Title
What happens to gazelles? The importance of dynamic management strategyWhat happens to gazelles? The importance of dynamic management strategy
Author
Faculty/Department
Faculty of Applied Economics
Research group
Management
Publication type
article
Publication
Dordrecht,
Subject
Economics
Source (journal)
Small business economics: an international journal. - Dordrecht
Volume/pages
35(2010):2, p. 203-226
ISSN
0921-898X
ISI
000280599100006
Carrier
E
Target language
English (eng)
Full text (Publishers DOI)
Affiliation
University of Antwerp
Abstract
The starting point of this study is Gibrats 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 Gibrats 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.
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