engleski

Exploring Growth Potential of Creative Industries in Croatia

Abstract: Creative industries have unique features that differentiate them from the rest of the economy. Majority of enterprises in creative industries are very small, and they face substantial challenges if they choose to grow into medium-sized enterprises. However, studies focused on identification of the high- growth predictors are rare, particularly in the context of creative industries. The main purpose of this study is to describe the inherent growth dynamics of small and medium-sized enterprises in creative industries in Croatia. The high- growth prediction model was developed on the dataset of financial statements of SMEs in Croatia. Modelling procedure consisted of developing several models by using logistic regression, separately for the sample of all industries of Croatian economy and specifically for creative industries. SMEs potential to achieve high growth in Croatia is largely in line with the previous studies in this research field. The structure of the high-growth prediction model developed specifically for SMEs in creative industries demonstrates unique features. The high-growth prediction model provides a preliminary empirical evidence on growth similarities across creative industries. This supports our presumption that SMEs in creative industries have aggregate commonalities. It contributes to better understanding of prospect of the SMEs to achieve high-growth which may be important to a variety of stakeholders: including entrepreneurs, policy-makers, investors and scholars.

growth prediction model, high-growth determinants, financial indicators, creative industries, small and medium-sized enterprises

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