Identifying the growth determinants of high-growth firms : a systematic literature review

Since company growth greatly contributes to the creation of jobs and of wealth, it is interesting to identify the determinants of company growth. To distinguish between the successful companies of tomorrow and those which fail to grow, numerous studies tried to identify the determinants causing company growth. It appears that the literature regarding the determinants of such high-growth firms (HGFs) is fragmented. Therefore, this study provides a systematic literature review of the empirical literature concerning HGFs and their growth-factors. Based on the review of 32 articles, twenty-nine determinants of company growth are identified. Those determinants relate to the characteristics of the founder, internal environment (divided in team characteristics and product/service characteristics), and external environment. In addition of the identified determinants of growth, a balanced scorecard for HGFs is developed. The balanced scorecard enables managers to evaluate their companies’ performance in terms of high-growth.