A Typology of Small Business Growth Modelling: A Critical Literature Review

Abstract

Objective: The objective of the article is to explore how corporate growth in business studies is explained and to present the typology of growth models of small businesses.

Research Design & Methods: This conceptual article relies on literature review and desk research. The article elaborates on available literature via a critical literature review methodology.

Findings: A detailed literature query, conducted for the purposes of this article, identified eight approaches to modelling corporate growth (growth of small businesses). Those are stochastic approach, stages models, evolutionary approach, resource-based view, learning approach, managerial approach, econophysical approach, and sustainable models.

Implications & Recommendations: The literature query and the process of logical reasoning based on the collected material allows to outline several directions of further research. Firstly, future studies should conduct a detailed bibliometric analysis with
a map of connections that will allow a classification of research areas. Secondly, scholars should prepare a more integrated approach towards the growth of small businesses, which will include more factors rooted in the entrepreneurship theory.

Contribution & Value Added: The article structures scientific knowledge on the typology of modelling corporate growth in business studies. This article paid special attention to modelling of corporate growth of small and medium-sized enterprises, which in the case of firms of this size class run differently than in the case of large companies and international corporations, for which various models are mainly created.

Keywords

entrepreneurship, corporate growth, growth modelling, growth management, small business, small and medium-sized enterprises

Author Biography

Krzysztof Wach

full professor at Cracow University of Economics (Poland), full professor at the University of Social Sciences in Łódź (Poland). Professor of social sciences (2020), Habilitation (dr hab.) in economics (2013), PhD in management (2006), MSc in international economics (2001). His research interests include international business, international entrepreneurship, EU studies, entrepreneurship and innovation, family firms. Member of AIB (Academy of International Business) and EIBA (European International Business Academy). Editor-in-Chief of ‘Entrepreneurial Business and Economics Review’ (Scopus, ESCI WoS). Associate Editor of various journals incl. ‘European Journal of International Management’ (SCI WoS), ‘Central European Management Journal’ (Scopus, ESCI WoS), ‘Agris on-line Papers in Economics and Informatics’ (Scopus) or ‘European Integration Studies’ (ESCI WoS). Member of the Committee for Economic Sciences of Polish Academy of Sciences (since 2020). Served as expert on entrepreneurship for the European Commission and OECD (2012-2019)