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The birth of new HGEs: internationalization through new digital technologies

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Abstract

This paper explores the relationship between new digital technologies, internationalisation activity and its impact on High Growth Enterprises (HGEs), using the EIB Group Survey of Investment and Investment Finance and ORBIS data for 27 EU Member States and the United Kingdom. After controlling for sample selection bias, our results suggest that being a HGE is positively associated with the probability that a firm conducts international activities, particularly FDI. Conversely, the internationalisation process seems to trigger strong subsequent firm-growth only for FDI, not for exports. Furthermore, we show evidence on the positive association between firms that are internationalised and those adopting new digital technologies. The adoption of new digital technologies is indirectly related to the status of being a HGE via internationalisation activity in the current period. Our results highlight the complex influence of exporting and FDI on the capacity to become a HGE and the role of new digital technologies in this process.

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Fig. 1
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Fig. 4

Source: own elaboration from EIBIS wave 2019. A firm is identified as ‘partially digital’ if at least one digital technology was implemented in parts of the business, and ‘fully digital’ if the entire business is organised around at least one digital technology. Firms are weighted using value added

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Notes

  1. The evidence of the impact of FDI investments on the destination market is very broad. For a review and meta-analysis, see Bruno and Cipolla (2014). However, here we aim to analyse the impact in the domestic market.

  2. Bürgel et al. (2000) suggest that internationalisation often comes by chance.

  3. Their qualitative results show that internationalisation was not always a planned and logical process, but rather an opportunistic attempt to capitalize on a trigger for growth.

  4. The concept of digital technologies involves all advances in networks, hardware, software, products and services, as well as communication processes triggered by digitisation (Burri and Cotier, 2012). However, NDTs corresponds to technologies such as the machine learning and data science, low-cost sensors and a new generation of industrial robotics, among others.

  5. The long-run figures show that trade in merchandise is in relative decline while trade in services is growing exponentially (Borchert et al., 2020).

  6. Despite the evidences on the potential positive effects of the adoption of NDTs, the paths to reap the benefits are not so clear. First, new emerging sectors developed by new technologies are characterised by high uncertainty. At the beginning, markets, technology and users may not converge (Phaal et al., 2011). Second, exploiting the full potential of NDT involves a mix of factors. Internal factors such as the decision to adopt technologies or acquire skilled workers are crucial (Brynjolfsson 2011; Brynjolfsson and McElheran 2016).

  7. As presented in Brutscher et al. (2020), EIBIS sample is representative in comparison with other similar databases.

  8. https://www.eib.org/attachments/eibis-methodology-report-2019-en.pdf.

  9. Appendix 2 provides a country-level analysis.

  10. Appendix 3 provides a country-level analysis.

  11. Manufacturing: 3D Printing, Robotics, IoT, Big Data; Construction: 3D printing, Drones, Virtual Reality, IoT; Services: VR, Platforms, IoT, Big Data; and Infrastructure: 3D Printing, Platforms, IoT, Big data. For further details see also www.eib.org/en/publications-research/economics/surveys-data/eibis-digitalisation-report.htm.

  12. GPS was applied previously to analyse the relationship between exporting and firm growth (Eliasson et al., 2012; Fryges, 2009; Wagner, 1995), and exporting and profitability (Fryges and Wagner, 2010).

  13. Similar cut-offs have been applied in Segarra-Blasco et al. (2020).

  14. We consider as leading countries those that they classified by the European Innovation Scoreboard as leading innovators or strong innovators above the EU average.

  15. Check Table 15 in the Appendix 5 for a table with the descriptive statistics.

  16. Finally, we must mention that the estimations for entrants and exiters have not been included due to the few observations. Results are available upon request to the authors.

  17. Similar estimations were used with the whole sample. There results where rather similar to those presented in Table 5.

  18. The number of observations are substantially lower in comparison with observations in Table 5 due to two reasons. First, the explanatory variables are lagged one period and additionally. Second, to generate the internationalization dynamics we must have two periods of observations. Therefore, the sample belongs to firms observed during three consecutive periods.

  19. The interaction between NDTs and the dummy variable of HGE is not significant. Results are available upon request. We give thank you the suggestion of one referee for testing the interaction.

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Acknowledgements

We are grateful to James Gavigan, Agustí Segarra-Blasco and participants at the EC Workshop on “Entrepreneurial Ecosystems for High Growth Enterprises” (Joint Research Centre, Brussels, Belgium, 26–27 February 2020) for many helpful suggestions and comments. The usual disclaimers apply. This work was supported by CT-EX2017D318324-101 and CT-EX2014D180880-103 by the European Commission. Mercedes Teruel received also support by Universitat Rovira i Virgili [2019PFR-URV-B2-80] and the Consolidated Group of Research [2014-SGR-1395]. Alex Coad received support from the National Research Foundation of Korea Grant funded by the Korean Government (NRF-2018S1A3A2075175).

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Authors and Affiliations

  1. GRIT & ECO-SOS, Department of Economics, Universitat Rovira I Virgili, Av. Universitat 1, 43204, Reus, Spain

    Mercedes Teruel

  2. Waseda Business School, Waseda University, Bldg. 11 1-6-1 Nishi-Waseda, Shinjuku, Tokyo, 169-8050, Japan

    Alex Coad

  3. Joint Research Centre - European Commission, Inca Garcilaso 3, 4109, Seville, Spain

    Clemens Domnick

  4. Joint Research Centre - European Commission, Rue du Champ de Mars 21, 1050, Brussels, Belgium

    Florian Flachenecker & Mario Lorenzo Janiri

  5. European Investment Bank, 98-100, Boulevard Konrad Adenauer, 2950, Luxembourg, Luxembourg

    Peter Harasztosi & Rozalia Pal

  6. University College London, Central House, 14 Upper Woburn Place, London, WC1H 0NN, UK

    Florian Flachenecker

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Appendices

Appendix 1: Main statistics

See Tables 9, 10, and 11.

Table 9 Number of firms and number of observations in EIBIS
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Table 10 Number of observations in the merged EIBIS-Orbis dataset
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Table 11 Variables statistics
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Appendix 2: HGEs and the internationalisation activity at country level

See Tables 12 and 13.

Table 12 Exporting status for HGEs and non- HGEs at country level. (%).
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Table 13 FDI status for HGEs and non-HGEs at country level (%).
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Appendix 3: HGEs and the innovation activity at country level

See Fig. 5.

Fig. 5
figure 5

Source: own elaboration from EIBIS

Share of firms that declare to introduce innovations new to the world (%).

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Appendix 4: Adoption of new digital technologies

See Fig. 6.

Fig. 6
figure 6

Source: own elaboration from EIBIS wave 2019. A firm is identified as ‘partially digital’ if at least one digital technology was implemented in parts of the business, and ‘fully digital’ if the entire business is organised around at least one digital technology. Firms are weighted using value added

Share of firms that declare to implement NDTs according to the internationalisation status and HGE status.

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Appendix 5: Econometric appendix

See Tables 14 and 15.

Table 14 Multivariate distance with CEM methodology.
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Table 15 Description of variables
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Teruel, M., Coad, A., Domnick, C. et al. The birth of new HGEs: internationalization through new digital technologies. J Technol Transf 47, 804–845 (2022). https://doi.org/10.1007/s10961-021-09861-6

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