Abstract The importance of high-growth firms for job creation is widely acknowledged and the promotion of such firms is a key area of industry policy in developed countries. However, despite the substantial development of firm growth research and the significant public investments, in many geographies the assumed good preconditions for high-growth entrepreneurship are not producing the desired results. The purpose of this study is to increase understanding of the emergence of high-growth startups by taking a systemic view of firm growth. Instead of examining individual firms, a high-growth startup focused systemic economic actor, defined as the startup industry, is taken as the research object. The startup industry is given a certain function in economic development and resource allocation, and its processual activity in particular contexts is examined under the experimental winner generation process. Critical realism is used for systemic reasoning of firm growth. The empirical study focuses on case startup industries of Finland, Israel and Silicon Valley. The emergence of startup-related actor structures and institutions, and their functioning is analyzed first from a cultural-historical and processual perspective. Second, the organization of the experimental winner generation process and its outcomes for each case are analyzed over a period of several decades, and a cross-case comparison is conducted between the cases. The results of the study propose that each startup industry develops in time a particular target for its activities. This target, defined as the perceived winner, is the key for alignment and functioning of the startup industry as a whole. Examination of this concept enables us to understand the logics of the firm growth at the wider system level and on that basis to suggest some key determinants of the performance of startup industries in the long run. The discussion of policy maker implications concludes the study. / Tiivistelmä Kasvuyritykset ovat tärkeitä uusien työpaikkojen synnyttäjiä, ja teollistuneissa maissa niiden tukeminen on teollisuuspolitiikan keskiössä. Huolimatta laajasta yritysten kasvun tutkimustiedosta, merkittävistä julkisista investoinneista ja oletetuista hyvistä lähtökohdista kasvuyrittäjyydelle ei monella maantieteellisellä alueella kuitenkaan synny panostukseen verrattuna tarpeeksi kasvuyrityksiä. Tämä väitöskirja tutkii nopeasti kasvavien startup-yritysten syntymistä systeemisestä näkökulmasta. Yksittäisten yritysten sijaan tutkimuksessa määritellään tutkimuskohteeksi startup-teollisuus, kasvuhakuisiin startup-yrityksiin keskittyvä systeeminen talouden toimija, jolle annetaan tietty tehtävä talouden kehityksessä ja resurssiallokaatiossa. Startup-teollisuuden toimintaa eri konteksteissa tarkastellaan kokeellisen voittajayritysten rakentamisen prosessin avulla. Yritysten kasvua lähestytään lisäksi kriittisen realismin mukaisen kausaliteetin pohjalta. Tutkimuksen empiirinen osuus on toteutettu tapaustutkimuksena, jossa analysoidaan Suomen, Israelin ja Piilaakson startup-teollisuutta. Tutkimuskohteiden startup-yrityksiin liittyvien toimijarakenteiden ja instituutioiden kehitystä ja toimintaa analysoidaan kulttuuri-historiallisesta ja prosessuaalisesta näkökulmasta. Lisäksi kokeellisen voittajayritysten rakentamisen prosessin organisointia ja lopputuloksia analysoidaan usean vuosikymmenen ajalta sekä tapauskohtaisesti että niiden välillä. Tutkimustulokset esittävät kunkin startup-teollisuuden kehittävän ajan myötä tietyn kohteen omalle toiminnalleen. Tämä kohde, näkemys voittavasta startup-yrityksestä, linjaa koko startup-teollisuuden toimintaa. Tutkimalla tätä näkemystä voimme ymmärtää yritysten kasvun logiikoita systeemisellä tasolla, mikä mahdollistaa startup-teollisuuksien välisten rakenteellisten- ja suorituskykyerojen ymmärtämisen pitkällä aikavälillä. Tutkimuksen lopussa esitetään johtopäätöksiä poliittisen päätöksenteon kannalta.

本研究探討投資者在低利率時代下是否存在追逐股票收益型基金之現象及投資者所投入至股票收益型基金之資金在未來一年中是否能夠擁有較佳之績效。本研究利用美國國內股票型共同基金市場資料進行實證研究，發現股票收益型基金在利率較低時將出現較大之資金淨流入，高成長型基金則在利率越低時，將出現較大之資金淨流出。因此，本研究推論投資者在利率較低時存在追逐股票收益型共同基金之行為。此外，本研究結果亦顯示利率越低時，投資者所投入至股票收益型基金之資金在未來一年將有較高之報酬。總結而言，投資者確實在低利率時代會採行投資於股票收益型基金之策略，且利率越低時能夠從中獲得較高報酬。 / The main purpose of this study is to examine whether equity income funds can generate more fund flows from investors during the low interest rate period and whether these equity income funds with more fund flows can obtain better future performance. Empirical results show that, during the low interest rate period, equity income funds enjoy higher fund inflows, while high growth funds suffer from redemption. This indicates that investors tend to pursue equity income funds rather than high growth funds when the interest rate is low. Furthermore, this study finds that equity income funds which attract more fund flows can have better future performance when interest rates are lower.

L’intensité concurrentielle et les évolutions technologiques n’ont jamais été aussi intenses. Aussi, les entreprises en quête de pérennité sont-elles de plus en plus confrontées à une nécessité d’exploiter leurs activités actuelles et d’explorer des activités futures. Or la gestion de ce double impératif est loin d’être évidente, générant potentiellement d’importantes tensions au sein des entreprises. Bien que la recherche en management ait permis de mieux appréhender cette tension d’Exploration/Exploitation, il reste des zones de contradiction et des espaces non explorés. En particulier, il n’y a pas de consensus sur les définitions des concepts d’exploration et d’exploitation, ne permettant pas ainsi de garantir une certaine cohérence dans la recherche (Birkinshaw & Gupta, 2013). D’autre part, la tension Exploration/Exploitation n’a que très peu été étudiée dans le contexte des jeunes entreprises de croissance - également appelées « scale-up » - qui ont la particularité d’être exposées à de forts enjeux de survie. Ainsi, afin de contribuer à une meilleure compréhension des problématiques que soulève cette tension au sein de celles-ci, un format de thèse sur travaux, comprenant trois études complémentaires, est adopté.Au préalable, afin de cadrer conceptuellement la thèse, je réponds, dans une première étude, à l’appel des chercheurs pour la clarification des concepts d’exploration et d’exploitation en proposant une typologie d’exploration. Puis, par l’intermédiaire d’une approche multi-cas longitudinale menée auprès de huit jeunes entreprises de croissance, j’explore tout d’abord, dans une deuxième étude, les facteurs influençant les orientations stratégiques des entreprises quant à leurs activités d’exploration et d’exploitation. Enfin, dans la troisième étude, je cherche à comprendre comment le fonctionnement des équipes de direction définit les rôles de chacun dans les activités d’exploration et d’exploitation. / Competition and technological change have never been as intense as they are today. To survive, companies must increasingly carry out current activities at the same time that they explore future ones. It is no easy task to operate on both of these fronts, and doing so is a potential source of tension and contradiction. Although management research has provided insight into the exploration and exploitation tension, there are still contradictions and unexplored areas. In particular, there is no consensus on the definition of the concepts of exploration and exploitation, which means the research lacks a certain level of consistency. In addition, there has been very little attention paid to the Exploration/Exploitation tension in the context of young, growing “scale-up” companies, which are particularly exposed to threats to their survival. To obtain a better understanding of the situations this tension causes in these companies, we have adopted a multi-paper dissertation consisting of three complementary studies.In the first study, to create a conceptual framework for the thesis, we answer researchers’ call for a clarification of the concepts of exploration and exploitation by proposing a typology of exploration. Then, based on a longitudinal, multi-case approach focused on eight scale-up companies, we first explore, in a second study, the factors influencing firms’ strategic orientations vis-à-vis exploration and exploitation activities. Finally, in the third study, we seek to understand how management teams define their individual roles with respect to exploration and exploitation activities.

The aim of this study is to investigate the relation between venture capital and the number of high growth firms. Previous research has covered the relation at the firmlevel where the positive effect of venture capital on innovation, firm growth and economic growth has been established. However, the research field have been lacking a more aggregated approach. With a fixed effects panel regression with the number of high growth firms as the dependent variable and the amount of venture capital as the key independent variable, this study is conducted at the country-level with a panel of 20 countries. The study yield no significant results except the positive effect of GDP per capita. The conclusion is that the data available today is not ready for this level of aggregation as it captures to much noise with regards to other factors affecting firm growth in a country. Growth in employment might also be an outdated proxy to measure firm growth as today's modern firms are not as dependent on a large number of employees to scale as in the past. / Målet med denna studie är att undersöka relationen mellan riskkapital och snabbväxande företag. Tidigare studier har undersökt relationen på företagsnivå där riskkapitalets positiva effekt på innovation, firmatillväxt och ekonomisk tillväxt har påvisats. Dock har forskningsfältet saknat ett tillvägagångssätt på en mer aggregerad nivå. Med en fixed effects-modell applicerad på paneldata med en beroende variabel bestående av antalet snabbväxande företag och en oberoende variabel bestående av mängden riskkapital, undersöks relationen på landnivå med ett urval av 20 länder. Studien visar inga signifikanta resultat bortsätt från kontrollvariabeln BNP per capita som är positiv och signifikant. Slutsatsen i arbetet är att den data som finns tillgänglig idag inte är mogen för studier på en aggregerad landnivå då brus i form av andra faktorer som påverkar snabbväxande företag i ett land fångas upp. Företagstillväxt mätt i tillväxt i antalet anställda i ett företag kan även vara en föråldrad metod. Dagens moderna företag präglade av affärsmodeller som inte kväver arbetskraft för att skala upp verksamheten på samma sätt som företag traditionellt gjort historiskt.

En tillväxtfas kännetecknas av en föränderlig affärsmiljö som medför interna och externa utmaningar. Detta eftersom företagen måste kontrollera en större organisation samtidigt som de behöver förbättra sina konkurrensfördelar. Som konsekvens påverkas även företagets strategier och den ekonomistyrning som tillämpas, där företagen måste anpassa sig till förändringar för att säkerställa fortsatt framgång. Tidigare studier påvisar att företagen därtill är i behov av en mer adekvat styrning som kan stödja företaget i tillväxtfasen. I linje med detta har det under senaste åren skett en utveckling inom ekonomistyrningsområdet som har myntat strategisk ekonomistyrning, vilket beskrivs som en framåtblickande och flexibel styrmodell. Tidigare studier påvisar endast behovet av denna typ av styrning samt att företagen behöver hantera förändringar. Däremot finns det begränsad forskning om hur styrsystemet faktiskt utformas under tillväxt. Syftet med studien är att redogöra för hur strategisk ekonomistyrning utformas under tillväxt för att hantera interna och externa förändringar. För att genomföra studien användes en kvalitativ forskningsmetod och en deduktiv ansats. För att samla in det empiriska materialet genomfördes nio intervjuer med gasellföretag eftersom de kännetecknas av påfallande tillväxt. Studien visar att strategisk ekonomistyrning under tillväxt präglas av ständig förbättring och anpassning. Genom uppföljning och anpassning ökar förståelsen för vilka interna och externa faktorer som bidrar till tillväxt och mer konkurrenskraftiga strategier som i sin tur möjliggör fortsatt framgång och tillväxt. Studien visar även på att det är svårt att formulera långsiktiga planer och mål eftersom gasellföretag hela tiden ställs inför nya ändrade förutsättningar. Gasellföretagens strategier är således tvungna att vara flexibla och målen fungerade mer som en tänkt riktning för företagen, snarare än något som var tvunget att uppnås. / A growth phase entails a dynamic business environment with internal and external challenges. Companies must effectively handle a larger organization as well as enhance their competitiveadvantages. Consequently, the company's strategies and management control system are impacted, necessitating adaptation for sustained success. In line with this, there has been a development in the field of management control in recent years, strategic management control, which is described as a more forward-looking and flexible control system. Previous studies only highlight the need for this type of management and the companies' need to manage changes. However, there is limited research on how the control system is designed during the growth phase. The purpose of the study is to examine how strategic management control is designed during growth to manage internal and external changes. To carry out the studies, a qualitative research method and a deductive approach were used. In order to collect the empirical material, nine interviews were conductef with gazelle companies were interviewed since they are characterized by remarkable growth. The study shows that strategic management control during growth is characterized by constant improvement and adaptation. Through follow-up and adaptation, the understanding of which internal and external factors contribute to growth and more competitive strategies increases, which in turn enables continued success and growth. The study also shows that it is difficult to formulate long-term plans and goals since gazelle companies are constantly faced with new and changed conditions. The gazelle companies' strategies thus had to be flexible, and the goals functioned more as an imagined direction for the companies, rather than something that had to be achieved.

Tesis por compendio / [EN] UNIVERSITY ENTREPRENEURS AND SPINUPS: THE CASE OF STARTUPV, THE BUSINESS ECOSYSTEM AT THE UNIVERSITAT POLITÈCNICA DE VALÈNCIA Presented by: Daniel Martínez Aceves Directed by: Dr. Ignacio Gil Pechuán & Dr. José Millet Roig Abstract: The format chosen to present this doctoral thesis is the compendium of publications. Each of the three selected articles provides new data to respond to the objectives and issues raised by the thesis: the characterization of the university entrepreneur and the firms that are generated by entrepreneurial university ecosystems. The compendium begins with a general analysis based on an international sample of 12 countries and 20,000 graduates, and ends with a particular case study of entrepreneurs linked to a local university ecosystem. Describing the different characteristics that exist among young university entrepreneurs, self-employed workers and employees at an international level, as well as identifying their competences is the objective of the first article. The second contribution focuses on the gender-related differences among entrepreneurs, identifying their motivation for undertaking new enterprises and establishing their potential differences The most significant differences in gender are closely related to conciliating work and personal/family life. Result from the third article show that universities can play a determining role in the generation of future high-growth firms. The study concludes that future research must contribute more data in order to continue to define a new concept in newly created firms: the spinup or university gazelle; a businesses founded at a university which is halfway between a startup and a spinoff company. Universities are natural incubators for projects that can help to solve social challenges and improve society. The objective of future research in this sense, should be to improve our understanding and analysis of the common characteristics that can be extrapolated to other ecosystems, which implies a sizeable challenge given the unique, inimitable nature of entrepreneurial ecosystems. / [ES] EMPRENDEDORES UNIVERSITARIOS Y SPINUPS: EL CASO DE STARTUPV, EL ECOSISTEMA EMPRENDEDOR DE LA UNIVERSITAT POLITÈCNICA DE VALÈNCIA Presentada por: Daniel Martínez Aceves Dirigida por: Dr. Ignacio Gil Pechuán y Dr. José Millet Roig Resumen: El formato elegido para presentar la tesis es el de compendio de publicaciones. Cada uno de los tres artículos seleccionados, aporta nuevos datos a los objetivos y preguntas que se plantea esta tesis: caracterizar al emprendedor universitario y las empresas que se generan en los ecosistemas emprendedores universitarios. Se parte de un análisis general con una muestra internacional de 12 países y 20.000 egresados, para, posteriormente, concluir con un estudio de un caso concreto de emprendedores vinculados a un ecosistema universitario local. Describir las características diferenciales existentes entre los jóvenes emprendedores universitarios, los autónomos y los trabajadores a nivel internacional así como sus competencias es el objetivo del primer artículo. El segundo artículo, pretende identificar y analizar las posibles diferencias de género existentes entre los emprendedores en lo relativo a las motivaciones para crear una empresa y en la conciliación de la vida laboral y personal. Los resultados del tercer artículo, ponen de manifiesto que las universidades pueden tener un papel determinante en la generación de futuras empresas de alto crecimiento. En este último artículo se plantea un nuevo concepto de empresa, las "spinups", empresas fundadas en ecosistemas emprendedores universitarios que se encuentran entre las startups, las spinoffs y las empresas gacela. Las universidades son incubadoras naturales de proyectos de empresa, que en muchos casos pueden contribuir a la mejora de la sociedad. El objetivo de las futuras investigaciones debe ir dirigido hacia la comprensión y el análisis de las características comunes que puedan ser extrapolables a otros ecosistemas, lo cual supone un importante reto ya que los ecosistemas emprendedores son únicos e irrepetibles. / [CA] EMPRENEDORS UNIVERSITARIS I SPINUPS: EL CAS DE STARTUPV, L'ECOSISTEMA EMPRENEDOR DE LA UNIVERSITAT POLITÈCNICA DE VALÈNCIA Presentada per: Daniel Martínez Aceves Dirigida per: Dr. Ignacio Gil Pechuán i Dr. José Millet Roig Resum: El format triat per a presentar la tesi és el de compendi de publicacions. Cadascún dels tres articles seleccionats, aporta noves dades als objectius i les preguntes que es plantega aquesta tesi: caracteritzar l'emprenedor universitari i les empreses que es generen en els ecosistemes emprenedors universitaris. Es parteix d'una anàlisi general amb una mostra internacional de 12 països i 20.000 egressats; per a, posteriorment, concloure amb un estudi d'un cas concret d'emprenedors vinculats a un ecosistema universitari local. Descriure les característiques diferencials existents entre els joves emprenedors universitaris, els autoempleats - els autònoms i els treballadors a nivell internacional així com les seues competències és l'objectiu del primer article. El segon, es centra en les diferències de gènere dels emprenedors, identificant les motivacions que porten a les emprenedores i als emprenedors a crear una empresa i veure les possibles diferències. Les diferències de gènere més significatives apareixen en la forma d'afrontar la conciliació de la vida laboral i personal. Els resultats del tercer article, posen de manifest que les universitats poden tindre un paper determinant en la generació de futures empreses d'alt creixement. Així i tot, futures recerques han d'aportar més dades per a seguir definint un nou concepte, "spinup" o empresa gasela universitària, una empresa fundada en un ecosistema emprenedor universitari que es troba entre una startup i una spinoff. Les universitats són incubadores naturals de projectes que poden ajudar a solucionar reptes socials i millorar la societat. L' objectiu de les futures recerques ha d'anar dirigit cap a la comprensió i anàlisi de les característiques comunes que puguen ser extrapolables a altres ecosistemes, la qual cosa suposa un important repte ja que els ecosistemes emprenedors són únics i irrepetibles. / Martínez Aceves, D. (2016). Emprendedores universitarios y spinups: El caso de startupv el ecosistema emprendedor de la Universitat Politècnica de València [Tesis doctoral]. Universitat Politècnica de València. https://doi.org/10.4995/Thesis/10251/64079 / Compendio

This dissertation explores the topic of strategy formation in high-growth SMEs. High-growth SMEs represent the growth and job creation engine of an economy; however, little has been understood on how strategy forms and develops in high-growth SMEs. The focus on large organisations has led to a literature gap regarding strategy making in SMEs (Wisener and Millett, 2012). "There is a need for deeper understanding" of strategy formation processes in SMEs (Lofving et al., 2014) and "research focusing on questions such as how firms grow [...] has been neglected." (Wright and Stigliani, 2012) The research objectives are: to understand how strategy forms and develops in high-growth SMEs; to develop a framework for the qualitative study of strategy formation processes in high-growth SMEs; and to identify enablers and barriers related to strategy formation processes in high-growth SMEs. A multiple, retrospective case-study methodology has been used. Extensive case studies built on in-depth interviews with management have been compiled to understand the complexity of the studied phenomenon. The research develops two qualitative research tools based on the literature review: a preliminary framework and an assessment matrix to study strategy formation processes. Furthermore, the research introduces a new approach to strategy charting. The key contributions of this research are as follows: • A holistic view of how strategy processes in high-growth SMEs form and develop is provided. New insights into the structures, characteristics, and other aspects of strategy formation processes have been articulated. • A framework for the qualitative study of strategy formation processes in high-growth SMEs has been developed by applying the cross-case analysis findings to the preliminary framework. • New enablers and barriers related to strategy formation processes in high-growth SMEs have been identified. New findings on the role of strategy formation in achieving growth have been outlined. This dissertation narrows the gap between strategy formation in academia and real life by providing practitioners with detailed case studies which can be used as guidelines for the development of strategy formation processes. The research can also help SMEs' managers to tackle challenges encountered in strategy formation and to support catalysts which enable strategy formation. This dissertation provides exploratory findings into a phenomenon which has been limitedly researched. Further research should seek to generalise and test the findings on additional SMEs.

A company’s board of directors is ultimately responsible for putting effective corporate governance (CG) structures in place as mechanisms to enhance its accountability to stakeholders. An audit committee (AC), which is a subcommittee of the board, is one component of the company’s CG structures. In South Africa, legislation, the Johannesburg Stock Exchange (JSE) listing requirements, and the King code and report of Governance for South Africa 2009 (King III) deal with the composition and responsibilities of ACs. As the shares of AltX listed companies, which are categorised as high-growth potential, small to medium-sized listed companies, are traded publicly, they are required to comply with the Companies Act and to establish an AC according to the Act’s composition requirements to fulfil mandatory responsibilities. In terms of the JSE listing requirements, AltX listed companies must appoint an AC or explain their reason(s) for not doing so. As the total market capitalisation of AltX listed companies has increased by 87% over the past three years, greater numbers of stakeholder groups are being affected. Since stakeholder groups are protected when companies implement effective CG processes, the purpose of this study is to understand the way in which the AC of an AltX listed company, as an example of a high-growth potential, small to medium-sized listed company, adds value to the company and its stakeholders. Attributes that contribute to the value added by ACs were identified as being the characteristics of AC members; the fulfilment of responsibilities through optimised activities; and the fulfilment of responsibilities by maintaining healthy relationships with the board and information providers. An explorative qualitative case-based research design was applied in terms of which a single AltX listed company was selected according to predetermined selection criteria. Data were collected using individual semi-structured interviews, field notes and company documents. Descriptive open coding techniques were used for data analysis with the findings of the study subsequently being presented in terms of a theoretical framework of the attributes that influence the extent to which the AC adds value. The findings of the study confirm that these attributes of the AC facilitate its ability to add value to the AltX listed company investigated and its stakeholders in terms of enlightened shareholder theory. / Auditing / M. Com. (Auditing)

No description available.

A company’s board of directors is ultimately responsible for putting effective corporate governance (CG) structures in place as mechanisms to enhance its accountability to stakeholders. An audit committee (AC), which is a subcommittee of the board, is one component of the company’s CG structures. In South Africa, legislation, the Johannesburg Stock Exchange (JSE) listing requirements, and the King code and report of Governance for South Africa 2009 (King III) deal with the composition and responsibilities of ACs. As the shares of AltX listed companies, which are categorised as high-growth potential, small to medium-sized listed companies, are traded publicly, they are required to comply with the Companies Act and to establish an AC according to the Act’s composition requirements to fulfil mandatory responsibilities. In terms of the JSE listing requirements, AltX listed companies must appoint an AC or explain their reason(s) for not doing so. As the total market capitalisation of AltX listed companies has increased by 87% over the past three years, greater numbers of stakeholder groups are being affected. Since stakeholder groups are protected when companies implement effective CG processes, the purpose of this study is to understand the way in which the AC of an AltX listed company, as an example of a high-growth potential, small to medium-sized listed company, adds value to the company and its stakeholders. Attributes that contribute to the value added by ACs were identified as being the characteristics of AC members; the fulfilment of responsibilities through optimised activities; and the fulfilment of responsibilities by maintaining healthy relationships with the board and information providers. An explorative qualitative case-based research design was applied in terms of which a single AltX listed company was selected according to predetermined selection criteria. Data were collected using individual semi-structured interviews, field notes and company documents. Descriptive open coding techniques were used for data analysis with the findings of the study subsequently being presented in terms of a theoretical framework of the attributes that influence the extent to which the AC adds value. The findings of the study confirm that these attributes of the AC facilitate its ability to add value to the AltX listed company investigated and its stakeholders in terms of enlightened shareholder theory. / Auditing / M. Com. (Auditing)