The aim of this thesis is to understand the phenomena of the high growth and rapid internationalisation of firms from emerging markets. It explores the applicability of international entrepreneurship theory to the context of the emerging market enterprises in the Middle East and North Africa (MENA) region. It integrates the literature of strategic entrepreneurship and that of portfolio entrepreneurship with the literature of international entrepreneurship to provide a closer fit of applicability in that context. The main research questions of this thesis focus on: why, where, and how do some emerging market enterprises grow fast and internationalise early and rapidly? Particular attention is paid to entrepreneurs, entrepreneurial teams and the entrepreneurial process in the discovery, evaluation, and exploitation of new business opportunities. Despite the strength of the international entrepreneurship theory in identifying the sources of rapid internationalisation for small and medium enterprises from developed markets, it has been criticized for failing to address the same phenomena for firms from emerging markets. This thesis explores why, where, and how the MENA region emerging market firms have attained their spectacular performance over the last few years up to 2008, and contributes to filling the theoretical gap in the literature. This exploratory study suggests that the entrepreneurial and management processes of international business opportunities play an important role in achieving the high growth and rapid internationalisation of firms from emerging markets. A multiple case study strategy was adopted, and qualitative data was collected through interviews with entrepreneurs and entrepreneurial team members in the research site of the emerging markets of the MENA region. Other interviews with financial experts, staff of international financial institutions, and international analysts in specialized publications were conducted in order to achieve triangulation and bias minimization. Guided by a newly formulated conceptual theoretical framework, data was explored and thematically analysed by coding into different categories to enhance the understanding of the processes that underlined the entrepreneurial strategies associated with the rapid internationalisation and high growth of the theoretically sampled case companies. Resource orchestration, innovativeness, entrepreneurial leadership and international diversification were found to be crucial elements employed by lead entrepreneurs and their entrepreneurial team members through utilising human and social capital of networks and knowledge throughout the internationalisation process. The findings revealed that integrating the concepts of strategic entrepreneurship and portfolio entrepreneurship with international entrepreneurship produced a coherent approach to the application of those theories to understanding the behaviour of multinational enterprises from the MENA region. However, other valuable themes emerged from the findings. Chief among those are: strategically targeting hostile markets with inefficient institutional competencies and insufficient infrastructure, thus benefiting from a no competition status. Networking internally with entrepreneurial team members and international churning were other key elements revealed by the findings that explained the interactions and processes which enhanced the companies’ rapid internal growth, A recommendation for management practice is made for firms to encourage internal networking with entrepreneurial teams’ members thus enhancing trust and supporting intrapreneurs’ initiatives in identifying and exploiting new international opportunities. A mainstream policy recommendation for emerging markets is to strengthen the private sector performance with government incentives of a financial (tax reductions, banking facilities) and non-financial (political reform, education and health services) nature to encourage such entrepreneurial activities. In addition to its contribution to the theoretical understanding of high growth and rapid internationalisation from emerging markets, the findings of this thesis accentuate the impact of the pattern of internationalisation into antagonistic environments with scarce infrastructure as a strategic entrepreneurship process of deployment of dynamic capabilities to craft unique competitive advantages thus achieving and sustaining high growth and performance in new international markets. This thesis is also unique in compiling the first dataset for MENA region enterprises with similar attributes of high growth and rapid internationalisation.

Traditional asset pricing models such as Capital Asset Pricing Model (CAPM) and Discounted Cash Flow (DCF) have been used widely in academics and practice due to their simplicity and popularity. The CAPM is a prescriptive model that describes the relationship between a stock’s required return and risk relative to the movements in the market, while the DCF is a descriptive model that measures the realized rate of return on a stock based on the market price of the stock, which in turn incorporates investor perceptions about the stock and the market. In an ideal, efficient market where investors behave rationally, we should not see much of a difference between stock returns estimated from these two models. However, because investor perceptions affect the DCF estimate of returns, changes in investor confidence without accompanying changes in firm risk can affect the DCF estimate without changing the CAPM estimate. High growth firm returns are more likely to incorporate changes in investor perception because more of their value is generated from realization of future growth opportunities. In this research, I study whether investor sentiment affects the DCF estimate of stock return more than the CAPM estimate, and whether this impact is more pronounced for high growth firms. I find results consistent with this hypothesis. I find that investor sentiment causes a divergence between the CAPM and DCF estimates of stock returns, and this divergence is higher for high growth firms compared to low growth firms. My findings suggest that high growth firm stock prices are more prone to distortions due to hype or investor pessimism.

In South Africa there is high unemployment rates and poverty amongst a large part of the population. Entrepreneurship is identified by National Government and various research programs such as the Global Entrepreneurship Monitor (GEM) as a possible solution to the above socio-economic problems hampering economic growth of a developing region. It is however very difficult to start and grow a business that can last over time. This research report investigates the major problems associated with business sustainability of SMMEs and provides strategies for businesses to stay operational over time. The main aim of the study is to establish determinants of sustainability and reasons for success of SMMEs, based on a sample of small companies in Lesedi, Gauteng. Suggestions are made based on their unique experiences. The empirical study was conducted by means of a field study using a structured questionnaire. The reliability of the questionnaire was determined by the Cronbach alpha coefficient of the constructs. Data from 52 SMMEs were collected and analysed. The results indicate that most SMMEs in Lesedi are struggling to make profit and are generally unsustainable by measuring up the results against elements identified within the literature review. A total of 100 businesses restricted to Lesedi municipality in Gauteng were visited in the process of collecting the peer-aided questionnaires. The biggest problems of SMMEs in the sample were: gross profit control, marketing, strategic management, inventory control, information management, staff development, expense control, sourcing funds, time management and financial management. / Thesis (MBA)--North-West University, Potchefstroom Campus, 2013.

In South Africa there is high unemployment rates and poverty amongst a large part of the population. Entrepreneurship is identified by National Government and various research programs such as the Global Entrepreneurship Monitor (GEM) as a possible solution to the above socio-economic problems hampering economic growth of a developing region. It is however very difficult to start and grow a business that can last over time. This research report investigates the major problems associated with business sustainability of SMMEs and provides strategies for businesses to stay operational over time. The main aim of the study is to establish determinants of sustainability and reasons for success of SMMEs, based on a sample of small companies in Lesedi, Gauteng. Suggestions are made based on their unique experiences. The empirical study was conducted by means of a field study using a structured questionnaire. The reliability of the questionnaire was determined by the Cronbach alpha coefficient of the constructs. Data from 52 SMMEs were collected and analysed. The results indicate that most SMMEs in Lesedi are struggling to make profit and are generally unsustainable by measuring up the results against elements identified within the literature review. A total of 100 businesses restricted to Lesedi municipality in Gauteng were visited in the process of collecting the peer-aided questionnaires. The biggest problems of SMMEs in the sample were: gross profit control, marketing, strategic management, inventory control, information management, staff development, expense control, sourcing funds, time management and financial management. / Thesis (MBA)--North-West University, Potchefstroom Campus, 2013.

This research aimed to explore the influence of the institutional context on the growth-potential of new businesses in South Africa. The purpose of this study is to highlight the major responsibility of bureaucracy to enable high-growth entrepreneurship in emerging economies by building a favourable economic, social and legal environment, known as the institutional context.An adapted research model was defined through an extensive literature review of prior studies in the fields of both institutional theory and entrepreneurship theory. An online survey was administered to many South African entrepreneurs via a number of databases across the country. The responses were then collected and analysed by means of a multiple regression analysis to test the six hypotheses of the research model.The results revealed that all the identified institutional factors were found to have significant influences on high-growth entrepreneurship in the intended directions, while access to technology was found to have the largest influence, and the regulatory framework also contributed substantially. This implies that the bureaucracy of the country has to consider all the identified factors when attempting to design a supportive institutional environment to stimulate high-growth entrepreneurship. However, the greatest results will be achieved by focusing specifically on the access to an extensive technological infrastructure and an effective regulatory framework. / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / unrestricted

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.

This paper uses the Global Entrepreneurship Monitor data of approximately 200,000 surveys conducted on industry experts and general population to examine factors that have a significant impact on high growth Total Early-Stage Entrepreneurial Activity (TEA), with a focus on developed countries with GDP per capita of USD 20,000 or above. The results suggest that expert opinion has a significant positive correlation with high growth TEA in developed countries, while only the public sentiment has a meaningful relationship with high growth TEA in developing countries. Among the specific categories of the survey, access to funding and government regulations and support had the largest impact.

Kandidatuppsats (2FE24E), Civilekonomprogrammet – Controller Ekonomihögskolan vid Linnéuniversitetet i Växjö, VT 2017 Titel: Hur styrs gaseller? – Verksamhetsstyrning i snabbväxande företag Författare: Joel Johansson och Victor Lindgren Handledare: Anders Jerreling Examinator: Elin Funck Bakgrund: Gasellföretag har visat sig vara betydelsefulla för jobbskapandet i en ekonomi. Dessa företag präglas av en hög tillväxt och det har visat sig att flera av dem inte klarar att hantera detta under en längre tid. Det finns flera utmaningar som dessa gaseller står för gällande deras verksamhetsstyrning, för att bibehålla sin tillväxt är denna styrning en viktig aspekt för företagets fortsatta överlevnad.  Syfte: Syftet med uppsatsen är att öka kunskapen och förståelsen kring hur gasellföretag arbetar med verksamhetsstyrning för att stödja snabb tillväxt och vad som påverkar styrningen i detta läge. Vårt bidrag med detta arbete är att identifiera vilka verktyg som blir aktuella och vad som är kritiskt att styra och följa upp för att kunna hantera dessa verksamheter i hög tillväxt. Metod: Uppsatsen är strukturerad kring en kvalitativ metod där en flerfallstudie har lagt grunden för det empiriska materialet. Vi har i studien intervjuat fyra olika företag där intervjuerna har ugått från en semistrukturerad intervjuform. Det empiriska materialet har sedan analyserats med hjälp av de teorier vi valt ut. Slutsats: Gasellernas verksamhetsstyrning påverkas av flera olika faktorer beroende på företagens situation, några av de mest påverkande faktorerna är miljö och storlek. Dessa faktorer påverkar hur företaget arbetat med verksamhetsstyrning, exempel på viktiga styrverktyg är rapportering och uppföljning för att kunna ha kontroll över verksamheten och dess kostnader. / Bachelor thesis (2FE24E), Degree of Master of Science in Business and Economics, School of Business and Economics at Linnaeus University, spring 2017 Title: How gazelles are managed – Management Accounting Systems in rapig growth companies Authors: Joel Johansson and Victor Lindgren Advisor: Anders Jerreling Examinator: Elin Funck Background: Gazelles have shown to be important job creators in economies. These enterprises are characterized by rapid growth and according to studies, many of them fail to manage this in the long term. There are several challenges for the gazelles in terms of management control, which is something that becomes an important aspect for the gazelles in order to maintain its growth. Purpose: The purpose of this thesis is to increase the knowdledge and understanding about how gazelles use management control systems to support their rapid growth and what affects them at this stage. Our contribution with this thesis is to identify what management tools that becomes important and what is critical in order to control and manage these enterprises in high growth. Method: The paper consists of a qualitative research strategy where a multiplecase study works as the foundation for our empirical data. We have interviewed four different enterprises using a semi-structured method. The empirical data has then been analyzed with the help of our theoretical framework. Conclusion: The management control systems in the gazelle companies are affected by several factors depending on their situation, the greatest factors we found were size and environment. These factors affects the way the companies use their management control systems. Examples of important control systems in high growth are reports, follow-ups and to control the business and its costs.

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.

Abstract     BACKGROUND:  As being acknowledged relatively recently there is a scarcity of empirical studies regarding the phenomenon of high-growth companies. What effect high-growth has on sustainable business model innovation and the firm’s sustainable value network has not been researched widely yet if at all, and this study aims to provide an insight to these matter with reviewed literature and the case study.   RESEARCH QUESTION: How is high-growth related to sustainable business model innovation?   PURPOSE: The purpose of this study is to describe, if high-growth affects the need for sustainable business model innovation and in addition how sustainable business model innovation affects to value network in Product-service systems. By bringing these aspects closer together in this dispersed research field of studies related to sustainable business model innovation and broaden the academic field and develop understanding among these concepts and their interrelations, and to provide some theoretical framework for the future research, and to provide some insights on the matters and maybe offer some general guidelines for managers who are working with these matters as part of their job.