Purpose - The purpose of this thesis is to describe and explain how Swedish gazelle firms, as representatives of high growth SMEs, respond to challenges in their economic and social contexts in sustaining growth. Furthermore, the purpose is to provide relevant and valuable recommendations to managers of rapidly growing companies. Finally, this thesis aims at providing suggestions for further research. Method - This research was conducted following a multiple case study research design, constituting four companies. Data derives particularly from semi-structured interviews, held with the owners/CEOs of the four case companies. Findings – Taking a combined resource-based and institution-based view, the study shows that even though the importance of commitment to social issues for SMEs increases through periods of rapid growth, the importance is still somewhat limited for the overall success of the firm. Hence, mainly focusing on the economic context is essential for the firm‘s success, albeit the social context becomes an increasingly important factor to bear in mind for runners of SMEs, particularly when it comes to future expansion. Practical implications - For owners and managers of rapidly growing SMEs, it is vital to form a profound understanding of the challenges that can emerge after a period of rapid growth as well as how to how to most adequately respond to those challenges. For this, it greatly helps if a long-term vision on how and how much to grow is developed before the firm enters its period of rapid growth. Moreover, firm owners need to have or develop significant leadership capabilities in order to deal with the increasing amount of and diversity regarding employees. Keywords - Rapid growth firms, Gazelles, Strategic management, CSR, Growth, SMEs

This thesis examines the influence of market, learning, and entrepreneurial orientation as sources of competitive advantage in fast-growth SMEs. It is taken that these three factors synergistically comprise an organization's business orientation, enhancing marketing capabilities and firm performance. In Australia, these firms tend to be emerging enterprises, usually less than 10 years of age, and comprise approximately 10% of all SMEs, contributing substantially to national revenue. Two studies (Study 1 and Study 2) were incorporated, utilizing a sequential explanatory design, which is characterized by undertaking quantitative data collection and analysis (path modelling), prior to conducting qualitative research (case studies/causal network modelling). Study 1 reveals that business orientations are significant antecedents to marketing capabilities. Accordingly, firms leverage advantages associated with a business orientation to strengthen their marketing capabilities. While superior marketing capabilities are important drivers of performance, these capabilities also mediate relationships between business orientation and performance. Without such capabilities, it appears that firm market, entrepreneurial and learning orientations provide little value to attainment of desired performance objectives. Fast growth SMEs invest in maintaining sound relationships with distributors and developing superior products/services for positional advantages. However, only product/service development capabilities contribute significantly to firm performance. Although Relationship Capabilities are related positively with Shared Vision (learning orientation) and Proactiveness (entrepreneurial orientation), this marketing capability dimension displays nonsignificant relationshi ps with performance measures. This finding suggests that even though FGF employees might have sound relationships with distributors/retailers, Relationship Capabilities are not a direct contributor to subjective measures of firm profitability, ROI, ROE, customer satisfaction, new product success, and overall marketing effectiveness, confirming that positional advantage does not necessarily lead to enhanced firm performance. In addition, marketing research, marketing management, marketing communications, and pricing are nonsignificant contributors within the context of the present hypothesized model. Study 2 extends the hypothesized model originating from Study 1. Based on an inductive analysis of case studies, qualitative findings reveal four significant qualities specific to these organizations: Leadership/CEO characteristics, human resource practices, organizational culture, and organizational climate. These characteristics can be regarded as intangible resources associated with fast-growth firms. These attributes appear to be significant antecedents to business orientation, marketing capabilities, customer value, and firm performance. Customer value features prominently. This model is also nonrecursive: firm performance sends a signal to potential employees and customers, impacting human resource related issues such as staff motivation, rewards, and recruitment. Successful firms tend to attract highly talented employees because potential staff want to be associated with winning enterprises. Information generated and disseminated from the renewal process adds new knowledge to superior organizational r esources, making the process nonrecursive. Perhaps, more importantly, Study 2 reveals that fast-growth companies seem to have an uncanny ability to remain ahead, preventing competitors from surreptitiously entering their markets. It might sound as a cliché, however, but these organizations appear to possess a commitment to customer centricity for at least some period of time, retaining customers by developing new products which continue to serve current customers as they change what they value.

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Although the development of small businesses is generally considered important for income generation and job creation, there has been relatively little research in developing countries such as Ghana on understanding why some small firms succeed and grow rapidly while others do not in. This thesis investigates the influences on small firm growth rates in Ghana using data from a random sample of 252 manufacturing and services firms from the database of the Association of Ghana Industries. The general hypothesis is that, growth is a function of the characteristics of the entrepreneur; characteristics of the firm; strategic factors; environmental factors; and cultural factors. Consequently, the research tests 36 hypotheses drawn from the five main categories of variables using the turnover and the employment growth measures. It also uses logistic regression analysis to isolate significant factors differentiating rapid-growth firms from slow-growth firms. Overall, the research finds strong evidence which suggests that, perception of a market opportunity; university education; multiple founders; entrepreneurs with marketing skills; workforce training; new product development; presence of a clear vision and mission statement; majority non-family members in management and membership of professional or business associations were associated with rapid-growth firms. iv Factors which were significant in discriminating between rapid-growth and slow-growth firms but were more likely to be associated with slow-growth firms included threat of unemployment or actual unemployment as a motivation for starting a business; production skills; legal form (limited liability companies); access to external equity (post-formation); exporting; access to public or external aid; unionization and frequent management meetings.

The purpose of this study is to examine what internal barriers arise and how these have been managed during different stages of growth in Swedish high-growth firms. The study’s model of analysis is based on Barth’s (2004) framework of barriers and Greiner’s (1972) model of five phases of growth. Through nine semi-structured interviews with senior managers, the study examines internal tangible and intangible barriers experienced by Swedish high-growth firms. The study’s findings indicate that the companies, initially characterized by a lack of structure, need formal systems due to their rapid growth. The introduction of the systems creates new barriers, making competent leadership a crucial requirement. Barriers related to planning and strategy decrease in later phases of growth, indicating that these must be overcome for successful growth. Overall, the study suggests that internal barriers differ in the respective growth phases and thus emphasizes the importance of adaptive management. / Syftet med denna uppsats är att undersöka vilka interna barriärer som uppstår och hur dessa har hanterats under olika tillväxtfaser i svenska high-growth firms. Studiens analysmodell bygger på Barths (2004) framework of barriers och Greiners (1972) model of five phases of growth. Genom nio semistrukturerade intervjuer med högt uppsatta chefer undersöker studien interna tangibla och intangibla barriärer som svenska tillväxtbolag har upplevt. Studiens resultat visar att företagen, som från början kännetecknades av brist på struktur, behöver formella system på grund av sin snabba tillväxt. Införandet av systemen skapar nya barriärer, vilka gör kompetent ledarskap till ett avgörande krav. Barriärer relaterade till planering och strategi minskar i senare tillväxtfaser, vilket indikerar att dessa måste hanteras för fortsatt tillväxt. Sammantaget tyder studien på att interna barriärer skiljer sig åt i respektive tillväxtfas och betonar därmed vikten av följsam styrning.

Although the development of small businesses is generally considered important for income generation and job creation, there has been relatively little research in developing countries such as Ghana on understanding why some small firms succeed and grow rapidly while others do not in. This thesis investigates the influences on small firm growth rates in Ghana using data from a random sample of 252 manufacturing and services firms from the database of the Association of Ghana Industries. The general hypothesis is that, growth is a function of the characteristics of the entrepreneur; characteristics of the firm; strategic factors; environmental factors; and cultural factors. Consequently, the research tests 36 hypotheses drawn from the five main categories of variables using the turnover and the employment growth measures. It also uses logistic regression analysis to isolate significant factors differentiating rapid-growth firms from slow-growth firms. Overall, the research finds strong evidence which suggests that, perception of a market opportunity; university education; multiple founders; entrepreneurs with marketing skills; workforce training; new product development; presence of a clear vision and mission statement; majority non-family members in management and membership of professional or business associations were associated with rapid-growth firms. iv Factors which were significant in discriminating between rapid-growth and slow-growth firms but were more likely to be associated with slow-growth firms included threat of unemployment or actual unemployment as a motivation for starting a business; production skills; legal form (limited liability companies); access to external equity (post-formation); exporting; access to public or external aid; unionization and frequent management meetings.

The study aims to create a deeper understanding and gain more knowledge about the complex and dynamic management processes in gazelle companies, in relation to both social- and financial aspects. We argue that financial challenges, such as funding and cash flow controls, are closely connected to social dimensions as human resources and company-specific strategies. Thus, it is not sufficient to handle them separately, since both social- and financial processes are closely connected and influenced by different stakeholders. The research displayed that human resources management practices and finance practices were more important than the other three dimensions. The companies that participated in our study also seem to have different attitudes towards external investors/stakeholders, depending on if they were founded before or after the financial crisis in 2008.

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.

Substansrabatt för investmentbolag har sedan länge diskuterats inom företagsvärlden och forskningsvärlden. Substansrabattens bakomliggande faktorer är väldokumenterade och omdiskuterade men forskare är inte eniga om exakt vilka faktorer det är som driver investmentbolagets substansrabatt. En av de faktorer som visat sig ha en effekt på substansrabatten för investmentbolag är onoterat innehav och det är onoterat innehav som ligger till grund för vår uppsatts. Syftet med studien är att analyser sambandet mellan svenska investmentbolags substansrabatt och dess onoterade innehav genom att studera ekonomiska egenskaper för de onoterade bolagen som ingår i respektive investmentbolags innehav. Studien baserades på kvartalsvisa observationer för svenska investmentbolags nivå av substansrabatt, andel onoterat innehav, diversifiering av onoterat innehav och värdedrivande parametrar i respektive investmentbolags onoterade innehav. För att besvara studiens frågeställning använde vi oss av Pearson`s korrelationstest och linjära regressioner. Resultatet av studien påvisade att det finns ett positivt samband mellan investmentbolagens substansrabatt och andelen tillväxtbolag i det onoterade innehavet och att det finns ett negativt samband mellan lönsamhet i det onoterade innehavet och investmentbolagets substansrabatt. / The discount to NAV has been a debatable topic in the corporate world and the scientific field for a long period of time. Even though the underlying factors associated with the discount to NAV has been well documented and widely discussed, scientist remains divided on the topic. A factor that has been determined to have an effect on the discount to NAV is unquoted holdings which also is the starting point for this thesis. The purpose of this thesis is to analyze the relationship between Swedish investment companies discount to NAV and the companies’ unquoted holdings by studying key performance indicators regarding the companies ‘unquoted holdings. The thesis was based on quarterly observations of the discount to NAV, the quota of unquoted holdings, level of diversification and financial key figures. To answer the hypothesis of the thesis we used Pearson`s test of correlation and linear regression. The thesis result indicates that there is a positive relationship between the discount to NAV and the quota of unquoted growth companies. The results also showed a negative relationship between profitability in unquoted holdings and the discount to NAV.

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.