Exploring the dynamics of high-growth determinants for gazelle companies using interpretive structural modeling

IF 2.9 Q2 BUSINESS Journal of Small Business and Enterprise Development Pub Date : 2024-03-28 DOI:10.1108/jsbed-11-2023-0534

Margarida P. Santos, Fernando A. F. Ferreira, Neuza C. M. Q. F. Ferreira, João J. M. Ferreira, Ieva Meidutė-Kavaliauskienė

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Abstract

Purpose

Gazelle companies are characterized by rapid growth in a short time. Identifying the determinants of this exponential expansion is important as these firms have a significant impact on the economy. They generate increased employment and investment by investors interested in new opportunities. Previous studies have failed to reach a consensus about what fosters high growth in gazelle companies as each firm’s geographical, political and economic context is different. The present research uses cognitive mapping and interpretive structural modeling (ISM) to overcome the limitations of prior investigations and identify factors that can potentially accelerate growth in gazelle companies.

Design/methodology/approach

Two sessions were held with an expert panel with knowledge about and experience with these firms. In the first session, data were collected to create a group cognitive map, while the second meeting comprised ISM-based analyses of the high-growth determinants identified and the causal relationships between them. A final consolidation session was held to discuss the results with two members of the Committee for Central Region Coordination and Development (i.e. Comissão de Coordenação e Desenvolvimento Regional do Centro – a public entity that grants gazelle awards in Portugal).

Findings

The analysis system created was tested, and the results demonstrate that the dual methodology used can increase our understanding of the dynamics of high-growth determinants and lead to more informed and potentially better evaluations of gazelle companies. Indeed, once high-growth determinants in gazelle companies are understood, this information can help other firms implement the same business model to achieve similarly rapid growth. The strengths and shortcomings of this new structured analysis model are also analyzed.

Originality/value

The authors know of no prior work reporting the integrated use of cognitive mapping and ISM in this study context.

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利用解释性结构模型探索瞪羚企业高增长决定因素的动态变化

目的瞪羚公司的特点是在短时间内迅速增长。确定这种指数式扩张的决定因素非常重要，因为这些公司对经济有重大影响。它们会增加就业，并吸引对新机遇感兴趣的投资者进行投资。以往的研究未能就促进瞪羚企业高增长的因素达成共识，因为每家企业所处的地理、政治和经济环境各不相同。本研究采用认知图谱和解释性结构模型（ISM）来克服以往研究的局限性，并找出可能加速瞪羚公司增长的因素。在第一次会议上，收集数据以创建小组认知地图，而第二次会议则对已确定的高增长决定因素及其之间的因果关系进行基于 ISM 的分析。最后，与中部地区协调与发展委员会（即 Comissão de Coordenação e Desenvolvimento Regional do Centro，葡萄牙颁发瞪羚企业奖的公共实体）的两名成员举行了总结会议，讨论分析结果。研究结果对所创建的分析系统进行了测试，结果表明，所使用的双重方法可以提高我们对高增长决定因素动态的理解，并使我们对瞪羚企业的评估更加明智，可能会更好。事实上，一旦了解了瞪羚公司的高增长决定因素，这些信息就能帮助其他公司实施相同的商业模式，实现类似的快速增长。作者还分析了这一新型结构化分析模型的优势和不足。原创性/价值据作者所知，此前没有任何研究报告称在这一研究背景下综合使用了认知绘图和 ISM。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Small Business and Enterprise Development BUSINESS-

CiteScore

6.40

自引率

6.50%

发文量

期刊介绍： ■Research in SMEs, entrepreneurship and family-run businesses ■Case studies on real-life small business experiences ■Small Business growth and successful enterprises ■Practical advice from small business advisors ■Recruitment, training and development for SMEs ■Performance measurement and business improvement ■Government initiatives and enterprise policy ■SME financing and venture capital. By encouraging debate on the key issues facing SMEs, the journal offers detailed analysis and critical assessment of current best practice, discusses the implications of latest research findings and explores opportunities to break down the barriers that restrict the growth of SMEs.