Main Article Content

Rolando Vaz
Universidade de Vigo, Facultade de Ciencias Económicas e Empresariais
Spain
https://orcid.org/0000-0003-3218-3975
Vol 30 No 2 (2021), Articles, pages 1-20
DOI: https://doi.org/10.15304/rge.30.2.7190
Submitted: 21-10-2020 Accepted: 04-02-2021 Published: 16-03-2021
Copyright How to Cite

Abstract

The objective of this research is to review and unify the empirical literature that identifies the determining factors for firm growth. A list of 165 articles forms the backbone of the present review of the empirical literature on firm growth. Based on this review, we provide a synthesis of numerous determinant factors associated with firm growth. Specifically, we enumerate and detail the determining factors in three blocks: entrepreneur’s idiosyncratic features, firm’s internal factors, and factors external to the firm. The work provides a better understanding of the complex process of growth, shows the shortcomings in empirical research on the growth of the firm and presents directions for future research. 

Cited by

Article Details

References

Ahlstrom, D. (2010). Innovation and growth: How business contributes to society. Academy of Management Perspectives, 24(3), 11-24. DOI: http://dx.doi.org/10.2139/ssrn.2643390

Almus, M., & Nerlinger, E. A. (1999). Growth of new technology-based firms: which factors matter? Small Business Economics, 13(2), 141-154. Retrieved from: https://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.473.7764&rep=rep1&type=pdf

Altenburg, T., & Meyer-Stamer, J. (1999). How to promote clusters: Policy experiences from Latin America. World Development, 27(9), 1693-1713. DOI: https://doi.org/10.1016/S0305-750X(99)00081-9

Anderson, A. R., Dodd, S. D., & Jack, S. (2010). Network practices and entrepreneurial growth. Scandinavian Journal of Management, 26(2), 121-133. DOI: https://doi.org/10.1016/j.scaman.2010.01.005

Arellano, C., Bai, Y., & Zhang, J. (2012). Firm dynamics and financial development. Journal of Monetary Economics, 59(6), 533-549. DOI: https://doi.org/10.1016/j.jmoneco.2012.06.006

Arend, R. J., Zhao, Y. L., Song, M., & Im, S. (2015). Strategic planning as a complex and enabling managerial tool. Strategic Management Journal, 38(8), 1741-1752. DOI: https://doi.org/10.1002/smj.2420

Arroyo, M. R., Fuentes, M. del M., & Jiménez, J. M. R. (2016). Um estudo internacional sobre os factores que explicam a expectativa de alto crescimento em novos empreendimentos: uma perspectiva de gênero. Revista Brasileira de Gestão de Negócios, 18(60), 171-190. Retrieved from: http://www.scielo.br/pdf/rbgn/v18n60/1806-4892-rbgn-18-60-00171.pdf

Audretsch, D. B. (2012). Determinants of high-growth entrepreneurship. In OECD/DBA International Workshop on “High-growth firms: local policies and local determinants”. Copenhagen, Denmark, 28 March 2012 (pp. 1-37). Paris, France: OECD / Copenhagen, Denmark: Danish Business Authority. Retrieved from: https://www.oecd.org/cfe/leed/Audretsch_determinants%20of%20high-growth%20firms.pdf

Bager, T., & Schøtt, T. (2004). Growth expectations by entrepreneurs in nascent firms, baby businesses and mature firms: Analysis of the Global Entrepreneurship Monitor surveys in Denmark 2000-2003. In GEM Research Conference: “Entrepreneurship, Government Policies and Economic Growth”. Berlin, Germany, April 2004 (pp. 1-12). London, UK: Global Entrepreneurship Research Association. Retrieved from: http://citeseerx.ist.psu.edu/viewdoc/download;jsessionid=16A26586FB673F57FFEDBB8DCD557AD7?doi= 10.1.1.455.4936&rep=rep1&type=pdf

Bamberger, P. A., Biron, M., & Meshoulam, I. (2014). Human resource strategy: Formulation, implementation, and impact (Second Edition). New York, NY: Routledge.

Barbero, J. L., Casillas, J. C., & Feldman, H. D. (2011). Managerial capabilities and paths to growth as determinants of high-growth small and medium-sized enterprises. International Small Business Journal, 29(6), 671-694. DOI: https://doi.org/10.1177/0266242610378287

Barney, J. B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99-120. DOI: https://doi.org/10.1177/014920639101700108

Barringer, B. R., & Greening, D. W. (1998). Small business growth through geographic expansion: A comparative case study. Journal of Business Venturing, 13(6), 467-492. DOI: https://doi.org/10.1016/S0883-9026(97)00038-4

Barringer, B. R., Jones, F. F., & Neubaum, D. O. (2005). A quantitative content analysis of the characteristics of rapid-growth firms and their founders. Journal of Business Venturing, 20(5), 663-687. DOI: https://doi.org/10.1016/j.jbusvent.2004.03.004

Bauer, F., Dao, M. A., Matzler, K., & Tarba, S. Y. (2017). How industry lifecycle sets boundary conditions for M&A integration. Long Range Planning, 50(4), 501-517. DOI: https://doi.org/10.1016/j.lrp.2016.09.002

Baum, J. R., & Locke, E. A. (2004). The relationship of entrepreneurial traits, skill, and motivation to subsequent venture growth. Journal of Applied Psychology, 89(4), 587-598. DOI: https://doi.org/10.1037/0021-9010.89.4.587

Baum, J. R., Locke, E. A., & Kirkpatrick, S. A. (1998). A longitudinal study of the relation of vision and vision communication to venture growth in entrepreneurial firms. Journal of Applied Psychology, 83(1), 43-54. DOI: https://doi.org/10.1037/0021-9010.83.1.43

Becchetti, L., & Trovato, G. (2002). The determinants of growth for small and medium sized firms. The role of external finance. Small Business Economics, 19(4), 291-306. DOI: https://doi.org/10.1023/A:1019678429111

Belenzon, S., Shamshur, A., & Zarutskie, R. (2019). CEO’s age and the performance of closely held firms. Strategic Management Journal 40(6), 917-944. DOI: https://doi.org/10.1002/smj.3003

Bibu, N. A., & Sala, D. C. (2014). Aspects of fast growth in Romanian companies. The case of a successful company in Timis County. Procedia - Social and Behavioral Sciences, 124, 263-271. DOI: https://doi.org/10.1016/j.sbspro.2014.02.485

Binks, M. R., & Ennew, C. T. (1996). Growing firms and the credit constraint. Small Business Economics, 8(1), 17-25. DOI: https://doi.org/10.1007/BF00391972

Bottazzi, G., & Secchi, A. (2006). Explaining the distribution of firm growth rates. RAND Journal of Economics, 37(2), 235-256. Received from: http://dimetic.dime-eu.org/dimetic_files/Lect-7-to-Secchi-Bottazzi-Secchi.pdf

Boubakri, N., El Ghoul, S., & Saffar, W. (2015). Firm growth and political institutions. Journal of Multinational Financial Management, 31, 104-125. DOI: https://doi.org/10.1016/j.mulfin.2015.05.003

Brenner, T., & Schimke, A. (2015). Growth development paths of firms-A study of smaller businesses. Journal of Small Business Management, 53(2), 539-557. DOI: https://doi.org/10.1111/jsbm.12081

Burger, A., Damijan, J. P., Kostevc, C., & Rojec, M. (2017). Determinants of firm performance and growth during economic recession: The case of Central and Eastern European countries. Economic Systems, 41(4), 569-590. DOI: https://doi.org/10.1016/j.ecosys.2017.05.003

Cagetti, M., & Nardi, M. de (2006). Entrepreneurship, frictions, and wealth. Journal of Political Economy, 114(5), 835-870. DOI: https://doi.org/10.1086/508032

Canarella, G., & Miller, S. M. (2018). The determinants of growth in the U.S. information and communication technology (ICT) industry: A firm-level analysis. Economic Modelling, 70, 259-271. DOI: https://doi.org/10.1016/j.econmod.2017.11.011

Carpenter, R. E., & Petersen, B. C. (2002). Is the growth of small firms constrained by internal finance? Review of Economics and Statistics, 84(2), 298-309. DOI: https://doi.org/10.1162/003465302317411541

Cassar, G. (2006). Entrepreneur opportunity costs and intended venture growth. Journal of Business Venturing, 21(5), 610-632. DOI: https://doi.org/10.1016/j.jbusvent.2005.02.011

Cassia, L., Colombelli, A., & Paleari, S. (2009). Firms’ growth: Does the innovation system matter? Structural Change and Economic Dynamics, 20(3), 211-220. DOI: https://doi.org/10.1016/j.strueco.2009.01.001

Casson, M. (2005). Entrepreneurship and the theory of the firm. Journal of Economic Behavior & Organization, 58(2), 327-348. DOI: https://doi.org/10.1016/j.jebo.2004.05.007

Chandler, A. D. (1980). The growth of the transnational industrial firm in the United States and the United Kingdom: A comparative analysis published by. The Economic History Review, 33(3), 396-410. DOI: https://doi.org/10.2307/2595196

Chandler, G. N., & Hanks, S. H. (1994). Founder competence, the environment, and venture performance. Entrepreneurship: Theory & Practice, 18(3), 77-89. DOI: https://doi.org/10.1177/104225879401800306

Cliff, J. E. (1998). Does one size fit all? Exploring the relationship between attitudes towards growth, gender, and business size. Journal of Business Venturing, 13(6), 523-542. DOI: https://doi.org/10.1016/S0883-9026(97)00071-2

Coad, A. (2007). Firm growth: A survey. CES Working Papers 2007.24. Paris, France: Centre d’Economie de la Sorbonne. Retrieved from: https://halshs.archives-ouvertes.fr/halshs-00155762/document

Coad, A., & Tamvada, J. P. (2012). Firm growth and barriers to growth among small firms in India. Small Business Economics, 39(2), 383-400. DOI: https://doi.org/10.1007/s11187-011-9318-7

Coad, A., Daunfeldt, S.-O., & Halvarsson, D. (2018). Bursting into life: Firm growth and growth persistence by age. Small Business Economics, 50(1), 55-75. DOI: http://dx.doi.org/10.2139/ssrn.2616759

Coad, A., Segarra, A., & Teruel, M. (2013). Like milk or wine: Does firm performance improve with age? Structural Change and Economic Dynamics, 24(1), 173-189. DOI: https://doi.org/10.1016/j.strueco.2012.07.002

Coad, A., Segarra, A., Teruel, M. (2016). Innovation and firm growth: Does firm age play a role? Research Policy, 45(2), 387-400. DOI: https://doi.org/10.1016/j.respol.2015.10.015

Colombo, M. G., & Grilli, L. (2005). Founders’ human capital and the growth of new technology-based firms: A competence-based view. Research Policy, 34(6), 795-816. DOI: https://doi.org/10.1016/j.respol.2005.03.010

Cooley, T. F., & Quadrini, V. (2001). Financial markets and firm dynamics. The American Economic Review, 91(5), 1286-1310. DOI: https://doi.org/10.1257/aer.91.5.1286

Cooper, A. C., Gimeno-Gascón, F. J., & Woo, C. Y. (1994). Initial human and financial capital as predictors of new venture performance. Journal of Business Venturing, 9(5), 371-395. DOI: https://doi.org/10.1016/0883-9026(94)90013-2

Cuervo-Cazurra, A., de Holan, P. M., & Sanz, L. (2014). Location advantage: Emergent and guided co-evolutions. Journal of Business Research, 67(4), 508-515. DOI: https://doi.org/10.1016/j.jbusres.2013.11.007

Davidsson, P. (1989). Continued entrepreneurship and small firm growth. Stockholm, Sweden: Stockholm School of Economics, Economic Research Institut.

Davidsson, P. (1991). Continued entrepreneurship: Ability, need, and opportunity as determinants of small firm growth. Journal of Business Venturing, 6(6), 405-429. DOI: https://doi.org/10.1016/0883-9026(91)90028-C

Davidsson, P., Achtenhagen, L., & Naldi, L. (2005). Research on small firm growth: A review. In 35th EISB Conference: Sustaining the entrepreneurial spirit over time: Implications for young companies, family businesses, and established companies. Barcelona, Spain (pp. 1-27). Retrieved from: https://core.ac.uk/download/pdf/10874106.pdf

Davidsson, P., Achtenhagen, L., & Naldi, L. (2010). Small firm growth. Foundations and Trends in Entrepreneurship, 6(2), 69-166. DOI: http://dx.doi.org/10.1561/0300000029

Davidsson, P., Kirchhoff, B., Hatemi-J, A., & Gustavsson, H. (2002). Empirical analysis of business growth factors using Swedish data. Journal of Small Business Management, 40(4), 332-349. DOI: https://doi.org/10.1111/1540-627X.00061

Delmar, F. (1996). Entrepreneurial behavior and business performance. Stockholm, Sweden: Stockholm School of Economics.

Delmar, F., & Wiklund, J. (2008). The effect of small business managers’ growth motivation on firm growth: A longitudinal study. Entrepreneurship Theory and Practice, 32(3), 437-457. DOI: https://doi.org/10.1111/j.1540-6520.2008.00235.x

Demir, R., Wennberg, K., & McKelvie, A. (2017). The strategic management of high-growth firms: A review and theoretical conceptualization. Long Range Planning, 50(4), 431-456. DOI: https://doi.org/10.1016/j.lrp.2016.09.004

Distante, R., Petrella, I., & Santoro, E. (2018). Gibrat’s law and quantile regressions: An application to firm growth. Economics Letters, 164, 5-9. DOI: https://doi.org/10.1016/j.econlet.2017.12.028

Djankov, S., La Porta, R., López-de-Silanes, F., & Shleifer, A. (2002). The regulation of entry. Quarterly Journal of Economics, 117(1), 1-37. DOI: https://doi.org/10.1162/003355302753399436

Dobbs, M., & Hamilton, R.T. (2007). Small business growth: Recent evidence and new directions. International Journal of Entrepreneurial Behavior & Research, 13(5), 296-322. DOI: https://doi.org/10.1108/13552550710780885

Drucker, P.F. (1999). Management (Revised Edition). Toronto, ON: HarperCollins Canada.

Du, J., & Temouri, Y. (2015). High-growth firms and productivity: Evidence from the United Kingdom. Small Business Economics, 44(1), 123-143. DOI: https://doi.org/10.1007/s11187-014-9584-2

Duchesneau, D. A., & Gartner, W. B. (1990). A profile of new venture success and failure in an emerging industry. Journal of Business Venturing, 5(5), 297-312. DOI: https://doi.org/10.1016/0883-9026(90)90007-G

Duschl, M., Schimke, A., Brenner, T., & Luxen, D. (2011). Firm growth and the spatial impact of geolocated external factors - empirical evidence for German manufacturing firm. Working Paper Series in Economics, No. 36. Karlsruhe, Germany: Karlsruhe Institute of Technology (KIT). DOI: http://dx.doi.org/10.5445/IR/1000024923

Dutta, D. K., & Thornhill, S. (2008). The evolution of growth intentions: Toward a cognition-based model. Journal of Business Venturing, 23(3), 307-332. DOI: https://doi.org/10.1016/j.jbusvent.2007.02.003

Edelman, L. F., Brush, C. G., Manolova, T. S., & Greene, P. G. (2010). Start-up motivations and growth intentions of minority nascent entrepreneurs. Journal of Small Business Management, 48(2), 174-196. DOI: http://dx.doi.org/10.1111/j.1540-627X.2010.00291.x

Evans, D. S. (1987). The relationship between firm growth, size, and age: Estimates for 100 manufacturing industries. The Journal of Industrial Economics, 35(4), 567-581. DOI: https://doi.org/10.2307/2098588

Coad, A., Segarra, A., Teruel, M. (2016). Innovation and firm growth: Does firm age play a role? Research Policy, 45(2), 387-400. DOI: https://doi.org/10.1016/j.respol.2015.10.015

Colombo, M. G., & Grilli, L. (2005). Founders’ human capital and the growth of new technology-based firms: A competence-based view. Research Policy, 34(6), 795-816. DOI: https://doi.org/10.1016/j.respol.2005.03.010

Cooley, T. F., & Quadrini, V. (2001). Financial markets and firm dynamics. The American Economic Review, 91(5), 1286-1310. DOI: https://doi.org/10.1257/aer.91.5.1286

Cooper, A. C., Gimeno-Gascón, F. J., & Woo, C. Y. (1994). Initial human and financial capital as predictors of new venture performance. Journal of Business Venturing, 9(5), 371-395. DOI: https://doi.org/10.1016/0883-9026(94)90013-2

Cuervo-Cazurra, A., de Holan, P. M., & Sanz, L. (2014). Location advantage: Emergent and guided co-evolutions. Journal of Business Research, 67(4), 508-515. DOI: https://doi.org/10.1016/j.jbusres.2013.11.007

Davidsson, P. (1989). Continued entrepreneurship and small firm growth. Stockholm, Sweden: Stockholm School of Economics, Economic Research Institut.

Davidsson, P. (1991). Continued entrepreneurship: Ability, need, and opportunity as determinants of small firm growth. Journal of Business Venturing, 6(6), 405-429. DOI: https://doi.org/10.1016/0883-9026(91)90028-C

Davidsson, P., Achtenhagen, L., & Naldi, L. (2005). Research on small firm growth: A review. In 35th EISB Conference: Sustaining the entrepreneurial spirit over time: Implications for young companies, family businesses, and established companies. Barcelona, Spain (pp. 1-27). Retrieved from: https://core.ac.uk/download/pdf/10874106.pdf

Davidsson, P., Achtenhagen, L., & Naldi, L. (2010). Small firm growth. Foundations and Trends in Entrepreneurship, 6(2), 69-166. DOI: http://dx.doi.org/10.1561/0300000029

Davidsson, P., Kirchhoff, B., Hatemi-J, A., & Gustavsson, H. (2002). Empirical analysis of business growth factors using Swedish data. Journal of Small Business Management, 40(4), 332-349. DOI: https://doi.org/10.1111/1540-627X.00061

Delmar, F. (1996). Entrepreneurial behavior and business performance. Stockholm, Sweden: Stockholm School of Economics.

Delmar, F., & Wiklund, J. (2008). The effect of small business managers’ growth motivation on firm growth: A longitudinal study. Entrepreneurship Theory and Practice, 32(3), 437-457. DOI: https://doi.org/10.1111/j.1540-6520.2008.00235.x

Demir, R., Wennberg, K., & McKelvie, A. (2017). The strategic management of high-growth firms: A review and theoretical conceptualization. Long Range Planning, 50(4), 431-456. DOI: https://doi.org/10.1016/j.lrp.2016.09.004

Distante, R., Petrella, I., & Santoro, E. (2018). Gibrat’s law and quantile regressions: An application to firm growth. Economics Letters, 164, 5-9. DOI: https://doi.org/10.1016/j.econlet.2017.12.028

Djankov, S., La Porta, R., López-de-Silanes, F., & Shleifer, A. (2002). The regulation of entry. Quarterly Journal of Economics, 117(1), 1-37. DOI: https://doi.org/10.1162/003355302753399436

Dobbs, M., & Hamilton, R.T. (2007). Small business growth: Recent evidence and new directions. International Journal of Entrepreneurial Behavior & Research, 13(5), 296-322. DOI: https://doi.org/10.1108/13552550710780885

Drucker, P.F. (1999). Management (Revised Edition). Toronto, ON: HarperCollins Canada.

Du, J., & Temouri, Y. (2015). High-growth firms and productivity: Evidence from the United Kingdom. Small Business Economics, 44(1), 123-143. DOI: https://doi.org/10.1007/s11187-014-9584-2

Duchesneau, D. A., & Gartner, W. B. (1990). A profile of new venture success and failure in an emerging industry. Journal of Business Venturing, 5(5), 297-312. DOI: https://doi.org/10.1016/0883-9026(90)90007-G

Duschl, M., Schimke, A., Brenner, T., & Luxen, D. (2011). Firm growth and the spatial impact of geolocated external factors - empirical evidence for German manufacturing firm. Working Paper Series in Economics, No. 36. Karlsruhe, Germany: Karlsruhe Institute of Technology (KIT). DOI: http://dx.doi.org/10.5445/IR/1000024923

Dutta, D. K., & Thornhill, S. (2008). The evolution of growth intentions: Toward a cognition-based model. Journal of Business Venturing, 23(3), 307-332. DOI: https://doi.org/10.1016/j.jbusvent.2007.02.003

Edelman, L. F., Brush, C. G., Manolova, T. S., & Greene, P. G. (2010). Start-up motivations and growth intentions of minority nascent entrepreneurs. Journal of Small Business Management, 48(2), 174-196. DOI: http://dx.doi.org/10.1111/j.1540-627X.2010.00291.x

Evans, D. S. (1987). The relationship between firm growth, size, and age: Estimates for 100 manufacturing industries. The Journal of Industrial Economics, 35(4), 567-581. DOI: https://doi.org/10.2307/2098588

Jovanovic, B., & MacDonald, G. M. (1994). The life cycle of a competitive industry. Journal of Political Economy, 102(2), 322-347. Retrieved from: http://apps.olin.wustl.edu/workingpapers/pdf/2004-03-057.pdf

Kangasharju, A. (2000). Growth of the smallest: Determinants of small firm growth during strong macroeconomic fluctuations. International Small Business Journal, 19(1), 28-43. DOI: https://doi.org/10.1177/0266242600191002

Karadeniz, E., & Özçam, A. (2010). The determinants of the growth expectations of the early-stage entrepreneurs (TEA) using the ordinal logistic model (OLM): The case of Turkey. Economic and Business Review, 12(1), 61-84. Retrieved from: https://ojs.ebrjournal.net/ojs/index.php/ebr/article/view/41

Khan, K. S. (2011). Determinants of firm growth: An empirical examination of SMEs in Gujranwala, Gujarat and Sialkot districts. Interdisciplinary Journal of Contemporary Research in Business, 3(1), 1389-1409.

Klag, M., & Langley, A. (2014). Critical junctures in strategic planning: Understanding failure to enable success. Organizational Dynamics, 43(4), 274-283. DOI: https://doi.org/10.1016/j.orgdyn.2014.09.004

Klepper, S. (1996). Entry, exit, growth, and innovation over the product life cycle. American Economic Review, 86(3), 562-583. Knight, F. (1921). Risk, uncertainty and profit. Boston, MA: Houghton Mifflin.

Kolvereid, L. (1992). Growth aspirations among Norwegian entrepreneurs. Journal of Business Venturing, 7(3), 209-222. DOI: https://doi.org/10.1016/0883-9026(92)90027-O

Kumar, R. (2016). Human capital management as a source of competitive advantage in a developing economy. International Journal for Administration in Management, Commerce and Economics, 6, 122-129.

Kunt-Demirgüç, A., & Maksimovic, V. (1998). Law, finance, and firm growth. Journal of Finance, 53(6), 2107-2137. DOI: https://doi.org/10.1111/0022-1082.00084

Lee, C.-C., Wang, C.-W., & Ho, S.-J. (2019). Financial inclusion, financial innovation, and firms’ sales growth. International Review of Economics and Finance, 66, 189-205. DOI: https://doi.org/10.1016/j.iref.2019.11.021

Lee, C.-Y. (2018). Geographical clustering and firm growth: Differential growth performance among clustered firms. Research Policy, 47, 1173-1184. DOI: https://doi.org/10.1016/j.respol.2018.04.002

Lee, K., & Temesgen T. (2005). Determinants of firms growth in developing countries: An extension of the resource-based theory of firm growth. In WIDER Jubilee Conference on The Future of Development Economics. Helsinki, Finland, June 2005.

Liedholm, C. (2002). Small firm dynamics: Evidence from Africa and Latin America. Small Business Economics, 18, 227-242. DOI: https://doi.org/10.1023/A:1015147826035

ucas, R. E. (1978). On the size distribution of business firms. The Bell Journal of Economics, 9(2), 508-523. DOI: https://doi.org/10.2307/3003596

Mankiw, G.N. (1995). The growth of nations. Brookings Papers on Economic Activity, 1, 275-326.

Mateev, M., & Anastasov, Y. (2010). Determinants of small and medium sized fast-growing enterprises in Central and Eastern Europe: A panel data analysis. Financial Theory and Practice, 34(3), 269-295.

Mazzarol, T., Reboud, S., & Soutar, G. N. (2009). Strategic planning in growth oriented small firms. International Journal of Entrepreneurial Behavior & Research, 15(4), 320-345. DOI: https://doi.org/10.1108/13552550910967912

McKelvie, A., & Wiklund, J. (2010). Advancing firm growth research: A focus on growth mode instead of growth rate. Entrepreneurship: Theory and Practice, 34(2), 261-288. DOI: https://doi.org/10.1111/j.1540-6520.2010.00375.x

McPherson, M. A. (1996). Growth of micro and small enterprises in southern Africa. Journal of Development Economics, 48(2), 253-277. DOI: https://doi.org/10.1016/0304-3878(95)00027-5

Meijaard, J., Brand, M. J., & Mosselman, M. (2005). Organizational structure and performance in Dutch small firms. Small Business Economics, 25(1), 83-96. DOI: https://doi.org/10.1007/s11187-005-4259-7

Mintzberg, H. (1979). The structuring of organizations. Englewood Cliffs, NJ: Prentice Hall.

Morone, P., & Testa, G. (2008). Firms growth, size and innovation an investigation into the Italian manufacturing sector. Economics of Innovation and New Technology, 17(4), 311-329. DOI: https://doi.org/10.1080/10438590701231160

Mount, J., Zinger, J. T., & Forsyth, G. R. (1993). Organizing for development in the small business. Long Range Planning, 26(5), 111-120. DOI: https://doi.org/10.1016/0024-6301(93)90083-R

Nelson, R. R., & Winter, S. G. (1982). An evolutionary theory of economic change. Cambridge, MA: Harvard University Press.

Nichter, S., & Goldmark, L. (2009). Small firm growth in developing countries. World Development, 37(9), 1453-1464. DOI: https://doi.org/10.1016/j.worlddev.2009.01.013

O’Gorman, C. (2001). The sustainability of growth in small - and medium-sized. International Journal of Entrepreneurial Behaviour & Research, 7(2), 60-75. DOI: https://doi.org/10.1108/13552550110396095

Oliveira, B., & Fortunato, A. (2006). Firm growth and liquidity constraints: A dynamic analysis. Small Business Economics, 27, 139-156. DOI: https://doi.org/10.1007/s11187-006-0006-y

Oliveira, B., & Fortunato, A. (2003). Testing Gibrat’s law: Empirical evidence from a panel of Portuguese manufacturing firms. Estudos do GEMF, 7, 1-33. Retrieved from: https://core.ac.uk/download/pdf/6671243.pdf

Olomi, D. R. (2001). Evolution of entrepreneurial motivation: The transition from economic necessity to entrepreneurship. Business Management Review, 7(2), 107-136. Retrieved from: https://journals.co.za/doi/pdf/10.10520/AJA08562253_74

Ortiz-de-Urbina-Criado, M., Guerras-Martín, L. A., & Montoro-Sánchez, A. (2014). The choice of growth method: Strategies and resources. Academia Revista Latinoamericana de Administración, 27(1), 30-45. DOI: https://doi.org/10.1108/ARLA-07-2013-0094

Ostgaard, T. A., & Birley, S. (1996). New venture growth and personal networks. Journal of Business Research, 36(1), 37-50. DOI: https://doi.org/10.1016/0148-2963(95)00161-1

Pålsson, A.-M. (1996). Does the degree of relative risk aversion vary with household characteristics? Journal of Economic Psychology, 17, 771-787. DOI: https://doi.org/10.1016/S0167-4870(96)00039-6

Parker, S. C. (2009). The economics of entrepreneurship. Cambridge, UK: Cambridge University Press. DOI: https://doi.org/10.1017/9781316756706

Pe’er, A., Vertinsky, I., & Keil, T. (2016). Growth and survival: The moderating effects of local agglomeration and local market structure. Strategic Management Journal, 37(3), 541-564. DOI: https://doi.org/10.1002/smj.2331

Penrose, E. (1959). The theory of the growth of the firm (Fourth Edition). Oxford, UK: Oxford University. Picken, J. C. (2017). From founder to CEO: An entrepreneur’s roadmap. Business Horizons, 60(1), 7-14. DOI: https://doi.org/10.1016/j.bushor.2016.09.004

Pissarides, F. (1999). Is lack of funds the main obstacle to growth? EBRD's experience with small -and mediumsized businesses in central and eastern Europe. Journal of Business Venturing, 14, 519-539.

Porter, M. E. (1985). Competitive advantage: Creating and sustaining superior performance. New York, NY: Free Press.

Porter, M. E. (1999). Campetição on competition-estratégias competitivas essenciais (Segunda Edição). Rio de Janeiro, Brazil: Campos.

Psenicny, V. (2009). A longitudinal comparison of the growth factors of slovenian fast-growing enterprises. Economic and Business Review, 11(4), 265-284. Retrieved from: http://www.doba.si/ftp/fakulteta/psenicny/Psenicny_Longitudinal%20ComparisonL%20230410F.pdf

Pyke, F., Becattini, G., & Sengenberger, W. (1990). Industrial districts and inter-firm co-operation in Italy. Geneva, Switzerland: International Institute for Labour Studies.

Rafiki, A. (2019). Determinants of SME growth: An empirical study in Saudi Arabia. International Journal of Organizational Analysis, 28(1), 205-225. DOI: https://doi.org/10.1108/IJOA-02-2019-1665

Rahaman, M. M. (2011). Access to financing and firm growth. Journal of Banking and Finance, 35(3), 709-723. Retrieved from: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1624006

Rajan, R. G., & Zingales, L. (1998). Financial dependence and growth. The American Economic Review, 88(3), 559-586. Retrieved from: https://www.jstor.org/stable/116849?seq=1

Rauch, A., Frese, M., & Utsch, A. (2005). Effects of human capital and long-term human resources development and utilization on employment growth of small-scale businesses: A causal analysis. Entrepreneurship: Theory and Practice, 29(6), 681-698. DOI: https://doi.org/10.1111/j.1540-6520.2005.00103.x

Reeg, C. (2013). Micro, small and medium enterprise upgrading in low- and middle-income countries: A literature review. DIE Discussion Paper 15/2013. Bonn, Germany: Deutsches Institut für Entwicklungspolitik. Retrieved from: https://www.die-gdi.de/uploads/media/DP_15.2013.pdf

Romer, P. M. (1986). Increasing returns and long-run growth. Journal of Political Economy, 94(5), 1002-1037. Retrieved from: https://www.jstor.org/stable/1833190?seq=1

Romer, P. M. (1990). Endogenous technological change. Journal of Political Economy, 98(5, Part 2), S71-S102. Retrieved from: https://www.jstor.org/stable/2937632?seq=1

Sapienza, H. J., Autio, E., George, G., & Zahra, S. A. (2006). A capabilities perspective on the effects of early internationalization on firm survival and growth. Academy of Management Review, 31(4), 914-933. DOI: https://doi.org/10.2307/20159258

Schein, E. H. (2004). Organizational culture and leadership (Third Edition). San Francisco, CA: Jossey-Bass.

Schumpeter, J. A. (1934). The theory of economic development: an inquiry into profits, capital credit, interest, and the business cycle. Cambridge, MA: Harvard University Press.

Scott, M., & Bruce, R. (1987). Five stages of growth business in small business. London Business School Journal, 20(3), 45-52. S

egarra, A., & Teruel, M. (2009). Small firms, growth and financial constraints. SSRN Electronic Journal, 1-32. DOI: https://doi.org/10.2139/ssrn.1825064

Sexton, D. L., & Bowman, N. (1985). The entrepreneur: A capable executive and more. Journal of Business Venturing, 1(1), 129-140. DOI: https://doi.org/10.1016/0883-9026(85)90012-6

Shuman, C., Shaw, J. J., & Sussman, G. (1985). Strategic planning in smaller rapid growth companies. Long Range Planning, 18(6), 48-53. DOI: https://doi.org/10.1016/0024-6301(85)90063-9

Siegel, R., Siegel, E., & Macmillan, I.C. (1993). Characteristics distinguishing high-growth ventures. Journal of Business Venturing, 8(2), 169-180. DOI: https://doi.org/10.1016/0883-9026(93)90018-Z

Silva, F., & Carreira, C. (2011). Do financial constraints threat the innovation process? Evidence from Portuguese firms. Estudos do GEMF, 10, 1-50. Retrieved from: http://www4.fe.uc.pt/gemf/workingpapers/pdf/2011/gemf_2011-10_v2.pdf

Simbaña-Taipe, L. E., Rodríguez-Gulías, M. J., & Rodeiro-Pazos, D. (2018). O non cumprimento da lei de Gibrat en economías en desenvolvemento: o caso de Ecuador no período 2000-2013. Revista Galega De Economía, 27(2), 85-98. Retrieved from: https://revistas.usc.gal/index.php/rge/article/view/5660

Singh, A., & Whittington, G. (1975). The size and growth of firms. The Review of Economic Studies, 42(1), 15-26. DOI: https://doi.org/10.2307/2296816

Sirmon, D. G., Hitt, M. A., & Ireland, R. D. (2007). Managing firm resources in dynamic environments to create value: Looking inside the black box. Academy of Management Review, 32(1), 273-292. DOI: https://doi.org/10.5465/amr.2007.23466005

Smallbone, D., Leig, R., & North, D. (1995). The characteristics and strategies of high growth SMEs. International Journal of Entrepreneurial Behaviour & Research, 1(3), 44-62. DOI: https://doi.org/10.1108/13552559510100657

Stam, W., Arzlanian, S., & Elfring, T. (2014). Social capital of entrepreneurs and small firm performance: A metaanalysis of contextual and methodological moderators. Journal of Business Venturing, 29(1), 152-173. DOI: https://doi.org/10.1016/j.jbusvent.2013.01.002

Storey, D. J. (1994). Understanding the small business sector. London, UK: Routledge.

Storey, D. J. (2011). Optimism and chance: The elephants in the entrepreneurship room. International Small Business Journal, 29(4), 303-321. DOI: https://doi.org/10.1177/0266242611403871

Street, C. T., & Cameron, A.-F. (2007). External relationships and the small business: A review of small business alliance and network research. Journal of Small Business Management, 45(2), 239-266. DOI: https://doi.org/10.1111/j.1540-627X.2007.00211.x

Sutton, J. (1997). Gibrat’s legacy. Journal of Economic Literature, 35(1), 40-59. Retrieved from: http://darp.lse.ac.uk/PapersDB/Sutton_(JEL97).pdf

Tarfasa, S., Ferede, T., Kebede, S., & Behailu, D. (2016). Determinants of growth of micro and small enterprises (MSEs): Empirical evidence from Ethiopia. Swiss Programme for Research on Global Issues for Development - R4D Working Paper 2016/3. Retrieved from: https://www.wti.org/media/filer_public/d9/24/d924ca53- 6f68-472e-a26b-45190f1418fb/wp_2016_03_growth_determinants_mses_ethiopia.pdf

Todd, A., & Taylor, B. (1993). The baby sharks: Strategies of Britain’s super growth companies. Long Range Planning, 26(2), 69-77. DOI: https://doi.org/10.1016/0024-6301(93)90137-5

Ullah, B. (2019). Financial constraints, corruption, and SME growth in transition economies. Quarterly Review of Economics and Finance, 75, 120-132. DOI: https://doi.org/10.1016/j.qref.2019.05.009

Variyam, J. N., & Kraybill, D. S. (1992). Empirical evidence on determinants of firm growth. Economics Letters, 38(1), 31-36. DOI: https://doi.org/10.1016/0165-1765(92)90157-T

Watson, W., Stewart, W. H., & BarNir, A. (2003). The effects of human capital, organizational demography, and interpersonal processes on venture partner perceptions of firm profit and growth. Journal of Business Venturing, 18(2), 145-164. DOI: https://doi.org/10.1016/S0883-9026(01)00082-9

Wennberg, K., Delmar, F., & McKelvie, A. (2016). Variable risk preferences in new firm growth and survival. Journal of Business Venturing, 31(4), 408-427. DOI: https://doi.org/10.1016/j.jbusvent.2016.05.001

Whetten, D. A. (1987). Organizational growth and decline processes. Annual Review of Sociology, 13, 335-358. Retrieved from: https://www.jstor.org/stable/2083252?seq=1

Wiklund, J. (1998). Small firm growth and performance entrepreneurship and beyond. (Doctoral thesis). Jönköping Universityy. Retrieved from: http://hj.diva-portal.org/smash/record.jsf?pid=diva2%3A3910&dswid=-2382

Wiklund, J., Patzelt, H., & Shepherd, D. A. (2009). Building an integrative model of small business growth. Small Business Economics, 32(4), 351-374. DOI: https://doi.org/10.1007/s11187-007-9084-8

Wintrobe, R., & Breton, A. (1986). Organizational structure and productivity. American Economic Review, 76(3), 530-538. Retrieved from: https://www.jstor.org/stable/1813370?seq=1

Wright, M., & Stigliani, I. (2012). Entrepreneurship and growth. International Small Business Journal, 31(1), 3-22. DOI: https://doi.org/10.1177/0266242612467359

Yao, R., Sharpe, D. L., & Wang, F. (2011). Decomposing the age effect on risk tolerance. Journal of Socio-Economics, 40, 879-887. Retrieved from: https://isiarticles.com/bundles/Article/pre/pdf/12483.pdf

Zhao, L., & Aram, J. D. (1995). Networking and growth of young technology-intensive ventures in China. Journal of Business Venturing, 10(5), 349-370. DOI: https://doi.org/10.1016/0883-9026(95)00039-B

Zhou, H., & Wit, G. de (2009). Determinants and dimensions of firm growth. SCALES EIM Research Reports (H200903). Zoetermeer, Netherlands: EIM. DOI: http://dx.doi.org/10.2139/ssrn.1443897