Empreendedorismo tem sido objeto de incentivo no mundo e no Brasil, dada a sua significante contribuição para o desenvolvimento econômico e social de uma nação. Observa-se que a maioria das empresas, existentes ou novas, evolui de forma lenta e gradual; no entanto, reduzida parcela apresenta um padrão diferente, com crescimento elevado em faturamento ou número de colaboradores: são as empresas de alto crescimento (EACs). Tais empresas são as responsáveis por grande parte da geração de empregos (Birch, 1981; Coad, Daunfeldt, Holzl, Johansson, & Nightingale, 2014; Henrekson & Johansson, 2010; OECD, 2010). A presente tese procurou identificar as variáveis que ajudam a explicar o desempenho das EACs no Brasil, classificadas conforme critério da OECD (2007). Foi conduzida uma pesquisa com 470 empresas brasileiras, que coletou mais de 30 variáveis preditoras categóricas ou métricas, utilizadas no modelo Regressão Logística. Foram identificadas algumas variáveis alinhadas com a literatura e outras menos intuitivas e documentadas. Comprovou-se o aumento da probabilidade de EACs quando se relacionavam com aceleradoras, recebiam premiações ou eram spin-offs de outras empresas. Em função das altas taxas de juros bancários e da cultura empreendedora no Brasil, surpreendeu o impacto positivo de empréstimos bancários e a percepção dos empreendedores sobre registrar marcas comerciais, bem como o impacto negativo da percepção sobre propaganda em mídia digital e doações de instituições de fomento, relacionadas às EACs. Análises adicionais com o subgrupo de EACs caracterizadas como gazelas foram feitas. Embora apresente limitações de surveys e outras, a tese confirmou parte dos resultados da literatura sobre empreendedorismo e identificou avenidas para futuras pesquisas. / Entrepreneurship has been object of encouragement in the world and in Brazil, given its significant contribution to the economic and social development of a nation. It is observed that the majority of companies, existing or new, are developing slowly and gradually; however, small share presents a different pattern, with high growth in sales or number of employees: they are the high growth firms (HGFs). These firms are responsible for a large part of job creation (Birch, 1981; Coad, Daunfeldt, Holzl, Johansson, & Nightingale, 2014, Henrekson & Johansson, 2010, OECD, 2010). This thesis aimed to identify the variables that help to explain the performance of HGFs in Brazil, according to OECD (2007) criterion. A survey with 470 Brazilian companies was conducted, collecting more than 30 categorical or metric predictor variables, used in the Logistic Regression model. Some identified variables were aligned to literature, but others less intuitive or documented. It was confirmed the increase in the probability of HGFs when they related to accelerators, received awards, or were spin-offs of other companies. As a consequence of the high banking interest rates and the entrepreneurship culture in Brazil, surprised the positive impact of bank loans and the entrepreneurs\' perception of trademark registration, as well as the negative impact of perception on advertising in digital media and donations from development institutions, related to HGFs. Additional analyzes with the subgroup of HGFs characterized as gazelles were made. Although it presents limitations of surveys and others, the thesis confirmed part of the results of the literature on entrepreneurship and identified avenues for future researches.

This dissertation research focused on the growth of 4H-SiC epitaxial layers in low-pressure horizontal hot-wall chemical vapor deposition (CVD) reactors. The goal of the research was to develop a growth process that maximized the growth rate and produced films of smooth morphology. The epitaxial growth of SiC was carried out in two different reactor sizes, a 75 mm reactor and a 200 mm reactor. The maximum repeatable growth rate achieved was 30-32 um/h in the 200 mm reactor using the standard chemistry of hydrogen-propane-silane (H2-C3H8-SiH4) at growth temperatures <̲ 1600 °C, which is the highest growth rate reported to date in a horizontal hot-wall reactor at these temperatures. This growth rate was achieved with a silane flow rate of 30 sccm. The process development and characterization of 4H-SiC epitaxial films grown using the standard chemistry are presented. There are many ways to increase the growth rate, such as changing the pressure, increasing the reactant flow rates, or increasing the temperature. The method of choice for this dissertation work was to first increase the reactant flow rates, i.e. silane flow rate, and then to alter the growth chemistry by using a growth additive. When the silane flow is increased, while maintaining a specific growth temperature, supersaturation of silicon may occur. When this happens, particulates may form and deposit onto the sample surface during growth which degrades the film morphology of the epitaxial layers. In order to overcome this severe limitation in the growth of SiC, hydrogen chloride (HCl) was added to the standard chemistry of H2-C3H8-SiH4 during growth when the SiH4 flow was increased beyond 30 sccm. With the addition of HCl, the Si supersaturation was suppressed and the growth rate was increased from ~32 um/h to ~ 49 um/h by increasing the silane precursor up to 45 sccm, while maintaining the Si/C ratio of the standard chemistry process. The addition of HCl to the standard chemistry for growth of SiC films was pioneering work that has since been duplicated by several research groups.

This thesis is a study of firm dynamics, family ownership, and employment protection. It addresses the implications of employment protection on firm productivity and how family owned firms react differently with regard to economic shocks. It also investigates whether family ownership matters for the probability of exhibiting high growth. By using a novel data identification strategy, family ownership is identified in full population register data. The thesis also highlights some important caveats in the official statistics on self-employment. / Denna avhandling behandlar företagsdynamik, familjeägande och anställningsskydd. I avhandlingen analyseras anställningsskyddet och hur det påverkar företagens produktivitet, samt hur familjeägda företag reagerar på chocker inom industrin. I avhandlingen analyseras också hur familjeägande påverkar sannolikheten för ett företag att uppnå en hög tillväxttakt. Genom att kombinera olika statistikkällor kan samtliga familjeföretag i den den svenska företagspopulationen identifieras. Avhandlingen belyser också några av de problem som finns i den officiella statistiken över egenföretagare.

Companies operating in emerging markets face highly turbulent and complex environments. Russia is no exception; the firms acting on the Russian market perform in the conditions of economic instability, energy export dependence, state bureaucratic constraints and unfair competition from the part of oligarchic groups. However, despite all these challenges, more and more private owned companies manage to enjoy high growth and margins. A critical group of firms are the so-called high-growth private companies. These firms arouse special interest since they are believed to be main growth generators and, particularly in Russia, could become a key to new economic growth model. Operating in a highly turbulent Russian market requires companies to adopt and continually develop their strategies to quickly changing conditions in order to sustain growth and stay competitive in the long term. This can be achieved with the help of dynamic capabilities which serve as one of the sources of sustainable competitive advantage. However, there is a lack of research on Russian high-growth private companies and their growth strategies, even in Russian academic circles. The purpose of this study is to explain the sustainability of growth strategy by describing the linkages between Russian high-growth private companies’ dynamic capabilities, choice of growth strategy and sustainability of this growth strategy. This was studied through a qualitative multiple-case study of five Russian high-growth private companies within the IT-industry, which is one of the most rapidly developing industries in Russia. Interviews with CEOs and managers of the companies together with secondary data represent the gathered empirical data. Key issues such as companies’ dynamic capabilities, growth strategies, competitive advantages as well as the sustainability of companies’ strategies were analysed based on the empirical data. The results of the study indicate that the sustainability of company’s growth strategy depends on (1) combination of different strategic scopes (2) growth strategy foundation on company’s dynamic capabilities (3) sustainability of competitive advantage it provides (4) successful management of all the interconnected dimensions of growth. All five case companies possess sustainable competitive advantages and pursue sustainable growth strategies with a number of potential weaknesses. The study contributes to the knowledge of Russian high-growth private companies and their growth strategies as well as sustainability of growth strategies. Finally, we make recommendations for the case companies based on the results. Companies can sustain growth by building new competences and making certain changes to the existing strategies.

Empreendedorismo tem sido objeto de incentivo no mundo e no Brasil, dada a sua significante contribuição para o desenvolvimento econômico e social de uma nação. Observa-se que a maioria das empresas, existentes ou novas, evolui de forma lenta e gradual; no entanto, reduzida parcela apresenta um padrão diferente, com crescimento elevado em faturamento ou número de colaboradores: são as empresas de alto crescimento (EACs). Tais empresas são as responsáveis por grande parte da geração de empregos (Birch, 1981; Coad, Daunfeldt, Holzl, Johansson, & Nightingale, 2014; Henrekson & Johansson, 2010; OECD, 2010). A presente tese procurou identificar as variáveis que ajudam a explicar o desempenho das EACs no Brasil, classificadas conforme critério da OECD (2007). Foi conduzida uma pesquisa com 470 empresas brasileiras, que coletou mais de 30 variáveis preditoras categóricas ou métricas, utilizadas no modelo Regressão Logística. Foram identificadas algumas variáveis alinhadas com a literatura e outras menos intuitivas e documentadas. Comprovou-se o aumento da probabilidade de EACs quando se relacionavam com aceleradoras, recebiam premiações ou eram spin-offs de outras empresas. Em função das altas taxas de juros bancários e da cultura empreendedora no Brasil, surpreendeu o impacto positivo de empréstimos bancários e a percepção dos empreendedores sobre registrar marcas comerciais, bem como o impacto negativo da percepção sobre propaganda em mídia digital e doações de instituições de fomento, relacionadas às EACs. Análises adicionais com o subgrupo de EACs caracterizadas como gazelas foram feitas. Embora apresente limitações de surveys e outras, a tese confirmou parte dos resultados da literatura sobre empreendedorismo e identificou avenidas para futuras pesquisas. / Entrepreneurship has been object of encouragement in the world and in Brazil, given its significant contribution to the economic and social development of a nation. It is observed that the majority of companies, existing or new, are developing slowly and gradually; however, small share presents a different pattern, with high growth in sales or number of employees: they are the high growth firms (HGFs). These firms are responsible for a large part of job creation (Birch, 1981; Coad, Daunfeldt, Holzl, Johansson, & Nightingale, 2014, Henrekson & Johansson, 2010, OECD, 2010). This thesis aimed to identify the variables that help to explain the performance of HGFs in Brazil, according to OECD (2007) criterion. A survey with 470 Brazilian companies was conducted, collecting more than 30 categorical or metric predictor variables, used in the Logistic Regression model. Some identified variables were aligned to literature, but others less intuitive or documented. It was confirmed the increase in the probability of HGFs when they related to accelerators, received awards, or were spin-offs of other companies. As a consequence of the high banking interest rates and the entrepreneurship culture in Brazil, surprised the positive impact of bank loans and the entrepreneurs\' perception of trademark registration, as well as the negative impact of perception on advertising in digital media and donations from development institutions, related to HGFs. Additional analyzes with the subgroup of HGFs characterized as gazelles were made. Although it presents limitations of surveys and others, the thesis confirmed part of the results of the literature on entrepreneurship and identified avenues for future researches.

Entrepreneurship is the force that drives economic, social and technical progress. A small percentage of firms (5%) is responsible for a disproportionately large amount of net job creation (>50%). Named high growth firms, these successful enterprises have been in the spotlight of research looking into the key drivers of firm growth and growth policy. This dissertation explores high growth from multiple perspectives: at the level of the firm, by understanding how the definition of a high growth firm impacts its characteristics and expected performance over time; at the local level, by isolating the effect of political connections of firm performance and firm entry; and at the macro level, by observing the evolution of entrepreneurship during transition. The first study finds that most HGFs are unable to maintain high growth rates for long, but do register lower volatility in growth rates and a higher chance of survival. Results on growth volatility and persistence vary significantly with the specific definition of “high growth” used as well as with the specific variable used to measure growth (e.g., revenue, employees, profit, productivity). These findings have direct implications for growth policies and programs that depend on identifying HGFs. The second study indicates a strong significant effect of political alignment on revenue growth and firm entry. Larger firms take advantage of political connections for performance gains, while small firms are negatively impacted. Furthermore, alignment reduces entry into entrepreneurship by 8-11%. These findings establish political alignment and local-level business-politics collusion as important dynamics to consider when evaluating entrepreneurship policy in developing countries. The third study describes the interdependence between entrepreneurship, institutions, and transitions. The case of Romania shows that the beginning of transition was characterized by an initial explosion of newly created private enterprises, followed by a declining trend in enterprise creation and, recently, by a new increase in entrepreneurship activity. To conclude, this work contributes new perspectives towards a better understanding of high growth firms and growth policy. Policy implications are targeted towards transition and developing economies that have seen little representation in literature. The goal is to enable successful high growth policies across multiple levels.

This thesis is about firm dynamics, and relates to the size and growth-rate distribution of firms. As such, it consists of an introductory and four separate chapters. The first chapter concerns the size distribution of firms, the two subsequent chapters deal more specically with high-growth firms (HGFs), and the last chapter covers a related topic in distributional estimation theory. The first three chapters are empirically oriented, whereas the fourth chapter develops a statistical concept. / <p>QC 20130215</p>

Acquisitions are a powerful tool to achieve growth, enter new markets, and expand capabilities. Yet research into the decision to acquire, and its implementation process, has predominantly focused on large established firms. Little is known about what a small high-growth firm requires to pursue an acquisition, what is it looking for in a target firm and when is acquisitive growth first expected to occur. The firms were not older than five years, and at a company stage at, or earlier than, series A funding round. The investigation revealed that small high-growth firms require organizational strategies, available resources and organizational systems. These types of firms are looking for targets that can provide knowledge, human resources and customer bases.  The earliest moment a small high-growth firm expects to acquire a target is in the seed round, only if the target has a low price and could bring a lot of value, otherwise the series A funding stage is when an acquisition will most likely take place. This observation opens the door to new ideas regarding how such firms may try to behave like large firms, yet are restricted in their capacity, due to a conscious lack of resources to do so.

Bakgrund: Kraven på Corporate Social Responsibility i företag ökar till följd av ökad medvetenhet i samhället. Högst är påtryckningarna på stora företag, men det innebär inte att små- och medelstora företag inte ställs inför krav. Utmaningar med implementering av CSR har dock en tendens att påverka mindre företag mer. Eftersom gasellföretag är mindre företag som dessutom karaktäriseras av en otroligt snabb tillväxttakt har det väckt ett intresse att studera hur dessa typer av företag upplever krav kring CSR samt hur de arbetar med detta. Syfte: Syftet med denna studie är att undersöka om gasellföretag engagerar sig i CSR-aktiviteter och i sådana fall i vilken utsträckning. Vidare är syftet att öka förståelsen kring hur en snabb tillväxttakt kan komma att påverka ett företags CSR-arbete i en sådan föränderlig omvärld och vad det huvudsakliga syftet bakom ett sådant engagemang är. Metod: Studien utgår från ett hermeneutiskt perspektiv med en induktiv ansats. Datainsamlingen är gjord genom en kvalitativ flerfallstudie där fem gasellföretag har intervjuats. Detta har kompletterats med olika dokument i form av hållbarhetsredovisningar och företagens hemsidor. Slutsats: Studien visar att gasellföretag arbetar med CSR, men i olika utsträckning. Storleken på engagemanget beror främst på ett personligt engagemang och en vilja från ledningsnivå. Den snabba tillväxttakten gör att det kan vara svårt att ägna tid och pengar till ett integrerat CSR-arbete. Studien visar dock att det är väsentligt att börja sitt CSR-arbete redan från start för att sedan låta det växa med storleken av företaget. / Background: The demand on Corporate Social Responsibility in corporations is increasing due to increased awareness in society. The pressure is especially high on large corporations, but this does not mean that the pressure on small and medium enterprises is non-existing. However, challenges with implementation of CSR tends to affect smaller companies more. Since gazelles are smaller companies with an extraordinary high growth rate, it is interesting to study how these types of companies experience the demand on CSR and how they approach this. Purpose: The purpose of this study is to examine whether gazelles engage in CSR and to which extend. Furthermore, the purpose is to increase the understanding as to how a high growth rate can affect a company’s CSR-work in such a changing world and what the main purpose is behind such an engagement. Research Method: This study rest on a hermeneutic perspective with an inductive approach. The data collection has been conducted through a qualitative multiple case study where five different gazelles have been interviewed. These interviews have been supplemented with document studies in terms of each company’s website and sustainability report. Conclusion: The study shows that gazelles engage in CSR, but to which extend varies. The size of the engagement mainly depends on a personal engagement and a will from top management. The high growth rate makes it difficult to dedicate time and money to integrate CSR in the organization. However, the study shows that it is substantial to begin the CSR-work from the start to let it grow in the same pace as the company.

Customer retention is crucial for a firms long term success and its application and dynamics are particularly interesting in the context of high growth firms. High growth firms are commonly characterised by having limited resources and operating in constant change in structure and routines which can affect the way the firms are able to work with customer retention. This research aims to investigate how high growth firms perceive customer retention. This research also aims to identify major difficulties high growth firms have working with customer retention as well as what strategies are used to counteract those difficulties. In order to investigate this topic, a qualitative study based on data from semi-structured interviews with seven high growth firms was conducted. My finding suggest that high growth firms has a great prioritising on customer retention. The findings also identified that limited resources and changing structure and routines is a challenge for high growth firms working with customer retention. This research identified key strategies high growth firms use to work with customer retention, being a quality customer service, customer focused culture, and relationship bonds.