Cluster dynamics of financial centres in the UK: do connected firms grow faster?

This study investigates the connection between network centrality and firm growth on a sample of 3224 financial services firms located in the UK in the aftermath of the global financial crisis. The findings, based on a spatial econometric model of long-term firm growth, indicate that firms that span structural holes, engage in co-management appointments and have network connections to related companies in other financial centres grow faster. In contrast, such connections generate substantial negative indirect effects on proximate firms, leading to a divergence of growth rates between globally connected and locally embedded firms.

本研究以全球金融危机后英国境内的3224家金融服务企业为样本，探讨了网络中心性与企业成长之间的关联。本研究基于长期企业成长的空间计量模型展开分析，结果表明：跨越结构洞（structural holes）、参与联合管理委任，并与其他金融中心的关联企业存在网络联结的企业，成长速度更快。与之相对，此类网络联结会对邻近企业产生显著的负向间接效应，最终导致全球联结型企业与本土嵌入型企业之间的成长率出现分化。