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The Growth -- Profit Nexus

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  • Marc Cowling

Abstract

In this paper we investigate the relative importance of firm and market effects on the profitability of a sample of independent, unquoted U.K. firms over the period 1991--1993. Specifically, we attempt to isolate the effects of internal governance, given that the typical firm is closely held in terms of its shareholdings and has a high degree of owner control. Our findings suggest that there is no short-run growth -- profit trade-off of the type outlined by Marris. In fact growth and profits move in parallel. Further, there is a significant degree of profits persistence.

Suggested Citation

  • Marc Cowling, 2004. "The Growth -- Profit Nexus," Small Business Economics, Springer, vol. 22(1), pages 1-9, February.
    • Handle: RePEc:kap:sbusec:v:22:y:2004:i:1:p:1-9
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