To read this content please select one of the options below:

Top management team characteristics and firm growth: Evidence from a sample of listed companies

Alessandra Colombelli (DIGEP, Politecnico di Torino, Torino, Italy AND; BRICK (Bureau of Research in Innovation Complexity and Knowledge), University of Nice, Sophia Antipolis, CNRS-GREDEG)

International Journal of Entrepreneurial Behavior & Research

ISSN: 1355-2554

Article publication date: 2 March 2015




The purpose of this paper is to identify the factors affecting the growth of companies listed on the Alternative Investment Market (AIM), the London Stock Exchange market for young and growing companies.


The author investigates post-initial public offering (IPO) growth for a panel of 665 companies listed on the AIM between 1995 and 2006. The empirical model uses the generalized method of moment-System (GMM-SYS) estimator.


The findings confirm that small companies listed on the AIM grow more quickly after the IPO. It seems that both human capital and firm characteristics are important determinants of their rapid growth.

Practical implications

The results of this study have some implications for policy. Policy makers should take account of the relevance of an efficient financial system. It is important also to consider the process of transformation of the cultural and behavioural attitudes of various countries towards entrepreneurship.


This paper analyses the determinants of firm growth in a particular entrepreneurial setting, that is, IPO on the AIM, the sub-market of the London Stock Exchange.



The author wishes to thank Cristiano Antonelli, Lucio Cassia, Arif Khurshed, Francesco Quatraro, Stefano Paleari, Nick Von Tunzelmann, two anonymous referees and the editor for help and useful suggestions. Preliminary versions have been presented at the Academy of Entrepreneurial Finance Conference, RENT Conference and Ceris-CNR seminar series. The author is grateful for the useful comments of many participants. The financial support of the Marie Curie Fellowship Programme (Grant Ref.: MEST-CT-2004-504299) is acknowledged.


Colombelli, A. (2015), "Top management team characteristics and firm growth: Evidence from a sample of listed companies", International Journal of Entrepreneurial Behavior & Research, Vol. 21 No. 1, pp. 107-127.



Emerald Group Publishing Limited

Copyright © 2015, Emerald Group Publishing Limited

Related articles