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    The relationship between growth and profitability revisited - Exploring different modes of growth

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    Publication type
    Conference Proceeding
    Author
    Weiss, Martin
    Khoury, Theodore Andrew
    Kreutzer, Markus
    Publication Year
    2019
    Book
    Academy of Management Proceedings
    
    Metadata
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    Abstract
    Growth represents an essential element to the entrepreneurial journey as it reflects the recognition and pursuit of opportunities. However, despite prior research, the relationship between growth and profitability still remains illusive. With an attempt to inform a new understanding of this relationship, we examine its non-linear character through decomposing growth into organic and acquisitive modes and theorize the way in which these modes shape profitability. Further, we propose that these modes can affect profitability through their interaction with each other. We study these relationships with a panel of established German companies over 13 years to uncover an inverted U-shaped relation between growth and profitability, mainly driven by acquisitive growth, but organic growth has a declining positive effect. The interaction of both growth modes shows a negative impact of acquisitive growth on the positive performance effect of organic growth. Furthermore, we conduct post-hoc tests that reveal a contrast to how younger and smaller firms realize different trajectories of profitability depending on their mode of growth.
    Keyword
    Growth, Growth and Profitability
    Knowledge Domain/Industry
    Entrepreneurship
    DOI
    10.5465/AMBPP.2019.17587abstract
    URI
    http://hdl.handle.net/20.500.12127/6384
    ae974a485f413a2113503eed53cd6c53
    10.5465/AMBPP.2019.17587abstract
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