The Growth – Profit Nexus

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Profitability in Portuguese service industries: a panel data approach (2009, background): “…about service industries, Roper (1999) and Gschwandtner (2005) obtain a statistically insignificant relationship between growth and profitability for Irish and American companies, respectively, while Cowling (2004) obtains a positive relationship between growth and profitability for British firms.”
Research on small-firm growth : A review (2005, background): “Cowling (2004) investigated UK firms across industries and concluded from a series of regression analyses that profit and growth tended to move together.”
Performance Configurations over Time: Implications for Growth– and Profit–Oriented Strategies (2009, background): “Although the resulting, larger firm may eventually reach higher profitability than the original, smaller firm, this line of reasoning suggests that in the process of reaching this state, there may be a trade-off between growth and profitability (Cowling, 2004; Marris, 1967; Zahra, 1991).”