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Growth and Learning

Author

Listed:
  • Oliver Gottschalg

    (GREGH - Groupement de Recherche et d'Etudes en Gestion à HEC - HEC Paris - Ecole des Hautes Etudes Commerciales - CNRS - Centre National de la Recherche Scientifique)

  • H. Singh

Abstract

This study looks at the contingencies of the experience-performance relationship at the organizational level from a Penrosean perspective. It distills propositions regarding the efficiency of the growing firm from Penrose's "Theory of the Growth of the Firm" (1959). The resulting conceptual framework points to the level of firm growth as a crucial contingency of the experience-performance relationship. Propositions are then tested in the context of the private equity industry, analyzing growth, experience and performance of 285 pairs of funds that have been managed by the same private equity firm. The analysis provides strong support for all three hypotheses derived from Penrose's theory: First, the results confirm the positive performance impact of additional task experience. Second, we find ceteris paribus a negative performance impact of growth. Finally, (excessive) growth is shown to adversely impact performance because it prohibits learning.

Suggested Citation

  • Oliver Gottschalg & H. Singh, 2006. "Growth and Learning," Post-Print halshs-00125921, HAL.
    • Handle: RePEc:hal:journl:halshs-00125921
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    Cited by:

    1. Mr. Jahangir Aziz, 2008. "Real and Financial Sector Linkages in China and India," IMF Working Papers 2008/095, International Monetary Fund.

    More about this item

    Keywords

    Growth; Learning;

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