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New Firm Growth: Exploring Processes and Paths

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  • Elizabeth Garnsey
  • Erik Stam
  • Paul Heffernan

Abstract

This paper provides an approach to new firm growth that views this as an unfolding developmental process. This approach is based on a Penrosean (1995) model of the firm. We find that new firm growth is non-linear and prone to interruptions and setbacks to an extent overlooked in the literature. From the model of development used, five propositions are drawn concerning measurable features of new firms' growth paths; these relate to patterns of survival, continuousness of growth, turning points, reversals and cumulative growth. These propositions are examined in the light of data on the growth paths of new firms in three countries, with aggregate comparisons of firms' growth paths effected by graphical representations and sequence analysis.

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Industry and Innovation.

Volume (Year): 13 (2006)
Issue (Month): 1 ()
Pages: 1-20

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Handle: RePEc:taf:indinn:v:13:y:2006:i:1:p:1-20

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Related research

Keywords: Firm growth; growth paths; new firms; longitudinal research methods; Penrose;

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References

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  1. Israel M. Kirzner, 1997. "Entrepreneurial Discovery and the Competitive Market Process: An Austrian Approach," Journal of Economic Literature, American Economic Association, vol. 35(1), pages 60-85, March.
  2. Scott Shane & Toby Stuart, 2002. "Organizational Endowments and the Performance of University Start-ups," Management Science, INFORMS, vol. 48(1), pages 154-170, January.
  3. Almus, Matthias & Nerlinger, Eric A, 1999. " Growth of New Technology-Based Firms: Which Factors Matter?," Small Business Economics, Springer, vol. 13(2), pages 141-54, September.
  4. Robert K. Kazanjian & Robert Drazin, 1989. "An Empirical Test of a Stage of Growth Progression Model," Management Science, INFORMS, vol. 35(12), pages 1489-1503, December.
  5. Best, Michael, 2001. "The New Competitive Advantage: The Renewal of American Industry," OUP Catalogue, Oxford University Press, number 9780198297451, September.
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Citations

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Cited by:
  1. Antje Schimke, 2011. "Factors Affecting the Growth of Manufacturing Firms – Analysis of Growth Stages: A Case of German Firms," ERSA conference papers ersa10p1386, European Regional Science Association.
  2. Colin Mason & Ross Brown, 2013. "Creating good public policy to support high-growth firms," Small Business Economics, Springer, vol. 40(2), pages 211-225, February.
  3. Coad, Alex & Frankish, Julian & Roberts, Richard G. & Storey, David J., 2013. "Growth paths and survival chances: An application of Gambler's Ruin theory," Journal of Business Venturing, Elsevier, vol. 28(5), pages 615-632.
  4. Alex Coad & Julian Frankish & Richard G. Roberts & David J. Storey, 2011. "Growth Paths and Survival Chances," SPRU Working Paper Series 195, SPRU - Science and Technology Policy Research, University of Sussex.
  5. Daunfeldt, Sven-Olov & Halvarsson, Daniel, 2012. "Are high-growth firms one-hit wonders? Evidence from Sweden," HUI Working Papers 73, HUI Research.
  6. Coad, Alex & Segarra Blasco, Agustí & Teruel Carrizosa, Mercedes, 2010. "Like milk or wine: Does firm performance improve with age?," Working Papers 2072/179572, Universitat Rovira i Virgili, Department of Economics.
  7. Segarra Blasco, Agustí, 1958- & Teruel, Mercedes, 2014. "High-growth firms and innovation: an empirical analysis for Spanish firms," Working Papers 2072/228402, Universitat Rovira i Virgili, Department of Economics.
  8. Schimke, Antje & Teichert, Nina & Ott, Ingrid, 2012. "Impact of local knowledge endowment on employment growth in nanotechnology," Working Paper Series in Economics 38, Karlsruhe Institute of Technology (KIT), Department of Economics and Business Engineering.
  9. Teruel Carrizosa, Mercedes & De Wit, Gerrit, 2011. "Determinants of high-growth firms:why do some countries have more high-growth firms than others?," Working Papers 2072/179670, Universitat Rovira i Virgili, Department of Economics.
  10. Ferreira, João & Azevedo, Susana, 2007. "Entrepreneurial Orientation as a main Resource and Capability on Small Firm’s Growth," MPRA Paper 5682, University Library of Munich, Germany.
  11. Werner Hölzl, 2012. "Mobility Barriers and the Speed of Market Selection," WIFO Working Papers 437, WIFO.
  12. Segarra Blasco, Agustí & Teruel Carrizosa, Mercedes, 2011. "High Growth Firms and Innovation: an empirical analysis for Spanish firms," Working Papers 2072/179669, Universitat Rovira i Virgili, Department of Economics.
  13. A. Arrighetti & S. Curatolo & A. Lasagni, 2008. "Determinanti della domanda di laureati nell'industria manifatturiera italiana," Economics Department Working Papers 2008-EP02, Department of Economics, Parma University (Italy).
  14. Erik Stam, 2005. "Why Butterflies Don’t Leave - Spatial development of new firms," ERSA conference papers ersa05p449, European Regional Science Association.
  15. Erik Stam & Elizabeth Garnsey, 2005. "New Firms Evolving in the Knowledge Economy; problems and solutions around turning points," Papers on Economics and Evolution 2005-05, Philipps University Marburg, Department of Geography.
  16. Makra, Zsolt, 2009. "A technológiai vállalkozások létrejötte, növekedése és gazdasági szerepe a szakirodalom tükrében
    [The establishment, growth and economic role of technology firms in the light of the spec
    ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(2), pages 176-186.
  17. Smink & Kim van der Putten, 2014. "Uraveling start-up processes with the help of sequence analyses," Innovation Studies Utrecht (ISU) working paper series 14-02, Utrecht University, Department of Innovation Studies, revised Jun 2014.

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