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Journal articles on the topic 'High growth firms'

Author: Grafiati

Published: 4 June 2021

Last updated: 25 April 2022

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1

Bannò, Mariasole, and Celeste Amorim Varum. "Champions during Crises Scenarios: High Growth and Persistent High Growth Firms." Research in Applied Economics 13, no. 2 (June 24, 2021): 1. http://dx.doi.org/10.5296/rae.v13i2.17461.

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Our paper aims to participate to the growing policy discussion on high-growth firms (HGFs) by analyzing persistence of high growth patterns over crisis. During downturn periods, such as post pandemic one, policy makers seek sources to maintain competitiveness and accelerate growth. Being dynamic players in economic growth and job creation, persistent high-growth firms are notable candidates for assuming that role under such circumstances. Therefore, in this study we explore the determinants and characteristics of HGFs and persistent high-growth firms (PHGF) in a crisis scenario.We use a sample of 190,247 firms from 2007 to 2014. We estimate a multinomial probit model with independent idiosyncratic components across the different categories (i.e. HGFs, PHGFs and other firms) using full maximum likelihood. In a second phase we explore which characteristics of HGFs affect the probability of being a PHGFs.HGFs are characterized by higher productivity and leverage, and PHGFs systematically differ from other HGFs only in what regards degree of international involvement. HGFs probability of maintaining high growth rates is very low.HGFs are essentially one-hit wonders and it is debatable whether policymakers can enhance economic results by targeting them. Policy makers should be directed towards those firms which have in principal the potential to be winners, but only through policy intervention these aided firms can realize their great potential (i.e. pick and build winner).

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2

Coad, Alex, and Gregory Scott. "High-Growth firms in Peru." Cuadernos de Economía 37, no. 75 (December 1, 2018): 671–96. http://dx.doi.org/10.15446/cuad.econ.v37n75.69585.

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This exploratory research note investigates the frequency and activity of HighGrowth Firms (HGFs) in Peru using panel data on Peru's largest firms for the years 2001-2016. Firms in our dataset enjoyed strong growth in revenues during the period. Compared to other countries, HGFs are relatively common in Peru although the share they represent of all firms in the database decreased over the time span of our analysis. We confirm several previous findings, such as the heavy-tailed growth rates distribution, and the superior growth performance of small and young firms.

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3

Gabrielsson, Jonas, Åsa Lindholm Dahlstrand, and Diamanto Politis. "Sustainable High-Growth Entrepreneurship." International Journal of Entrepreneurship and Innovation 15, no. 1 (February 2014): 29–40. http://dx.doi.org/10.5367/ijei.2014.0138.

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The importance of high-growth entrepreneurship is widely acknowledged. Previous studies, however, have shown that only a few rapidly growing firms manage to sustain their growth trajectory over long periods. This paper addresses high-growth entrepreneurship in the Scania region of Sweden. The authors analyse a sample of high-growth firms and find that only a minority exhibit sustained high growth. They also compare sustainable high-growth firms with temporary high-growth firms, using unique data about their innovation and R&D activities. The analysis shows that sustainable high-growth firms are more often involved in activities aimed at developing and improving existing production processes, and are also less committed to international operations in new foreign markets. The results can be used to advise policy makers on how to understand and support high-growth entrepreneurship in regional innovation systems.

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Ladegard, Gro, and Casper Claudi Rasmussen. "Corporate governance in high-growth firms." Corporate Ownership and Control 12, no. 2 (2015): 308–17. http://dx.doi.org/10.22495/cocv12i2c2p5.

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The purpose of this paper is to explore the governance structures in high-growth firms – “Gazelles”. We analyse and compare 865 high-growth firms and 396 SMEs in Norway. The data reveals that high-growth firms differ from average SMEs on several core characteristics. They are smaller and younger, and have more owners and larger boards than the average SME. The analysis shows that high-growth firms are a special case where owners and managers appear to have shared interests, and the strategic and advisory role of the board are thus more important than the monitoring role. This knowledge is useful both for understanding high-growth firms as a particular context, and for how corporate governance systems may have different functions in different types of firms

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5

Klobucnik, Jan, and Soenke Sievers. "Valuing high technology growth firms." Journal of Business Economics 83, no. 9 (July 30, 2013): 947–84. http://dx.doi.org/10.1007/s11573-013-0684-2.

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6

Pletnev, Dmitri, Kseniia Naumova, and Saeed Mirvahedi. "High-growth firms in transport sector (Russian experience)." E3S Web of Conferences 157 (2020): 04029. http://dx.doi.org/10.1051/e3sconf/202015704029.

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High-growth firms provide a substantial stake in the national economy growth and supply job creation. Research of gazelle stability, allocation and success play an essential role in understanding the manufacturing and economic growth overall. The paper aims to present the results of high-growth firms analysis in the Russian transport sector. The authors propose the high-growth firms’ detection methods based on accounting data and analyze the allocation of high-growth firms according to the sectors ( railway and highway transport) and by federal districts of Russia. The authors define total revenue trends of high-growing firms comparing with ordinal firms and inside transport sectors. This study pays special attention to the evaluation of the further high-growth firms’ success in 2016-18. The most common phenomenon of high-growth firms is sacrificing the profit to achieve an accelerated growth rate.

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7

Hinton, Mark, and R. T. Hamilton. "Characterizing High-Growth Firms in New Zealand." International Journal of Entrepreneurship and Innovation 14, no. 1 (February 2013): 39–48. http://dx.doi.org/10.5367/ijei.2013.0103.

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This study characterizes high-growth New Zealand-owned firms operating in business-to-business relationships. Within a case study design featuring six such firms, four dimensions emerged that captured their key features: founders' characteristics; opportunity orientation; opportunity exploitation; and the management of growth. All the firms had joint founders who brought complementary skills and maintained external advice networks. The growth opportunities leveraged innovations of other firms. Exploitation was in niche areas in which there were both few competitors and small numbers of larger customers, facilitating intensive relationship marketing. The founders managed the businesses by developing a pro-growth culture among employees, but supported this through strong financial control systems and low debt preference. The lack of evidence on the characteristics of this important group of firms has contributed to poorly targeted policy. This paper begins to redress this situation.

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8

Wadho, Waqar, and Azam Chaudhry. "Identifying and Understanding High Growth Firms in the Pakistani Textile and Apparel Sectors." LAHORE JOURNAL OF ECONOMICS 24, no. 2 (July 1, 2019): 73–92. http://dx.doi.org/10.35536/lje.2019.v24.i2.a4.

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In this article, we investigate the distinguishing features of fast growing firms in the Pakistani textile and apparel sectors. We find that the distribution of firm growth- both in terms of employment and sales - is very heavily skewed toward the right-tail, confirming earlier findings that firm growth is generated by a very small number of firms. We found that small and young companies grow faster and generate higher employment. We also used various indicators of a firm’s innovation behavior and found that more innovative firms grow faster. Our results suggest that it is not the possession of individual attributes, but rather a combination of particular firm attributes that defines fast growing firms. Specifically, we found that the blend of being small, young and innovative explains the fast growth in firms. on overall these companies also create more jobs.

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9

Xia, Belle Selene. "Innovation Policies in Managing Growth for High-Tech Companies." International Journal of Service Science, Management, Engineering, and Technology 6, no. 4 (October 2015): 33–42. http://dx.doi.org/10.4018/ijssmet.2015100103.

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Given the high percentage of turnover invested in R&D, the cost structure and segmentation of investment in high-tech firms necessitate regular review of resource allocation. For high-tech firms, the vital importance of innovation management is one of the building stones of a successful business. The key question remains how innovations can be managed throughout the S-curve of technological performance from the strategic point of view? The aim of this study is to capture an innovation framework for high-tech firms enabling them to actualize the value of technological breakthroughs based on a case study. The author's results are performance-driven. She will address some of the causes behind a technological failure along with its impact on the firm's profit margins. Based on the management insights of her case company, the author sees that innovation policies in high-tech companies can be dissected into four main management phases: sources, formulation, execution and maintenance. New research opportunities are opened in the performance review of technological innovations for listed companies.

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10

Brown, Ross, and Suzanne Mawson. "Trigger points and high‐growth firms." Journal of Small Business and Enterprise Development 20, no. 2 (May 9, 2013): 279–95. http://dx.doi.org/10.1108/14626001311326734.

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11

Bjuggren, Carl Magnus, Sven-Olov Daunfeldt, and Dan Johansson. "High-growth firms and family ownership." Journal of Small Business & Entrepreneurship 26, no. 4 (July 2013): 365–85. http://dx.doi.org/10.1080/08276331.2013.821765.

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12

Li, Minghao, Stephan J. Goetz, Mark Partridge, and David A. Fleming. "Location determinants of high-growth firms." Entrepreneurship & Regional Development 28, no. 1-2 (December 18, 2015): 97–125. http://dx.doi.org/10.1080/08985626.2015.1109003.

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13

Coad, A., S. O. Daunfeldt, D. Johansson, and K. Wennberg. "Whom do high-growth firms hire?" Industrial and Corporate Change 23, no. 1 (January 8, 2014): 293–327. http://dx.doi.org/10.1093/icc/dtt051.

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14

Walburn, David. "Public policy and high growth firms." Local Economy: The Journal of the Local Economy Policy Unit 27, no. 4 (May 29, 2012): 329–31. http://dx.doi.org/10.1177/0269094212441446.

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There are signs that public policy is catching on to an understanding that not only start-up firms can achieve high rates of growth. More research is needed to find out what the needs of more mature enterprises might be, before policy lurches away from supporting early stage companies.

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15

Giner, José Miguel, María Jesús Santa-María, and Antonio Fuster. "High-growth firms: does location matter?" International Entrepreneurship and Management Journal 13, no. 1 (March 28, 2016): 75–96. http://dx.doi.org/10.1007/s11365-016-0392-9.

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16

Satterthwaite, Sara, and RT Hamilton. "High-growth firms in New Zealand: Superstars or shooting stars?" International Small Business Journal: Researching Entrepreneurship 35, no. 3 (July 29, 2016): 244–61. http://dx.doi.org/10.1177/0266242616659913.

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This is an empirical study of the origin, demographics and fate of two cohorts of high-growth firms in New Zealand. Customised data on high-growth firms, covering 1125 and 1067 firms in the 2005 and 2008 cohorts, respectively, came from government sources. High-growth firms are smaller, more likely to emerge in service industries and grow through the creation of multiple separate establishments. The ability to sustain high-growth is independent of pre-growth age and employment size. High-growth firms have death rates up to four times greater than other contemporary firms, but the survivors do retain their employment size, continuing to contribute disproportionately to employment for some years beyond their initial high-growth phase. The demonstrated inability of high-growth firms to sustain high growth suggests a rethink on how ‘high growth’ is defined, with future research focusing on sustained growth firms.

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17

ARBAUGH, J. B., and DONALD L. SEXTON. "DETERMINING PLANNING PROCESS DIFFERENCES FOR GROWTH-ORIENTED NEW VENTURES: A QUALITATIVE ANALYSIS OF HIGH-TECH AND NON HIGH-TECH FIRMS." Journal of Enterprising Culture 02, no. 04 (December 1994): 887–905. http://dx.doi.org/10.1142/s0218495894000318.

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This paper compares two qualitative studies of growth-oriented firms to identify similarities and propose differences in growth planning processes between high-tech new ventures and other types of new ventures. The comparison suggests that infrastructural preparation for growth is necessary for all types of growth-oriented new ventures. However, the paper proposes that high-tech new ventures must spend more time in environmental analysis than non high-tech new ventures because their external environments change much more rapidly. The paper also proposes that the high-tech firm’s management team conduct strategy implementation as a top-down activity to control scarce financial resources, whereas implementation be delegated to the functional levels in non-high tech firms.

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18

Azoulay, Pierre, Benjamin F. Jones, J. Daniel Kim, and Javier Miranda. "Age and High-Growth Entrepreneurship." American Economic Review: Insights 2, no. 1 (March 1, 2020): 65–82. http://dx.doi.org/10.1257/aeri.20180582.

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Many observers, and many investors, believe that young people are especially likely to produce the most successful new firms. Integrating administrative data on firms, workers, and owners, we study start-ups systematically in the United States and find that successful entrepreneurs are middle-aged, not young. The mean age at founding for the 1-in-1,000 fastest growing new ventures is 45.0. The findings are similar when considering high-technology sectors, entrepreneurial hubs, and successful firm exits. Prior experience in the specific industry predicts much greater rates of entrepreneurial success. These findings strongly reject common hypotheses that emphasize youth as a key trait of successful entrepreneurs. (JEL G24, J14, L26, M13, O31)

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19

Dwyer, Bruce, and Bernice Kotey. "Identifying high growth firms: Where are we?" Journal of Management & Organization 22, no. 4 (December 8, 2015): 457–75. http://dx.doi.org/10.1017/jmo.2015.51.

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AbstractThe article reviews the literature for the key markers of high growth firms, which create the majority of new jobs. From the review, a template is developed comprising the key markers. They include: training and experience in entrepreneurship and management; and strategies that emphasise innovation, marketing and employee and organisational learning. High growth firm owners take steps to access management skills that complement theirs through employment of a management team, outsourcing management tasks or making decisions with oversight from an informal board. Good reward structures, which may include ownership interests, are essential to performance of the management team. Access to resources, especially finance and human capital is critical to growth but abundant resources could compromise efficiency. The article finds that personality characteristics of owners and postgraduate education in management are not effective identifiers of high growth firms. Some of the barriers to identifying high growth firms are presented and suggestions made to overcome them.

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20

El Hakioui, Mohamed, and Abdenbi Louitri. "High-Growth SMEs." International Journal of Service Science, Management, Engineering, and Technology 8, no. 2 (April 2017): 1–11. http://dx.doi.org/10.4018/ijssmet.2017040101.

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This essay tries to highlight the economic importance of the high-growth SMEs phenomenon. In doing so, an attempt to define and specify this type of firms was conducted. From the authors' literature review it was found that there is no single definition of high-growth. Each researcher adopts a definition according to his research interests. Trying to discuss the economic importance of SMEs gazelles, analysis led to identify three main features of high-growth: high-growth persistence, the novelty and strategic voluntarism. These characteristics make the high-growth SMEs a specific research object.

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21

Mawson, Suzanne. "Customer perceived value in high growth firms." Cuadernos de Economía 37, no. 75 (December 1, 2018): 755–78. http://dx.doi.org/10.15446/cuad.econ.v37n75.68913.

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Scholars have asserted that a key factor that differentiates high growth firms (HGFs) from other firms is their ability to create value for their customers. This paper contributes to the literature by empirically exploring this relationship. Drawing on comparative cohorts of eleven HGFs and ten non-HGFs in Scotland, this paper finds that the HGFs were much more likely than their non-HGF counterparts to be positively influencing customer perceived value, which is considered as an important enabler of firm performance and growth. In addition to its empirical contribution to the high growth entrepreneurship literature, this paper raises issues for future research.

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22

Rasmussen, Casper Claudi, Gro Ladegård, and Silja Korhonen-Sande. "Growth Intentions and Board Composition in High-Growth Firms." Journal of Small Business Management 56, no. 4 (November 20, 2016): 601–17. http://dx.doi.org/10.1111/jsbm.12307.

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23

Dillen, Yannick, Eddy Laveren, Rudy Martens, Sven De Vocht, and Eric Van Imschoot. "Growth persistence and profile robustness of high-growth firms." International Journal of Entrepreneurial Venturing 6, no. 4 (2014): 299. http://dx.doi.org/10.1504/ijev.2014.066836.

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24

Bulanova, Oxana, Espen John Isaksen, and Lars Kolvereid. "Growth aspirations among women entrepreneurs in high growth firms." Baltic Journal of Management 11, no. 2 (April 4, 2016): 187–206. http://dx.doi.org/10.1108/bjm-11-2014-0204.

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Purpose – The purpose of this paper is to investigate the relationship between perceived desirability (attitude towards growth) and feasibility (entrepreneurial self-efficacy) of business growth and women entrepreneurs’ continued business growth aspirations. Hypotheses are derived guided by the Entrepreneurial Event Model (EEM). The authors also address the following research question: what reasons do women entrepreneurs state for wanting or not wanting continued business growth? Design/methodology/approach – The sample consists of 93 of the largest independent businesses in Norway started by women entrepreneurs in 2004, 2005 or 2006 (response rate 57.5 per cent). The hypotheses are tested using logistic regression. The authors carry out a post hoc analysis of open-ended questions, containing a qualitative analysis of the reasons for not wanting or wanting the business to grow. Findings – The results support the hypotheses. Controlling for industry, location and the women entrepreneurs’ age, perceived desirability and feasibility of business growth predict growth aspirations. Thus, the findings suggests that the EEM is an appropriate and useful model. Reasons are grouped in reasons relating to considerations for the entrepreneur, the business and the environment. The most common reason for not wanting the business to grow relates to business considerations, including that growth would jeopardize the quality of services offered by the business. Important reasons for wanting the business to grow include fun and excitement. Research limitations/implications – Policy makers and educators can encourage business growth by efforts aiming to increase the desirability and feasibility of growth. Practitioners as well as scholars should be aware of the inducements and costs associated with business growth. The study contributes to the entrepreneurship literature by exploring and identifying areas that both encourage and hinder further business growth among high-growth women entrepreneurs. Originality/value – Research on women-owned businesses is still scarce, and few if any previous studies have surveyed growth aspiration in new high-growth women-owned businesses. The combination of quantitative and qualitative techniques is also a novel contribution of this survey.

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25

Mogos, Serban, Alexander Davis, and Rui Baptista. ""High and Sustainable Growth: Persistence, Volatility, and Survival in High Growth Firms"." Academy of Management Proceedings 2016, no. 1 (January 2016): 17798. http://dx.doi.org/10.5465/ambpp.2016.17798abstract.

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26

Daunfeldt, Sven-Olov, Niklas Elert, and Dan Johansson. "Are high-growth firms overrepresented in high-tech industries?" Industrial and Corporate Change 25, no. 1 (June 30, 2015): 1–21. http://dx.doi.org/10.1093/icc/dtv035.

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27

Henrekson, Magnus, and Dan Johansson. "Competencies and Institutions Fostering High-growth Firms." Foundations and Trends® in Entrepreneurship 5, no. 1 (2007): 1–80. http://dx.doi.org/10.1561/0300000026.

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28

Srhoj, Stjepan, Ivan Zupic, and Marko Jaklič. "Stylised facts about Slovenian high-growth firms." Economic Research-Ekonomska Istraživanja 31, no. 1 (January 2018): 1851–79. http://dx.doi.org/10.1080/1331677x.2018.1516153.

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29

Derbyshire, James. "High-growth firms: More reasons for caution?" Local Economy: The Journal of the Local Economy Policy Unit 28, no. 4 (February 19, 2013): 355–57. http://dx.doi.org/10.1177/0269094213475856.

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30

Moschella, Daniele, Federico Tamagni, and Xiaodan Yu. "Persistent high-growth firms in China’s manufacturing." Small Business Economics 52, no. 3 (January 18, 2018): 573–94. http://dx.doi.org/10.1007/s11187-017-9973-4.

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31

Belenzon, Sharon, Aaron K. Chatterji, and Brendan Daley. "Choosing Between Growth and Glory." Management Science 66, no. 5 (May 2020): 2050–74. http://dx.doi.org/10.1287/mnsc.2019.3296.

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Prior work has established that the financing environment can impact firm strategy. We argue that this influence can shape the earliest strategic choices of a new venture by creating a potential trade-off between two objectives: rapid growth and reaping the benefits of a positive reputation (glory). We leverage a simple reputation-building strategic choice—naming the firm after the founder (eponymy)—that is associated with superior profitability. Next, we argue via a formal model that the availability of/dependence on external financing can explain why high-growth firms are rarely eponymous. We find empirical support for the model’s predictions using a large data set of 1 million European firms. Eponymous firms grow considerably more slowly than similarly profitable firms. Moreover, eponymy varies in accordance with the firm’s financing environment in a pattern consistent with our model. We discuss implications for the literature on new-venture strategy. This paper was accepted by Bruno Cassiman, business strategy.

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32

Santoleri, Pietro. "Innovation and job creation in (high-growth) new firms." Industrial and Corporate Change 29, no. 3 (November 26, 2019): 731–56. http://dx.doi.org/10.1093/icc/dtz059.

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Abstract Recent research has underscored the prominent role played by a small fraction of fast-growing new firms in contributing to aggregate net employment growth. While it is typically assumed that those firms experience this superior performance thanks to their ability in undertaking technological innovation, few empirical studies have explicitly addressed this issue. This article examines the innovation-employment nexus for startups using the Kauffman Firm Survey, a unique longitudinal dataset tracking a single cohort of US firms founded in 2004. Results based on fixed effects panel quantile regressions indicate an overall positive but heterogeneous effect of innovation activities on the conditional employment growth distribution. More in detail, the findings reveal that both research and development and patents have a positive association with employment growth especially for those new firms experiencing high growth.

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Segarra, Agustí, and Mercedes Teruel. "High-growth firms and innovation: an empirical analysis for Spanish firms." Small Business Economics 43, no. 4 (February 27, 2014): 805–21. http://dx.doi.org/10.1007/s11187-014-9563-7.

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34

Rehman, Naqeeb Ur. "Drivers of firms’ growth: a case study of software firms in Islamabad/Rawalpindi regions." Journal of Management Development 34, no. 8 (August 10, 2015): 901–21. http://dx.doi.org/10.1108/jmd-05-2014-0041.

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Purpose – The purpose of this paper is to identify the drivers of firm’s growth such as research and development (R & D), absorptive capacity, knowledge management, organisation culture, access to finance, internationalisation and so forth. As far as the contribution is concerned, two objectives have been achieved from this empirical paper. First, this paper fills an important gap in the literature by determining the drivers of firm’s growth. Second, this study analysed the Pakistani software industry at micro level by investigating the firm’s knowledge-based assets and their significant association with labour productivity growth. Based on a face to face interview of 69 software firms, this study found that firm size, access to finance, internationalisation (exporting and outward foreign direct investment), business improvement methods and knowledge management have a positive impact on the firm’s labour productivity growth. In comparison, firm undertaking R & D and absorptive capacity showed negative association with labour productivity growth. This study implies that these software firms have low investment in knowledge-based assets. In summary, this empirical study suggests that high sunk costs, low investment in knowledge-based assets and shortage of skills generally affect the labour productivity of these software firms. Design/methodology/approach – Survey analysis, using cross section data analysis. Findings – This study found that firm size, access to finance, internationalisation (exporting and outward FDI), business improvement methods and knowledge management have a positive impact on the firm’s labour productivity growth. In comparison, firm undertaking R & D and absorptive capacity showed negative association with labour productivity growth. In summary, this empirical study suggests that high sunk costs, low investment in knowledge-based assets and shortage of skills generally affect the labour productivity of these software firms. Research limitations/implications – Additionally, suggestions for future research would be to investigate the relationship between drivers of firm growth and innovation performance. The survey analysis could be extended to other parts of country such as Karachi and Lahore for resolving causality. Originality/value – First, this paper fills an important gap in the literature by determining the drivers of firm’s growth. Second, this study analysed the Pakistani software industry at micro level by investigating the firm’s knowledge-based assets and their significant association with labour productivity growth.

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Ali Shah, Syed Sikander, Ali Murad Syed, and Sana Sheikh. "Debt Maturity Structure, Firm Value and Underinvestment Incentive - The Case of Pakistan." Lahore Journal of Business 6, no. 2 (March 1, 2018): 1–26. http://dx.doi.org/10.35536/ljb.208.v6.i2.a1.

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This study examines the potential interaction of a firm’s financing and investment decisions. It studies broadly how firms manage underinvestment and liquidity risks. To estimate the effects of these decisions, the study has incorporated four simultaneous equations using the partial dynamic adjustment model. Panel data of non-financial Pakistani firms have been used in this study. The findings of this study demonstrate that Pakistani high growth firms depend on high-leverage strategies and give greater importance to underinvestment risk rather than liquidity risk. Furthermore, growing Pakistani firms are not adopting low-leverage strategies ex ante to participate in future growth opportunities ex post. This study also examines whether or not Pakistani firms are paying special attention to the mixing of debt maturity that affects the firm’s investment decisions and its value.

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Taipe, Luis Enrique Simbaña, Diana Carolina Ushiña Mullo, Marcela Salas Chuquin, Ximena Morales Urrutia, and María Isabel Sánchez. "Key determinants for growth in high-growth Ecuadorian manufacturing firms." International Journal of Management and Enterprise Development 18, no. 4 (2019): 293. http://dx.doi.org/10.1504/ijmed.2019.102756.

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37

Lee, Joe-Ming. "Non-linear relationships among related party transactions, financial characteristics, corporate governance,and corporate value – Analysis of high-growth and low-growth food firms." Agricultural Economics (Zemědělská ekonomika) 65, No. 3 (March 19, 2019): 123–32. http://dx.doi.org/10.17221/228/2018-agricecon.

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This paper empirically investigates the relationship between related party transactions, financial characteristics, and corporate governance on the corporate value in Taiwan’s food industry during 2008–2017. The results show that non-linear relationships among related party transactions, financial characteristics, corporate governance, and corporate value. This study recommends to low-growth food firms that they should strengthen the power of their financial performance and corporate governance.

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38

Ertan, Aytekin, Stefan Lewellen, and Jacob K. Thomas. "Do Profit Margins Expand for High Growth Firms?" Journal of Management Accounting Research 32, no. 3 (January 17, 2020): 117–35. http://dx.doi.org/10.2308/jmar-18-079.

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ABSTRACT It is common in business analyses to invoke different efficiencies generated by scale. Growth is associated with declining average costs/sales and rising profit margins. Factors cited include the relatively fixed nature of some costs, increased bargaining power, and network effects. We investigate how different cost lines evolve for a sample of U.S. firms after their IPO. To our surprise, costs/sales do not generally decline and margins do not increase, even during the early years when growth is highest. We observe similar results for other samples of domestic and overseas firms, both public and private. We explore possible explanations for our results and discuss implications, especially for cost allocation and financial projections. JEL Classifications: G30; M13; M21; M41. Data Availability: Data are available from the public sources cited in the text.

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Oliveira, Rossimar Laura, and Eduardo Kazuo Kayo. "Leverage and investment opportunities: the effect on high growth firms." Revista Contabilidade & Finanças 31, no. 83 (August 2020): 302–17. http://dx.doi.org/10.1590/1808-057x201909140.

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ABSTRACT The objective of this paper is to investigate if the high growth of a firm results in a reduction in its debt levels. This is expected to happen for firms that experience a positive idiosyncratic shock to their growth opportunities, which would affect their cash flow and profitability. Although the relationship between growth opportunities (e.g., Tobin’s Q) and capital structure has already been widely discussed from a conceptual viewpoint, there are still important empirical gaps, particularly due to the endogeneity of the first variable. This paper seeks to minimize these problems by operationalizing the concept of idiosyncratic technological shocks. This issue is relevant because the negative relationship between growth and leverage may indicate that for the most efficient companies there will be a reduction in bankruptcy cost and a reduction in agency costs for the least efficient companies. This paper contributes to the development of studies in the area by demonstrating the inverse relationship between growth and leverage, with the model and the variable that represents the positive shocks experienced by companies. The dynamic panel method enables an analysis of the variation in debt in relation to the variation in value using the first differences and controlling the lagged debt effect. To apply the model, we used data from Brazilian companies, covering 1995 to 2016. The main results show that the greater the ratio between the firm’s growth opportunities and its industry growth opportunities, the lower its leverage indicators. The complementary results suggest that less leveraged firms have this negative relationship to an even stronger degree.

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Budiarso, Novi Swandari, and Winston Pontoh. "Does maturity signals high risk and high return?" Indonesia Accounting Journal 1, no. 1 (October 8, 2019): 1. http://dx.doi.org/10.32400/iaj.25404.

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The objective of this study is to examine the interaction between firm maturity and firm growth opportunities over risk and its impact on returns. This study uses 135 firms listed in Indonesia Stock Exchange during 2010 to 2016 as sample which gives 945 as total observed data. This study conducts path analysis in term for hypothesis testing and finds that firm maturity has significant role to increase the risk which gives impact on increasing the returns. In context of Indonesian firms, the findings imply that mature firms will have higher risk and higher returns.

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Kadochnikov, Sergey M., and Anna A. Fedyunina. "High-skilled interregional migration and high-growth firms in Russia." Area Development and Policy 3, no. 2 (April 2, 2018): 241–57. http://dx.doi.org/10.1080/23792949.2018.1446345.

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Nkurunziza, Janvier D. "The Distribution of Firm Size in Africa's Manufacturing Sector and Its Implication for Industrial Policy." Journal of African Development 17, no. 2 (October 1, 2015): 45–66. http://dx.doi.org/10.5325/jafrideve.17.2.0045.

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This paper analyzes the distribution of Kenyan firms into four size categories: micro, small, medium and large size. Four questions are investigated. First, do small firms grow faster than large ones or is firm growth independent of size as stipulated by Gibrat's “Law of Proportionate Effect” Second, what is the steady state size of firms? Third, how long does it take to reach the steady state size? Fourth, does the use of bank credit affect a firm's growth and the process of firm size convergence? On the basis of ergodic probability distributions, we derive information on firms' steady state growth and convergence. Using data on Kenya's manufacturing sector, empirical results suggest that firm growth is associated with overall economic performance. Before the early 1990s, firms had a high growth potential. In equilibrium, 70 percent of surviving firms converged to large size. In contrast, growth and convergence in the 1990s reflected the economic crisis that hit the Kenyan economy: the steady state distribution of firm size was concentrated in the first two quartiles, with suggestive evidence that smaller firms recorded the highest rates of failure. Also, the use of credit increased the growth of surviving firms but appears to have contributed to precipitating firm failure. These results suggest that support policies such as special credit schemes are not a panacea for a firm's survival and growth.

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Asa Asa, Romeo, and Navneel Shalendra Prasad. "Analysis on the Factors that Determine Sustainable Growth of Small Firms in Namibia." International Journal of Management Science and Business Administration 1, no. 1 (2014): 5–11. http://dx.doi.org/10.18775/ijmsba.1849-5664-5419.2014.11.1001.

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The demise rate of small firms every year is high worldwide and mostly these businesses struggle for many years without significant growth. Therefore, this study focused on identifying factors that contribute to the sustainability of growth for small firms in a developing country. Small firms are vital in the development and growth of bottom billion economies and are part of solutions to social problems that Namibia experience, inter alia, high unemployment rate. In developing countries, it is estimated that 45% of formal sector workers belong to SMEs and about 24% of GDP is contributed by small firms. SMEs are known for the common characteristics such as responsiveness, strategic agility, and leanness in operations management that are often aimed to meet and exceed variations of market demands. Thus far, it is crucial to study such behavior of small firms responsible for their growth or demise in the contemporary markets where small firms are crippled by raspy competition from MNCs.

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Navarro, Jose Luis Barbero, Jose Carlos Casillas, and Bruce Barringer. "Forms of growth: How SMEs combine forms of growth to achieve high growth." Journal of Management & Organization 18, no. 1 (January 2012): 81–97. http://dx.doi.org/10.1017/s1833367200001085.

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AbstractThe majority of the literature on high-growth firms focuses on two main aspects: growth factors and rates of growth, but little information exists on how SMEs grow. Past research has implicitly considered high-growth firms as a homogeneous category of businesses, however, in reality, they use different forms of growth: domestic and international geographical expansion, the launch of new related and unrelated products, product improvement, client retention and the acquisition of new clients. This work attempts to identify how high-growth SMEs benefit from different combinations of forms of growth to perform successfully. A sample of 89 high-growth SMEs was selected – with an annual growth rate of more than 10% over a 5-year period – and, by means of a cluster analysis, we found four significantly different combinations of forms of growth. To externally test the robustness of those combinations, a group of demographic variables was considered (size, age, sector), as well as a set of variables related to the growth strategy (personnel involvement, the extent to which growth is a priority, perceived growth with respect to competitors), which support the existence of significant differences between the groups.

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Navarro, Jose Luis Barbero, Jose Carlos Casillas, and Bruce Barringer. "Forms of growth: How SMEs combine forms of growth to achieve high growth." Journal of Management & Organization 18, no. 1 (January 2012): 81–97. http://dx.doi.org/10.5172/jmo.2012.18.1.81.

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AbstractThe majority of the literature on high-growth firms focuses on two main aspects: growth factors and rates of growth, but little information exists on how SMEs grow. Past research has implicitly considered high-growth firms as a homogeneous category of businesses, however, in reality, they use different forms of growth: domestic and international geographical expansion, the launch of new related and unrelated products, product improvement, client retention and the acquisition of new clients. This work attempts to identify how high-growth SMEs benefit from different combinations of forms of growth to perform successfully. A sample of 89 high-growth SMEs was selected – with an annual growth rate of more than 10% over a 5-year period – and, by means of a cluster analysis, we found four significantly different combinations of forms of growth. To externally test the robustness of those combinations, a group of demographic variables was considered (size, age, sector), as well as a set of variables related to the growth strategy (personnel involvement, the extent to which growth is a priority, perceived growth with respect to competitors), which support the existence of significant differences between the groups.

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Eklund, Carita Mirjami. "Why do some SME's become high-growth firms? The role of employee competences." Journal of Intellectual Capital 21, no. 5 (May 31, 2020): 691–707. http://dx.doi.org/10.1108/jic-07-2019-0188.

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PurposeHigh-growth firms generate a large share of new jobs and are thus the key drivers of innovation and industry dynamics. As the employees' education supports innovation and productivity, this article hypothesizes that employee competences explain high growth.Design/methodology/approachThe study approaches this by examining intangible capital and specialized knowledge to evaluate how these characteristics support the probability of becoming a high-growth firm. The estimation uses linked employer–employee data from Danish registers from 2005 to 2013.FindingsAs the authors measure high growth with the size-neutral Birch index, they can examine the determinants of high growth across different firm size classes. The findings imply that intangible capital relates positively to the firm's high growth.Originality/valuePrevious research on high-growth firms is concentrated on the owners’ education. This article broadens to the high education of all employees and accounts for the employees’ occupation and capitalization of knowledge with intangible capital.

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Liu, Wan-Chun, and Chen-Min Hsu. "Financial Structure, Corporate Finance and Growth of Taiwan's Manufacturing Firms." Review of Pacific Basin Financial Markets and Policies 09, no. 01 (March 2006): 67–95. http://dx.doi.org/10.1142/s0219091506000653.

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The purpose of this paper is to examine the determinants of Taiwan's manufacturing firm growth, in particular, the effects of financial structure, corporate financing choices and Taiwanese outward FDI in China on firm growth in different industries besides other physical factors discussed in the literature. We construct an unbalanced dynamic panel data using 280 listed and OTC manufacturing firms over the period 1991–2002. The empirical method utilized is the generalized method of moments (GMM) proposed by Arellano and Bond (1991). Our results find that (1) the growth rates of firms are positively related to firm size, age, capital intensity, lagged R&D, export ratio, investment ratio, and profits; (2) high debt-to-equity ratio is associated with low corporation growth, while high return on total assets is associated with high corporation growth, which reflects that a firm with a relatively sound financial structure will facilitate their growth; (3) higher liquidity of stock market relative to the banking sector lead to higher growth of firms. However, larger size of stock market relative to the banking sector leads to lower the firm's growth, i.e., the smaller the indirect finance, the lower the firm growth; (4) firms engaged in FDI toward China might be hollowing-out; (5) individual firms that could be financed more from either bank or equity market will enjoy higher rates of growth compared to others in the same industries, but, those effects on traditional and basic industries are weaker; (6) high bank-financing ratio and internal financing are associated with higher firm growth, while firms using more bonds or equity financing tend to experience lower growth. However, the net positive effects of equity financing on traditional and basic firm growth are significantly greater.

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Shim, Hyeongsop, and Sung-Tae Kim. "Characteristics and Determinants of Jobless High-growth Firms." Korean Data Analysis Society 21, no. 4 (August 31, 2019): 1929–43. http://dx.doi.org/10.37727/jkdas.2019.21.4.1929.

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Andersson, Svante. "High‐growth firms in the Swedish ERP industry." Journal of Small Business and Enterprise Development 10, no. 2 (June 2003): 180–93. http://dx.doi.org/10.1108/14626000310473201.

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Buss, Terry F. "Emerging High-Growth Firms and Economic Development Policy." Economic Development Quarterly 16, no. 1 (February 2002): 17–19. http://dx.doi.org/10.1177/0891242402016001002.

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