Young SMEs, growth and job creation

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1 Share in total employment/job creation/job destruction Young SMEs, growth and job creation New OECD work based on an innovative methodology using firm-level data demonstrates that, among small and medium-sized enterprises (SMEs), young firms play a central role in creating jobs and enhancing growth and innovation. Public policies can help unleash the growth potential of young, innovative firms by enabling them to experiment with new business models and by fostering the reallocation of resources towards the most productive firms. Structural reforms to product, labour and capital markets as well as bankruptcy laws that do not overly penalise failure are essential in this regard. SMEs are significant sources of employment and job growth Figure 1. SMEs account for a large share of employment and job creation and destruction in the economy Share of employment, contributions to aggregate job creation and destruction by SMEs (less than 25 employees) Averages over the period for 18 countries Share in employment Contribution to gross job destruction Contribution to gross job creation NZL LUX PRT ITA ESP BRA HUN JPN BEL AUT CAN NOR NLD SWE FIN FRA GBR USA Note: The graph reports the contribution to total employment, gross job creation, and gross job destruction by SMEs. The period covered is for Belgium, Canada, Finland, Hungary, the Netherlands, the United Kingdom and the United States; for Austria, Brazil, Spain, Italy, Luxembourg, Norway and Sweden; for Canada, Japan and New Zealand; for France; and for Portugal. Sectors included are: manufacturing, construction, and non-financial business services. Owing to methodological differences, figures may deviate from officially published national statistics. For Japan data are at the establishment level and are limited to the manufacturing sector, Data for the other countries at the firm level. Data for Canada refer only to organic employment changes and abstract from merger and acquisition activity. Source: Criscuolo, Gal and Menon (214), The Dynamics of Employment Growth: New Evidence from 18 Countries, OECD Science, Technology and Industry Policy Papers no. 14, OECD Publishing, oe.cd/dynemp

2 Share of firms but not all SMEs are the same Figure 2. Most SMEs are old or mature firms Average over , firms below 25 employees Startups (-2) Young (3-5) Mature (6-1) Old (>1) BRA ESP HUN FRA GBR LUX NLD USA NZL AUT PRT SWE BEL NOR ITA FIN JPN Note: The graph shows the share of firms by different age groups in the total number of micro and small firms (below 25 employees) in each economy on average over the available years. Source: Criscuolo, Gal and Menon (214), The Dynamics of Employment Growth: New Evidence from 18 Countries, OECD Science, Technology and Industry Policy Papers no. 14, OECD Publishing, and it s the young ones that create the new jobs.

3 Share in total employment/job creation/job destruction Figure 3. Young firms contribute disproportionately to job creation Employment, gross job creation and gross job destruction by young small and medium sized firms, % Contribution to employment Contribution to gross job destruction Contribution to gross job creation BRA ESP NZL HUN PRT LUX NLD AUT ITA FRA BEL CAN SWE GBR NOR USA JPN FIN Note: The graph reports the contribution to total employment, gross job creation and job destruction by firms below 5 years of age and with less than 25 employees in average across all available years and countries. Data for Canada refer only to organic employment changes and do not include mergers and acquisitions. See also note to Figure 1. Source: Criscuolo, Gal and Menon (214), The Dynamics of Employment Growth: New Evidence from 18 Countries, OECD Science, Technology and Industry Policy Papers no. 14, OECD Publishing, Start-up rates have fallen

4 % of startups in all firms Figure 4. Start-up rates have declined across countries Percentage of start-ups in all businesses BRA ESP GBR LUX USA HUN NZL PRT BEL AUT CAN SWE NOR ITA FIN Note: The graph reports start-up rates (defined as the fraction of start-ups among all firms) by countries, averaged across the indicated three-year periods. Start-up firms are those firms that are to 2 years old. Source: Criscuolo, Gal and Menon (214), The Dynamics of Employment Growth: New Evidence from 18 Countries, OECD Science, Technology and Industry Policy Papers no. 14, OECD Publishing, reducing business dynamism and slowing the reallocation of resources.

5 Difference between year-on-year growth rate and trend growth rate over the 1 years USA LUX CAN BEL FRA HUN GBR AUT SWE NOR BRA FIN NLD PRT ESP NZL ITA USA GBR BEL CAN LUX FRA NOR BRA AUT HUN PRT SWE NLD NZL FIN ESP ITA Employees Figure 5. Starting big does not necessarily mean ending up big Average size of start-up firms (from to 2 years old) and firms of more than 1 years old Manufacturing Startups (-2) Old (>1) Services Startups (-2) Old (>1) Note: The graph reports the average size of start-up firms (from to 2 years old) and firms more than 1 years old, as the average over the available years. See also note to Figure 1. Source: Criscuolo, Gal and Menon (214), The Dynamics of Employment Growth: New Evidence from 18 Countries, OECD Science, Technology and Industry Policy Papers no. 14, OECD Publishing, Young firms were hit the hardest by the crisis Figure 6. The Great Recession hit young firms relatively harder Net growth rate in differences from the average (%) % 6 Young Old Note: Average across all available countries. Net growth rates are calculated as net job creation over total average employment in the biennium.

6 Contribution to aggregate net job creation Source: Criscuolo, Gal and Menon (214), The Dynamics of Employment Growth: New Evidence from 18 Countries, OECD Science, Technology and Industry Policy Papers no. 14, OECD Publishing, but continue to create the most jobs. Figure 7. During the crisis, old firms destroyed more jobs Contributions to aggregate net job creation by firm age, in % % 6 Young (entry-exit) Young (incumbents) Old (exits) Old (incumbents) Total Note: Average across all available countries. Contributions are calculated as net job creation by the group over total average employment. See also notes for Figure 1. Source: Criscuolo, Gal and Menon (214), The Dynamics of Employment Growth: New Evidence from 18 Countries, OECD Science, Technology and Industry Policy Papers no. 14, OECD Publishing, Targeting resources to young and innovative firms is important

7 Figure 8. Do resources flow to patenting firms? Change in capital stock associated with a 1% change in patent stock, selected OECD countries (23-21) Notes: The darker squares shows the country-specific point estimate of a panel fixed-effect regression at firm level of capital stock on patent stock, while the lighter bands denote the 9% confidence interval. Source: Andrews, Criscuolo and Menon (214), Do Resources Flow to Patenting Firms? Cross-country Evidence from Firm-level Data. OECD Economics Department Working Papers, OECD Publishing, forthcoming.

8 and public policy has a big role to play. References

9 For more information, please see: Contact:

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