Growth Strategy, Firm, and Founder Performance in High-Growth New Ventures
Empirical evidence suggests that small firms tend to grow organically and that large firms tend to grow through acquisitions. However, a large proportion of small tecnology-intensive new ventures acquire other firms during the two years after their initial public offering (IPO). This paper tests the effects of alternative growth strategies on firm and founder performance of high-growth new ventures. We measure firm performance using a composite measure of sales and asset growth, and explore performance of the founders with objective measures, a focus not addressed in prior research.
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