Title: Determinants of high-growth firms during the financial crisis: evidence from Catalonia

Authors: Núria Arimany-Serrat; Xavier Ferràs Hernández; Petra Nylund; Emma Hitchen

Addresses: Universitat de Vic – Universitat Central de Catalunya, Vic, Spain ' Universitat de Vic – Universitat Central de Catalunya, Vic, Spain ' Universitat de Vic – Universitat Central de Catalunya, Vic, Spain ' Universitat de Vic – Universitat Central de Catalunya, Vic, Spain

Abstract: This study profiles and provides an economic and financial analysis of high-growth Catalan firms during the period 2008-2013, identified from an objective search using the SABI database. The firms experienced a minimum 10% increase in sales between the years 2010, 2011, 2012 and 2013, a 5% minimum ROA in 2013, and a 2% minimum ROE in 2013. The aim of this study is to profile the Catalan firms with the strongest growth and determine their financial and economic health during the period 2008-2013, identifying sectors and regions which experienced the most growth. The methodology consists of an economic and financial analysis of the short-term balance sheet (with emphasis on liquid assets directly related to the cash flow statement), of the long-term balance sheet, of profit or loss of changes in equity, and collections and payments, in order to reach results and conclusions which enable these firms to position themselves at an economic and financial level, and identify future challenges in order to maintain their competitiveness.

Keywords: high-growth firms; Catalonia; financial analysis; statement of changes in equity analysis; cash flow statement analysis; economic analysis.

DOI: 10.1504/IJBG.2018.089865

International Journal of Business and Globalisation, 2018 Vol.20 No.2, pp.152 - 170

Received: 10 Oct 2016
Accepted: 10 Oct 2016
Published online: 14 Feb 2018 *

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