<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0121-4772</journal-id>
<journal-title><![CDATA[Cuadernos de Economía]]></journal-title>
<abbrev-journal-title><![CDATA[Cuad. Econ.]]></abbrev-journal-title>
<issn>0121-4772</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional de Colombia]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0121-47722018000300727</article-id>
<article-id pub-id-type="doi">10.15446/cuad.econ.v37n75.69123</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[DO PROFITABLE START-UP FIRMS GROW FASTER? EVIDENCE FROM COLOMBIA]]></article-title>
<article-title xml:lang="es"><![CDATA[¿Las empresas emergentes rentables crecen más rápido? Evidencia de Colombia]]></article-title>
<article-title xml:lang="fr"><![CDATA[Les entreprises émergentes rentables croissent-elles plus vite ? Exemple de la Colombie]]></article-title>
<article-title xml:lang="pt"><![CDATA[As empresas emergentes lucrativas crescem mais rápido? Evidências da Colômbia]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Honjo]]></surname>
<given-names><![CDATA[Yuji]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Chuo University  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Japan</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2018</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2018</year>
</pub-date>
<volume>37</volume>
<numero>spe75</numero>
<fpage>727</fpage>
<lpage>754</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0121-47722018000300727&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0121-47722018000300727&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0121-47722018000300727&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This study explores the impact of profitability on the growth of start-up firms. Using data on start-up firms in Colombia, we examine the relationship between firm growth and profitability. We provide evidence that start-up firms with higher profitability increase their total assets. However, we find little evidence that profitability positively affects sales growth for start-up firms. In contrast, the results provide support for the notion that profitability is derived from sales growth. Furthermore, we find that firm growth depends heavily on firm age during the start-up stage. JEL: L21; L26; M13.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este estudio explora el impacto de la rentabilidad en el crecimiento de las empresas emergentes o startups. Empleando datos sobre empresas emergentes en Colombia, examinamos la relación entre el crecimiento empresarial y la rentabilidad. Proporcionamos evidencia de que las empresas emergentes con mayor rentabilidad incrementan sus activos totales. Sin embargo, encontramos poca evidencia de que la rentabilidad afecte positivamente el crecimiento de las ventas para las compañías emergentes. Por el contrario, los resultados apoyan la noción de que la rentabilidad se deriva del crecimiento de las ventas. Adicionalmente, encontramos que el crecimiento empresarial depende en gran medida de la edad de la empresa durante la etapa de emergencia de la misma. JEL: L21; L26; M13.]]></p></abstract>
<abstract abstract-type="short" xml:lang="fr"><p><![CDATA[Resumé Cette étude analyse l&#8217;impact de la rentabilité sur la croissance des entreprises émergentes ou startups. En utilisant des données sur les entreprises émergentes en Colombie, nous examinons la relation entre la croissance de l&#8217;entreprise et la rentabilité. Nous montrons que les entreprises émergentes les plus rentables augmentent le total de leurs actifs. Cependant, nous trouvons peu d&#8217;évidences de ce que la rentabilité augmente notablement les ventes des compagnies émergentes. Au contraire, les résultats montrent que la rentabilité provient de la croissance des ventes. En outre, nous observons que la croissance de l&#8217;entreprise dépend en grande mesure de l&#8217;âge de l&#8217;entreprise durant l&#8217;étape de son émergence. JEL: L21; L26; M13.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo Este estudo explora o impacto da lucratividade no crescimento de empresas emergentes ou startups. Usando dados de empresas emergentes na Colômbia, examinamos a relação entre o crescimento dos negócios e a lucratividade. Fornecemos evidências de que empresas emergentes com maior lucratividade aumentam seus ativos totais. Porém, encontramos poucas evidências de que a lucratividade afeta positivamente o crescimento das vendas de empresas emergentes. Pelo contrário, os resultados apoiam a noção de que a lucratividade é derivada do crescimento das vendas. Além disso, descobrimos que o crescimento dos negócios depende em grande parte da idade da empresa durante a sua fase de emergência. JEL: L21; L26; M13.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Growth]]></kwd>
<kwd lng="en"><![CDATA[Profitability, Start-up]]></kwd>
<kwd lng="es"><![CDATA[crecimiento]]></kwd>
<kwd lng="es"><![CDATA[rentabilidad]]></kwd>
<kwd lng="es"><![CDATA[empresa emergente (startup)]]></kwd>
<kwd lng="fr"><![CDATA[croissance]]></kwd>
<kwd lng="fr"><![CDATA[rentabilité]]></kwd>
<kwd lng="fr"><![CDATA[entreprise émergente (startup)]]></kwd>
<kwd lng="pt"><![CDATA[crescimento]]></kwd>
<kwd lng="pt"><![CDATA[rentabilidade]]></kwd>
<kwd lng="pt"><![CDATA[empresa emergente (startup)]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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