Too fast to live? Effects of growth on survival across the growth distribution

Alex Coad*, Julian S. Frankish, David J. Storey

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

16 Citations (Scopus)


Do moderate-growth new firms have higher survival rates than fast-growing new firms? To address this question the customer bank records of 6578 new ventures are tracked over their first 10 years, and survival is measured either in terms of continued use of the bank account, or by entry into financial default. Simple bar charts show that it is the 7th or 8th decile of the growth distribution that has the highest survival chances. Although growth enhances survival on average, nevertheless the highest decile of the growth distribution never has the highest survival rates.

Original languageEnglish
Pages (from-to)544-571
Number of pages28
JournalJournal of Small Business Management
Issue number3
Publication statusPublished - 2020 May 3
Externally publishedYes


  • Firm growth
  • Penrose effects
  • failure
  • high-growth firms
  • post-entry growth
  • scale-up
  • survival

ASJC Scopus subject areas

  • General Business,Management and Accounting
  • Strategy and Management
  • Management of Technology and Innovation


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