Growth processes of high-growth firms as a four-dimensional chicken and egg
研究高成长企业是否以不同于其他企业的方式成长，通过分析销售、就业、资产和营业利润四个维度的增长顺序，发现高成长企业更注重营业利润增长驱动其他维度，而就业增长发生在最后。
This article investigates whether high-growth firms grow in different ways from other firms. Specifically, we analyze how firms grow along several dimensions (growth of sales, employment, assets, and operating profits) using Structural Vector Autoregressions. Causal relations are identified by using information contained in the (non-Gaussian) growth rate distributions. For most firms, the growth process starts with employment growth, which is then followed by sales growth, then growth of operating profits, and finally growth of assets. In contrast, high growth firms put more emphasis on growth of operating profits driving other dimensions of growth, with employment growth occurring at the end.