Determinants of Startup Growth in Holding Companies: A Multilevel Systematic Review

Document Type : Research Paper

Authors

1 Ph.D. Candidate, Department of Strategy and Business Policy Making, Faculty of Business Management, College of Management, University of Tehran, Tehran, Iran.

2 Assistant Prof., Department of Strategy and Business Policy Making, Faculty of Business Management, College of Management, University of Tehran, Tehran, Iran.

3 Associate Prof., Department of Marketing and Market Development, Faculty of Business Management, College of Management, University of Tehran, Tehran, Iran.

4 Associate Prof., Department of Information Technology Management, Faculty of Technology and Industrial Management, College of Management, University of Tehran, Tehran, Iran.

10.22059/jibm.2024.381868.4842

Abstract

Objective
Business growth is one of the most critical concerns for firms, particularly new ventures and start-ups. It is a complex and multidimensional phenomenon, accompanied by substantial theoretical fragmentation in the literature. Prior research has approached business growth from diverse theoretical perspectives, often focusing on specific dimensions and examining selected influencing factors. However, this fragmented body of work has contributed to conceptual divergence, and the interrelationships among key factors remain insufficiently clarified. The present study aims to analyze and synthesize the findings of prior research on the factors influencing the growth of start-up businesses within holding companies, as well as the interrelationships among these factors. In doing so, it seeks to develop a comprehensive and multidimensional understanding of start-up business growth in holding company contexts.
 
Methodology
Considering the theoretical fragmentation in the literature, along with studies adopting diverse approaches and focusing on specific aspects of business growth that may lead to conceptual ambiguity, and also acknowledging the presence of growth-related factors operating at different levels in prior research, a multilevel systematic review method was employed. Accordingly, 3,359 articles published between 1955 and 2024 in the Scopus and Web of Science databases, focusing on the growth of new and start-up businesses as well as the interactions between holding companies and their subsidiaries, including start-ups and emerging ventures, were retrieved based on predefined research criteria and keywords. After the screening process, 152 articles were selected for in-depth analysis.
 
Findings
A total of 1,147 codes were identified and organized into eight main categories, 33 subcategories, and 319 components. Based on a multilevel approach and with start-up business growth (three subcategories and 31 components) defined as the central category of the study, the identified influencing factors were restructured into four main categories: organizational characteristics of start-up businesses (12 subcategories and 95 components), entrepreneurial teams—including founders and managers—(two subcategories and 48 components), holding companies (three subcategories and 30 components), and contextual factors (three subcategories and 32 components). In addition, three categories were developed to capture the inter-level relationships, including interactions between the holding company and start-up businesses (four subcategories and 52 components), interactions between the holding company and entrepreneurial teams (two subcategories and nine subcomponents), and business growth management capabilities (four subcategories and 22 components).
 
Conclusion
The present study develops a conceptual framework for the growth of start-up businesses in holding companies, in which both the hierarchical structuring of growth-related factors and the interrelationships among these levels are considered. The findings suggest that the growth of new ventures within holding companies is a complex phenomenon shaped by multiple factors across four levels, as well as the interactions among them. For future research, it is recommended that this framework be examined using both qualitative and quantitative approaches, particularly through multilevel studies, as well as through analyses of growth mechanisms and the effects of individual factors across different environmental contexts.

Keywords

Main Subjects

References

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Journal of Business Management
Volume 18, Issue 2
2026
Pages 382-421

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