Download This Article

Gro Ladegard, Casper Claudi Rasmussen ORCID logo


The purpose of this paper is to explore the governance structures in high-growth firms – “Gazelles”. We analyse and compare 865 high-growth firms and 396 SMEs in Norway. The data reveals that high-growth firms differ from average SMEs on several core characteristics. They are smaller and younger, and have more owners and larger boards than the average SME. The analysis shows that high-growth firms are a special case where owners and managers appear to have shared interests, and the strategic and advisory role of the board are thus more important than the monitoring role. This knowledge is useful both for understanding high-growth firms as a particular context, and for how corporate governance systems may have different functions in different types of firms.

Keywords: Firm, Corporate Governance, SMEs, Board

How to cite this paper: Ladegard, G., & Rasmussen, C. C. (2015). Corporate governance in high-growth firms. Corporate Ownership & Control, 12(2-2), 308-317.