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Growth and Profitability in Small Privately Held Biotech Firms: Preliminary FindingsMalin BrännbackÅbo Akademi University Alan L. CarsrudFlorida International University (FIU) Maija RenkoUniversity of Illinois at Chicago Ralf ÖstermarkSchool of Business and Economics - Åbo Akademi University Jaana AaltonenÅbo Akademi University Niklas KiviluotoÅbo Akademi University New Biotechnology, Vol. 25, No. 5, pp. 369-376, June 2009 UIC College of Business Administration Research Paper No. 09-11 Abstract: This paper reports on preliminary findings on a study of the relationship of growth and profitability among small privately held Finnish Life Science firms. Previous research results concerning growth and profitability are mixed, ranging from strongly positive to a negative relationship. The conventional wisdom states that growth is a prerequisite for profitability. Our results suggest that the reverse is the case. A high profitability-low growth biotech firm is more probably to make the transition to high profitability-high growth than a firm that starts off with low profitability and high growth.
Number of Pages in PDF File: 21 Keywords: Biotechnology, profitability, growth, entrepreneurship JEL Classification: M13 Accepted Paper SeriesDate posted: May 31, 2009Suggested CitationContact Information
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