A probit regression model is estimated in order to analyze how firm age and size affect the likelihood of being a HGF. The analysis confirms that firm age and size affect the probability of a firm becoming any type of HGF. Larger firms are more likely to be HGFs measured in absolute numbers and less likely when HGFs are measured in relative numbers. Firm age has a significant negative impact on the likelihood of being a HGF in almost all regressions, indicating that young firms are more likely to be HGFs irrespective of how HGFs are defined. Thus, new firm.
