DICE THROWN FROM THE BEGINNING?: AN EMPIRICAL INVESTIGATION OF DETERMINANTS OF FIRM LEVEL GROWTH EXPECTATIONS

this study investigates three competing but complementar^ perspectives onfactors related to entrepreneurial firm growth. we examine individual (entrepreneur) firm and national environment factors associated with the growth expectations ofnascent, baby and establishedfirms. using 25,384 data pointsfrom global éntrepreneurship monitor (gem) 's survey of entrepreneurial activity in 35 countries, we find mole gender, personal acquaintance with an entrepreneur, innovative product/service, low levels of competition and based in less-developed countries are associated with high growth expectations for all three business stages. nascent and baby firms' business growth expectations are also linked to having higher levels of start-up capital and outside investment. in contrast to some previous research, wefind that a firm 's initial size is the best predictor of growth expectations. altogether, size-relatedfactors determine not only initial growth expectations, but also growth expectations at laterfirm stages. the law of disproportionate growth (le. a small number of firms are responsible for most expectedjob creation) holdsfor both start-ups and established busines-ses, although the latter are more rare. while both start-up and established firm growth expectations are higher in the developing countries, thefastest growing young firms are mainlyfound in developed countries.