Managerial services and complexity in a firm’s expansion process: An empirical study of the impact on the growth of the firm

摘要: In this study we investigate determinants of parent-firm growth rates. Building on Penrose’s theory the firm, argue that factors influence availability managerial services at upper ranks rate which a firm is able to establish new subsidiaries. We hypothesize and find common TMT-specific experience firm’s top management team in one period positively affect subsequent period. also additional demands put by increased product scope cultural distance has negative effect test our hypotheses cross-sectional time-series data 5848 expansion steps taken 91 German firms from 1985 2007.