,3 3,2 2,6 2,6 2,8 2,7 2,7
3,7 3,0 2,2
-20
-15
-10
-5
0
5
10
15
20
25
30
0
2.000
4.000
6.000
8.000
10.000
12.000
14.000
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
%
Nu
mb
er
of
en
terp
rise
s
High-growth and Gazelle Enterprises by Turnover (enterprises)
High-growth enterprises by turnover (enterprises) Gazelle enterprises by turnover (enterprises)
High-growth firm rates by turnover (enterprises) Gazelle rates by turnover (enterprises)
Source: GEE based on Quadros de Pessoal, GEP, Ministério do Trabalho e da Solidariedade Social
Dados de base
Source: Own calculations, based on "Quadros de Pessoal", GEP, Ministério do Trabalho e da Solidariedade Social and the OECD/Eurostat´s (2007) methodology.
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
Share of High-Growth firms in 10+ employees firms (by employment and turnover)
Source: Own calculations, based on "Quadros de Pessoal", GEP, Ministério do Trabalho e da Solidariedade Social and the OECD/Eurostat´s (2007) methodology.
4,2 3,83,3
2,7 2,7 2,6 2,8 3,0 3,4 3,4 3,5 3,7 3,32,8 2,7 2,6 2,8 3,0
24,6
22,1
20,4
17,4
13,9
11,9
10,511,7
12,5 12,4 12,512,0 11,5
9,9
8,79,4 9,8 9,5
0
5
10
15
20
25
30
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Ave
rage
siz
e
Share of High-Growth Enterprises in 10+ employees enterprises, by employment and turnover
Share of High-growth enterprises in 10+employ enterprises (by employment)
Share of High-growth enterprises in 10+employ enterprises (by 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 the percentage of High Growth firms drops to just 3 %.
Share of High-Growth employment in 10+ employees firms (by employment and turnover)
Source: Own calculations, based on "Quadros de Pessoal", GEP, Ministério do Trabalho e da Solidariedade Social and the OECD/Eurostat´s (2007) methodology.
7,4 7,26,0
5,36,4 6,3
7,07,9
8,910,0 9,9 9,9
8,27,0 7,3
6,27,2 7,6
26,9
24,425,4
19,6
16,6
13,9
12,5 12,4
15,2 14,8
13,4 13,112,4
11,610,6
9,2 9,6 10,0
0
5
10
15
20
25
30
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Ave
rage
siz
e
Share of High-Growth Employment in 10+ employees enterprises, by employment and turnover
Share of High-growth employment in 10+employ enterprises
Share of High-growth employment in 10+employ enterprises
Over time, we can observe a narrowing gap between the two measurement criteria, for both HG and Gazelles.
Average firm size in HG firms and Gazelles and total population of firms, births and deaths
Source: Own calculations, based on "Quadros de Pessoal", GEP, Ministério do Trabalho e da Solidariedade Social and the OECD/Eurostat´s (2007) methodology.
92,596,6
89,7 92,0
106,9
114,4 113,8119,1 118,9
130,8
121,2
113,3
101,1104,3
116,7
101,3
109,1 109,88
15,7 15,1 14,3 13,4 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
67,9 66,0
93,2
105,2100,0
95,9
103,5
116,7
102,1 102,1
81,2
97,8101,8
86,3
69,0
93,66
0
20
40
60
80
100
120
140
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Nº
em
plo
yee
s
Average Firm Size HG and Total population of firms
Average HG enterprise size - by employment(nº HG emp/nº HG ent)
Average firm size active pop firms (employment)
Average firm size births (employment) Average firm size deaths (employment)
Average Gaz enterprise size - by employment(nº G emp/nº G ent)
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.
Share of HG firms (by employment) by size class
Source: Own calculations, based on "Quadros de Pessoal", GEP, Ministério do Trabalho e da Solidariedade Social and the OECD/Eurostat´s (2007) methodology.
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
199019911992199319941995199619971998199920002001200220032004200520062007
Share of High-Growth Enterprises (employment) by size class10 to 19 20 to 49 50 to 249 250 or more
The majority of HG firms and Gazelles are SMEs.
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 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.
Distribution of employment: HG and Gazelles (employ) by NUTII regions
41,8
33,1
15,8
4,42,9
0,9 1,1
46,7
32,8
12,7
3,01,9 1,5 1,4
54,9
26,9
11,4
2,2 2,61,1 1,1
0
10
20
30
40
50
60
Lisboa e Vale doTejo
Norte Centro Alentejo Algarve Açores Madeira
%
Distribution of HG (empl) employment by NUT II regions
1990 2000 2007
33,3
44,3
13,0
2,24,6
1,3 1,3
57,3
25,0
10,2
1,73,0 2,1
0,7
56,1
25,6
10,2
3,1 3,60,8 0,6
0
10
20
30
40
50
60
70
Lisboa e Vale doTejo
Norte Centro Algarve Alentejo Açores Madeira
%
Distribution of employment in Gazelles (empl) by NUT II regions
1992 2000 2007
Source: Own calculations, based on "Quadros de Pessoal", GEP, Ministério do Trabalho e da Solidariedade Social and the OECD/Eurostat´s (2007) methodology.
More than half of HG firms are concentrated around the area of Lisbon and another quarter in the North.
Share of HG (employ) in total employment in enterprises +10 employees by NUTII regions
Source: Own calculations, based on "Quadros de Pessoal", GEP, Ministério do Trabalho e da Solidariedade Social and the OECD/Eurostat´s (2007) methodology.
3,1
2,4
1,2
0,30,2
0,1 0,0
4,6
3,3
1,3
0,30,2 0,1
0,0
4,2
2,0
0,9
0,2 0,20,1
0,00,0
0,5
1,0
1,5
2,0
2,5
3,0
3,5
4,0
4,5
5,0
Lisboa e Vale do Tejo Norte Centro Alentejo Algarve Açores Madeira
%
Share of HG (Empl) employment in total employment in enterprises + 10 employees
1990 2000 2007
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.
Source: Own calculations, based on "Quadros de Pessoal", GEP, Ministério do Trabalho e da Solidariedade Social and the OECD/Eurostat´s (2007) methodology.
7,6
6,6
7,9
9,5
12,1
6,1 6,0
11,9
9,4
7,5 7,77,9
10,2
7,0
10,5
6,1
5,2
4,0
6,0
5,2
3,9
0,0
2,0
4,0
6,0
8,0
10,0
12,0
14,0
Lisboa e Vale do Tejo Norte Centro Alentejo Algarve Açores Madeira
%
Share of HG (Empl) employment in each regions´employment (+10 employees)
1990 2000 2007
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.
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.
16
UK comparison
4,27,4
3,87,2
3,36,0
2,75,3
2,76,4
2,66,3
2,87,0
3,07,9
3,4
8,9
3,4
10,0
3,5
9,9
3,7
9,9
3,38,2
2,87,0
2,77,3
2,66,2
2,87,2
3,07,6
50%
55%
60%
65%
70%
75%
80%
85%
90%
95%
100%
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
ENT
EMP
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Share of High Growth firms in total firms and employmentNon High Growth High Growth
Source: Own calculations, based on "Quadros de Pessoal", GEP, Ministério do Trabalho e da Solidariedade Social and the OECD/Eurostat´s (2007) methodology.
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.
17
UK comparison
20062005
20042003
20022001
2000
1999 1998
1997 1996
199547
49
51
53
55
57
59
61
64 65 65 66 66 67 67 68Share of enterprises, %
Sh
are
of
em
plo
yees,
%
Services
19951996
19971998
1999
2000
2001
20022003
2004
2005
2006
24
26
28
30
32
34
36
38
40
13 14 15 16 17 18 19 20 21Share of enterprises, %
Sh
are
of
em
plo
yees,
%
Manufacturing
Share of enterprises and employees in the construction sector, 1995-2006
1995
1996
19971998
1999
2000
2001
2002
20032004
20052006
9
10
10
11
11
12
12
13
13
14
14
10 11 12 13 14 15 16
Share of enterprises, %
Sh
are
of
emp
loye
es, %
Source: Own calculations, based on "Quadros de Pessoal", GEP, Ministério do Trabalho e da Solidariedade Social and the OECD/Eurostat´s (2007) methodology.
Firm turbulence (excessive creative destruction?)
Short-term factors (business cycle)
Sectoral (and not regional)
Servicisation of the economy
Quality of entrepreneurs
Agglomeration effects
Possibledeterminants of
performance
Determinants of HG and Gazelles performance
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).
19Source: Bank of Portugal, based on Central de Balanços data and the Eurostat/OECD´s (2007) methodology.
Share of HG and Gazelles closed during 2000-2009
Structure High-Growth Gazelles
Total Universe of non financial firms 23,8% 25,8%
Microfirms 83,6% 23,6% 26,5%
SMEs 16,2% 20,0% 21,9%
Large firms 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%
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%
Manufacturing 13,7% 26,6% 28,9%
Electricity and Water 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
By district
By juridical nature
By sector
Dimension HG firms Gazelles
Microfirms 86,4% 87,8%
SMEs 13,6% 12,2%
Large firms 0,0% 0,0%
Microfirms: 1991-2009
What is the maximum size attained by HG firms and Gazelles throughout their
life?
20
No targeted support policies: One size fits all (CSF support, financing schemes, venture capital, business angels, incubators)
Support assessement for HG firms and Gazelles
Few policy synergies:Innovation & Internationalization & Entrepreneurship/SME policies.
Weak involvement with the regional administration
Policy assessment
Obstacles and rigiditiesAccess to capital, Labour Market, Regulation, Red tape and Bureaucracy
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 Non-
Parametric 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.
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