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Gazelle companies: Growth drivers and an evolution analysis

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Abstract

Gazelle companies are relevant because they generate much more employment than other companies and deliver high returns to their shareholders. This paper analyzes their behavior in the years of high growth and their evolution in the following years. The main factors that explain their success are competitive advantages based on human resources, innovation, internationalization, the excellence in processes and a conservative financial policy. Nevertheless, as time goes by they can be divided in two groups: a group which continues having growth, but most of them with lower growth rates; and the rest which face great problems or even disappear. The present study identifies several key factors that explain this different evolution.

Suggested Citation

  • Oriol Amat & Jordi Perramon, 2010. "Gazelle companies: Growth drivers and an evolution analysis," Economics Working Papers 1244, Department of Economics and Business, Universitat Pompeu Fabra.
    • Handle: RePEc:upf:upfgen:1244
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    1. Francesca Lotti & Enrico Santarelli & Marco Vivarelli, 2003. "Does Gibrat's Law hold among young, small firms?," Journal of Evolutionary Economics, Springer, vol. 13(3), pages 213-235, August.
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    Cited by:

    1. Robert K. Gruenwald, 2013. "Entrepreneurship Challenges in High‐Growth Companies and Consequences for SME Policy," Entrepreneurial Business and Economics Review, Centre for Strategic and International Entrepreneurship at the Cracow University of Economics., vol. 1(1), pages 41-54.
    2. Andrea M. Herrmann, 2019. "A plea for varieties of entrepreneurship," Small Business Economics, Springer, vol. 52(2), pages 331-343, February.

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    More about this item

    Keywords

    Gazelle companies; high-growth companies; financial information; business evolution; financial statements.;
    All these keywords.

    JEL classification:

    • L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups

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