Drivers of SME performance: a holistic and multivariate approach

To examine the drivers of small- and medium-sized enterprise (SME) growth, we adopt a holistic multivariate modelling approach, integrating macroeconomic determinants with the internal (firm characteristics and firm strategy) drivers more commonly investigated in firm growth studies. Utilising such an extended set of variables addresses a gap in the extant firm growth literature in relation to external growth factors, offering novel insights on the seeming randomness of firm growth. Our system generalised method of moments estimation results indicate that the macroeconomic environment influences firm growth both directly and indirectly. Based on the study of manufacturing SME growth in Ireland, our findings provide evidence on the integrated effects of macroeconomic conditions, firm characteristics and firm strategy for SME growth. They also highlight, from a theoretical perspective, the need to acknowledge the multidimensional nature of SME growth.

• Publication year

  2017

• Venue

  Small Business Economics

• Publication date

  2017-04-01

• Fields of study

  Business, Economics

• Identifiers
  DOI 10.1007/S11187-016-9819-5
• External record

  Open on Semantic Scholar

• Source metadata

  Semantic Scholar

• No claims are published for this paper.

• No concepts are published for this paper.

• Are the HR responses of small firms different from large firms in times of recession

  2016cited by this paper
• Impact of global economic crisis on firm growth

  2016influential reference
• High-growth firms in changing competitive environments: the US pharmaceutical industry (1963 to 2002)

  2015cited by this paper
• How does financialization affect manufacturing investment? Preliminary evidence from the US and UK

  2015cited by this paper
• A Critical Reflection on Irish Industrial Policy: A Strategic Choice Approach

  2015cited by this paper
• A comparative analysis of the entrepreneurial orientation/growth relationship in service firms and manufacturing firms

  2014cited by this paper
• Government policy failure in public support for research and development

  2014cited by this paper
• Assessing the nonlinear nature of the effects of R&D intensity on growth of SMEs: a dynamic panel data approach

  2013influential reference
• Age and firm growth. Evidence from three European countries

  2013cited by this paper
• Learning by exporting: Lessons from high-technology SMEs

  2013cited by this paper
• The influence of age on SMEs’ growth determinants: empirical evidence

  2013influential reference
• Aggregate fluctuations and the cross‐sectional dynamics of firm growth

  2013cited by this paper
• Evaluating the Impact of Different Training Methods on SME Business Performance

  2013cited by this paper
• When is Gibrat’s law a law?

  2013cited by this paper
• Intra‐firm trade, exporting, importing, and firm performance

  2012cited by this paper
• Firm Productivity, Exchange Rate Movements, Sources of Finance, and Export Orientation

  2011cited by this paper
• How are growth and productivity in private firms affected by public subsidy? Evidence from a regional policy

  2011cited by this paper
• On the Growth of Micro, Small and Medium-Sized Firms in Central and Eastern Europe: A Dynamic Panel Analysis

  2011cited by this paper
• Responding to the crisis: are policies aimed at a strong indigenous industrial base a necessary condition for sustainable economic growth?

  2011cited by this paper
• Growth beyond Gibrat: firm growth processes and strategies

  2010cited by this paper
• The effect of foreign ownership on SMEs performance: An efficiency analysis perspective

  2010cited by this paper
• A Preliminary Report on The Source's of Ireland's Banking Crisis

  2010cited by this paper
• A Longitudinal Study of the Impact of R&D, Patents, and Product Innovation on Firm Performance

  2010cited by this paper
• The Impact of Initial Financial State on Firm Duration Across Entry Cohorts

  2010cited by this paper
• Knowledge Intensive Entrepreneurship: The Birth, Growth and Demise of Entrepreneurial Firms

  2010influential reference
• The Irish Banking Crisis: Regulatory and Financial Stability Policy

  2010cited by this paper
• The Foundations of Small Business Enterprise: An Entrepreneurial Analysis of Small Firm Inception and Growth

  2010cited by this paper
• Human capital and sustainable competitive advantage: an analysis of the relationship between training and performance

  2009cited by this paper
• Measuring and Analyzing Cross-country Differences in Firm Dynamics

  2009cited by this paper
• The Growth of Firms: A Survey of Theories and Empirical Evidence

  2009cited by this paper
• The development of the resource-based view of the firm: A critical appraisal

  2009cited by this paper
• A Note on the Theme of Too Many Instruments

  2009cited by this paper
• The Growth of Firms

  2009cited by this paper
• Firms in International Trade: Importers and Exporters Heterogeneity in the Italian Manufacturing Industry

  2008cited by this paper
• Productivity, profitability and financial performance

  2008cited by this paper
• Innovation and firm growth in high-tech sectors: A quantile regression approach

  2008influential reference
• Higher productivity in importing German manufacturing firms: self-selection, learning from importing, or both?

  2008cited by this paper
• Defending Gibrat’s Law as a long-run regularity

  2007cited by this paper
• EU KLEMS Growth and Productivity Accounts: An Overview

  2007cited by this paper
• The Small, the Young, and the Productive: Determinants of Manufacturing Firm Growth in Ethiopia

  2007cited by this paper
• The Foundations of Small Business Enterprise: An Entrepreneurial Analysis of Small Firm Inception and Growth

  2007cited by this paper
• Evaluating the impact of public subsidies on a firm's performance: A quasi-experimental approach

  2007cited by this paper
• Foreign Direct Investment in Ireland: Policy Implications for Emerging Economies

  2006cited by this paper
• How to do Xtabond2: An Introduction to Difference and System GMM in Stata

  2006cited by this paper
• Financial and Legal Constraints to Growth: Does Firm Size Matter?

  2005cited by this paper
• R&D, Size and Firm Growth in Taiwan‘s Electronics Industry

  2005cited by this paper
• Falling over the Competitive Edge

  2004cited by this paper
• Sustaining Innovation and Growth: Public Policy Support for Entrepreneurship

  2004cited by this paper
• Learning by Exporting

  2004cited by this paper
• Industrial Organization and New Findings on the Turnover and Mobility of Firms

  1998cited by this paper
• An evolutionary theory of economic change

  1983cited by this paper
• An evolutionary theory of economic change

  1982cited by this paper
• Selection and the evolution of industry

  1981cited by this paper

• Developing Strategy for Enhancing Women’s Role of Sago Micro, Small and Medium Enterprises (MSMEs) in Rural Area: A Case Study of Gender Issue in Southeast Sulawesi Province

  2025cites this paper
• Is Financial Stress a Facilitating Factor in Cartel Formation?

  2025cites this paper
• Evidence on the Dynamics of Information Technology Companies' Performance in the Pandemic and Post-Pandemic Period

  2025cites this paper
• Internationalization of knowledge-driven SMEs: entrepreneurial patterns and evidence from Brazil

  2025cites this paper
• Assessing the Impact of Firm Age and Location on SME Growth Potential in Namibian Markets

  2025cites this paper
• Performance management in SMEs: Integrating bibliometric insights and systematic review on antecedents and outcomes

  2025cites this paper
• Decisiones estratégicas bajo incertidumbre: Modelo para la evaluación de iniciativas empresariales

  2025cites this paper
• Impact of natural resource management on entrepreneurial activity and SME growth in emerging economies: Does the rule of law matter?

  2025cites this paper
• Exploring adoption barriers of ICT in SMEs using an ISM-MICMAC approach

  2025cites this paper
• The role of digital service innovation strategy on SME performance: an international study

  2025cites this paper
• The role of intermediate financial distress events and business cycles in stock market delisting: evidence from the Johannesburg stock exchange

  2025cites this paper
• Causal Threads: SMEs and Macroeconomic Indicators in Indonesia

  2025cites this paper
• The impact of PSD2 regulation on the financial performance of non-bank payment service providers: the case of Spain

  2024cites this paper
• Strategic Social Media Marketing Adoption and SME Performance: A Technology-Organization-Environment Approach

  2024cites this paper
• The Impact of Inclusive Lending Support on the Performance of Small and Micro Enterprises: Evidence from China

  2024cites this paper
• Rethinking holistic sustainable growth of Malaysian SMEs: a University Helix-Quadruple Bottom Line perspective

  2024cites this paper
• The new normal: The status quo of AI adoption in SMEs

  2024cites this paper
• Advancing SME performance: a novel application of the technological-organizational-environment framework in social media marketing adoption

  2024cites this paper
• Advances on multisample permutation tests for “V-shaped” and “U-shaped” alternatives with application to circular economy

  2023cites this paper
• Organizational Integration, Knowledge Management, and Sustainable Entrepreneurship for SMEs in Developing Economies

  2023cites this paper
• Is too small always bad? the role of place attachment in harnessing location advantages

  2023cites this paper
• Key factors influencing the sustained growth of high-tech SMEs in South Korea: the perspectives of founder owner-managers

  2023cites this paper
• THEORETICAL APPROACH TO THE CONCEPTS OF ECONOMIC, ACCOUNTING AND MANAGERIAL PROFILE OF PRODUCTION SMEs

  2023cites this paper
• How high-growth entities’ knowledge of small, medium and micro-enterprise policy framework impacts business performance

  2023cites this paper
• Impact of COVID-19 on Oil and Gas Sector in Nigeria: A Condition for Diversification of Economic Resources

  2023cites this paper
• Complementary and contingent value of SMEs' data capability and supply chain capability in the competitive environment

  2023cites this paper
• Internal control systems and organizational performance in Small and Medium Enterprises (SMEs) in Nigeria

  2023cites this paper
• Impact of Elements of Finance and Business Support on the SME Business Ecosystem in South Africa: An Econometric Analysis

  2023cites this paper
• Linking Knowledge Application, Digital Marketing, and Manufacturing SMEs’ Sustainable Performance: The Mediating Role of Innovation

  2023cites this paper
• On the question of entrepreneurial breakthrough or failure in Africa: a framework for analysis

  2023cites this paper
• The impact of trade facilitation on African SMEs’ performance

  2023cites this paper
• Analysis of growth and constraints of agricultural micro- and small-scale enterprises in North Wollo Zone, Amhara Regional State, Ethiopia

  2023cites this paper
• Drivers of SME Growth: Quantile Regression Evidence From Developing Countries

  2023cites this paper
• Tax Payment and the Performance of SMEs: A Longitudinal Analysis on EU Countries

  2023cites this paper
• Linking entrepreneurial competencies, innovation and sustainable performance of manufacturing SMEs

  2022cites this paper
• Determining factors in MSMEs success: An empirical study in Mexico

  2022cites this paper
• ANALYSIS OF THE FINANCIAL RESOURCES NECESSARY FOR THE FUNCTIONING AND DEVELOPMENT OF SMES, IN CONDITIONS OF COMPETITIVENESS

  2022cites this paper
• Examining the effects of a coopetitive mindset on SME performance: The moderating role of growth

  2022cites this paper
• Green entrepreneurship and performance of small and medium enterprises in North-Central Nigeria

  2022cites this paper
• Business Performance Management for SMEs: Country-Specific Differences in Performance Drivers Lead to Different Requirements

  2022cites this paper
• Capital structure, market conditions and financial performance of small and medium enterprises in Buganda Region, Uganda

  2021cites this paper
• Interest rate and exchange rate volatility and the performance of the Nigerian informal sector: Evidence from small and medium-sized enterprises

  2021cites this paper
• Innovative Strategies to Grow Sales of Women-Owned SMEs in Emerging Countries

  2021cites this paper
• Mapping SME productivity research: a systematic review of empirical evidence and future research agenda

  2021cites this paper
• Gender-based characteristics of micro, small and medium-sized enterprises in an emerging country: is this a man’s world?

  2021cites this paper
• Pengaruh Supply Chain Drivers (Cost Reduction dan Growth) terhadap Partnership in Marketing and Sales Performance

  2021cites this paper
• Internal and external factors for SME success

  2021influential citation
• Do Islamic social entrepreneurship moderate Islamic leadership and emotional intelligence? Evidence from micro and small enterprises fostered by ‘Aisyiyah

  2021cites this paper
• Determinants of small and medium-sized enterprises performance: The evidence from Vietnam

  2021cites this paper
• The performance of private companies in China before and during the global financial crisis: firms’ characteristics and entrepreneurs’ attributes

  2021cites this paper
• Firm and product survival analysis: Evidence from South African tax administrative and products data

  2021cites this paper
• The performance of private companies in China before and during the global financial crisis: firms’ characteristics and entrepreneurs’ attributes

  2021cites this paper
• Export Determinant of Micro, Small, and Medium Enterprise Products (MSMEs) in Indonesia with Error Correction Model (ECM) Approach

  2021influential citation
• Internationalisation and the Performance of Microbusinesses 1

  2021cites this paper
• FIRM SIZE – FIRM GROWTH RELATIONSHIP DURING ECONOMIC CRISIS

  2020cites this paper
• Firm employment growth in China: The role of marketization and regional economic factors

  2020cites this paper
• Open to competition? Competitive density and the growth of young New Zealand ventures

  2020cites this paper
• Towards a new model for SME self-assessment: a Brazilian empirical study

  2020cites this paper
• The entrepreneurial gains from market integration in the new EU member states

  2020cites this paper
• Impact of social factors on formation of business environment for SMEs

  2020cites this paper
• SOCIAL CAPITAL AND SME PERFORMANCE IN RIVERS STATE

  2020influential citation
• Performance management of SMEs: a systematic literature review for antecedents and moderators

  2020cites this paper
• Driving the circular economy through public environmental and energy R&D: Evidence from SMEs in the European Union

  2020cites this paper
• Factors Leading to Sustained Growth of SMES in the U.A.E: A Concept Paper

  2020cites this paper
• The entrepreneurial gains from market integration in the new EU member states

  2020cites this paper
• Public guarantees: a countercyclical instrument for SME growth. Evidence from the Spanish Region of Madrid

  2019cites this paper
• Leverage and firm growth: an empirical investigation of gazelles from emerging Europe

  2019cites this paper
• Public guarantees: a countercyclical instrument for SME growth. Evidence from the Spanish Region of Madrid

  2019cites this paper
• Perception of the Selected Business Environment Aspects by Service Firms

  2019cites this paper
• Innovation, internationalisation and the performance of microbusinesses

  2019cites this paper
• Selected economic factors of the quality of business environment

  2019cites this paper
• METHODOLOGICAL APPROACH TO PERFORMANCE MEASUREMENT ON THE SMALL AND MEDIUM-SIZED ENTERPRISES

  2019cites this paper
• Impact of cultural intelligence on SME performance

  2019cites this paper
• Survey factors affecting performance of industrial clusters by using Panel-VAR model

  2019cites this paper
• Determinants of SMEs’ performance: evidence from European countries

  2019influential citation
• Analysing the profitability and the relations among its determinants of the retail sector: Evidence from Greece

  2019cites this paper
• The impact of the public sector on the quality of the business environment in the SME segment

  2019cites this paper
• Optimising SME Potential in Modern Healthcare Systems: Challenges, Opportunities and Policy Recommendations

  2018cites this paper
• Performance of Small and Medium-sized Enterprises in the Chemical Industry in the Czech Republic – An Exploratory Analysis

  2018cites this paper
• The process of strategy formation in high-growth SMEs

  2018cites this paper
• Leverage and firm growth: an empirical investigation of gazelles from emerging Europe

  2018cites this paper
• SME policies as a barrier to growth of SMEs

  2018cites this paper
• Analysis of the relationship between innovation and firm growth: From the perspective of persistence of innovation activities

  2018cites this paper
• Interconnecting exporter types with export growth and decline patterns

  2018cites this paper
• Determinants of SMEs Financial Performance: Empirical Evidences from Wholesale of Electrical Household Appliances Sector

  2018cites this paper
• Demystifying small and medium enterprises’ (SMEs) performance in emerging and developing economies

  2018cites this paper
• Growth Orientation and the Profile of Micro-Entrepreneurs From the Pomorskie Province

  2018cites this paper
• SME policies as a barrier to growth of SMEs

  2018cites this paper
• A performance measurement framework to enhance the success and survival of retail micro, small and medium enterprises

  2017cites this paper
• Back to goodwill amortisation and the financial performance of public and private firms in Spain

  year unknowncites this paper
• ENTREPRENEURSHIP EDUCATION FOR SMALL AND MEDIUM BUSINESS ENTERPRISES IN KAJIADO COUNTY, KENYA

  year unknowninfluential citation