Multi-Faceted Growth in Creative Industries
The purpose of this study is to explore the different facets of growth among micro, small and medium-sized firms in Croatia and to analyze the differences between models designed for all micro, small and medium-sized firms and those in creative industries. Three growth prediction models were designed and tested using the growth of sales, employment and assets of the company as dependent variables. The key drivers of sales growth are: prudent use of cash, industry affiliation and higher share of intangible assets. Growth of assets depends on retained profits, internal and external sources of financing, as well as industry affiliation. Growth in employment is closely related to sources of financing, in particular, debt and it occurs less frequently than growth in sales and assets. The findings confirm the assumption that growth strategies of small and medium-sized enterprises (SMEs) in creative industries have specific differences in comparison to SMEs in general. Interestingly, only 2.2% of growing enterprises achieve growth in employment, assets and sales simultaneously.
Digital Object Identifier (DOI): doi.org/10.5281/zenodo.1124487Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 973
 B. Reid, A. Albert, A, and L. Hopkins, L, A Creative Block? The Future of the UK Creative Industries: A Knowledge Economy & Creative Industries report, London: The Work Foundation, 2010.
 I. Rašić Bakarić, K. Bačić, Lj.vBožić, Mapiranje kreativnih i kulturnih industrija u Republici Hrvatskoj - Projektna studija, Zagreb: Ekonomski institut Zagreb, 2015, pp.1-194.
 R. Caves, Creative industries: Contracts between Art and Commerce, Cambridge: Harvard University Press, 2000.
 J. Holden, Publicly-funded Culture and the Creative Industries, London: Demos & Arts Council England, June 2007.
 J. Carr, Creative Industries, Creative Workers and the Creative Economy: A Review of Selected Recent Literature, Edinburg: Scottish Government Social Research, 2009, pp. 1-29.
 Clayton and Mason, “The financing of UK creative industries SMEs,” Report for the Access to Finance, Business Support Working Group of the Creative Economy Programme, July 2006.
 K. Hackett, P. Ramsden, D. Sattar, and C. Guene, New Financial Instruments for Expanding the Cultural Sector in Europe, Banking on Culture: Final report, September, 2000.
 C. Chaptain, P. Cooke, L. De Propris, S. MacNeill, and J. Mateos Garcia, Creative Clusters and Innovation - Putting Creativity on the Map, London: NESTA, 2010.
 S. Birch, The Political Promotion of the Experience Economy and Creative Industries: Cases from UK, New Zealand, Singapore, Norway, Sweden and Denmark. Copenhagen: Samfundslitteratur, 2008.
 K. Oakley, (2006), “Include us out – Economic development and social policy in the creative Industries,” Cultural Trends, vol. 15, no. 4, 2006, pp. 255-273.
 R. Andari, H. Bakhshi, W. Hutton, A. O’Keeffe, and P. Schneider, Philippe, Staying Ahead: The Economic Performance of the UK’s Creative Industries, London: The Work Foundation and NESTA, 2007.
 D. Throsby, Economics and culture, Cambridge UK: Cambridge University Press, 2001.
 J. R. Fitzsimmons, P.R. Steffens, and E.J. Douglas, Growth and Profitability in Small and Medium Sized Australian Firms, Melbourne: AGSE Entrepreneurship Exchange, February 2005.
 D.J. Storey, Understanding the Small Business Sector, London: Routledge, 1994, pp. 355.
 B. R. Barringer, F.F. Jones, and D, O. Neubaum, “A quantitative content analysis of the characteristics of rapid-growth firms and their founders,” Journal of business venturing, vol. 20, no. 5, 2005, pp. 663-687.
 R. A. Blackburn, M. Hart, and T. Wainwright, “Small business performance: business, strategy and owner‐manager characteristics,” Journal of Small Business and Enterprise Development, Vol. 20, no.1, 2013, pp.8 – 27.
 D.B. Audretsch, A.Coad, A. Seggarra, “Firm growth and innovation,” Small Business Economics, vol. 43, no. 4, 2014, pp.743-749.
 B. Headd, B. Kirchhoff, “The growth, decline and survival of small businesses: An exploratory study of life cycles,” Journal of Small Business Management, vol .47, no. 4, 2009. pp. 531-550.
 Z. Acs, and P. Mueller, “Employment Effects of Business Dynamics: Mice, Gazelles and Elephants,” Small Business Economics, vol. 30, no. 1, 2008, pp. 85–100.
 F. Delmar, A. McKelvie, and K. Wennberg, “Untangling the relationship among growth, profitability and survival in new firms,” Technovation, vol. 33, no. 8–9, 2013, pp. 276–291.
 D. Shepherd, and J. Wiklund, “Are we comparing apples with apples or apples with oranges? Appropriateness of knowledge accumulation across growth studies, “Entrepreneurship Theory and Practice, vol. 33, no. 1, 2009, pp. 105-123.
 A. C. Cooper, F. J. Gimeno-Gascon, and C.Y. Woo, “Initial human and financial capital as predictors of new venture performance, “Journal of Business Venturing, vol. 1, no.5, 1994, pp. 371-395.
 G. Sampagnaro, “Predicting rapid-growth SMEs through a reversal of credit-scoring principles,” International Journal of Entrepreneurship and Small Business, vol. 18 no. 3, 2013, pp. 313-331.
 M. Mateev, and Y. Anastasov, (2010). “Determinants of small and medium sized fast growing enterprises in central and eastern Europe: a panel data analysis,” Financial Theory and Practice, vol. 34, no.3, 2010, pp. 269-295.
 F. Delmar, “Measuring growth: methodological considerations and empirical results,” in Entrepreneurship and the Growth of Firms, Cheltenham: Edward Elgard, 2006, pp. 62-84.
 A. Mohnen, and J. Nasev, “Growth of small and medium-sized firms in germany,” Betriebswirtschaftliche Forschung und Praxis (Business Research and Practice), 2005, no.5. pp. 12-23.
 M. Anyadike-Danes, K. Bonner, M. Hart, and C. Mason, Measuring Business Growth: High Growth Firms and Their Contribution to Employment in the UK, London: NESTA, 2009, pp.1-51.
 D. Pereira, J. Leitao, and R. Baptista, “Survival determinants of the US start-ups: Assessing gazelle vs. non-gazelle firms,” Proceedings from the XXIX RENT Conference, Zagreb, Nov.18-20, 2015. pp.1-18.
 H. Bakhshi, A. Freeman, and P. Higgs, A Dynamic Mapping of the UK’s Creative Industries, London: Nesta, 2012.
 D. Power, The European Cluster Observatory, Priority Sector Report: Creative and Cultural Industries, Europa Innova Paper, no. 16, Luxembourg: Publications Office of the European Union, 2011. pp. 1-45.
 J. Maindonald, and W.J. Braun, Data Analysis and Graphics Using R – an Example-Based Approach, Cambridge: Cambridge University Press, 2010.
 Z. Bursac, C.H. Gauss, D.K. Williams, and D.W. Hosmer, “Purposeful selection of variables in logistic regression,” Source Code for Biology and Medicine, vol. 17, no. 3, 2008. pp. 1-8.
 J. Jobson, Applied multivariate data analysis: volume II: Categorical and Multivariate Methods, Springer Science & Business Media, 2012.
 S.A. Czepiel, Maximum likelihood estimation of logistic regression models: theory and implementation, 2002. Available at czep. net/stat/mlelr.pdf
 T. Fawcett, “An introduction to ROC analysis,” Pattern recognition letters, vol. 27, no. 8, 2006, pp. 861-874.
 M. Řezáč, and F. Rezáč, “How to measure the quality of credit scoring models,” Czech Journal of Economics and Finance, vol.61, no.5, 2011, pp. 486-507.