What happens to gazelles? The importance of dynamic management strategy

Parker, Simon C, Storey, David J and van Witteloostuijn, Arjen (2010) What happens to gazelles? The importance of dynamic management strategy. Small Business Economics, 35 (2). pp. 203-226. ISSN 0921-898X

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Abstract

The starting point of this study is Gibrat's Law, which is contrasted with strategic management. This logic is subsequently applied to a group of remarkably dynamic, high-growth firms: gazelles. Strategic management theory emphasises the importance of firms adjusting strategies in response to changes in the external environment. In our study, it is used to explain several key empirical findings using a novel British data set containing information on more than 100 gazelles. These findings help explain: (1) why Gibrat's Law of random firm growth processes does not generally hold, (2) which strategy and environmental variables have a predictable influence on firm performance and (3) why routine application of 'best practice' strategies is unlikely to foster firm growth in a changing economic environment. In so doing, this paper contributes to the large body of literature on small-firm growth.

Item Type: Article
Schools and Departments: School of Business, Management and Economics > Business and Management
Depositing User: David Storey
Date Deposited: 06 Feb 2012 20:12
Last Modified: 07 Dec 2015 10:17
URI: http://sro.sussex.ac.uk/id/eprint/24658
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