Does size matter for new firms and do they need to be large to be profitable? From small to large firms, a wide range of arguments have explored the possible strengths and liabilities associated with size. Despite the long interest in the relation between size and profitability, the empirical evidence is mixed and inconclusive. To date, studies focus mainly on established firms. In order to advance the knowledge on the relation, we examine the effects of size on the profitability of newly established firms in their first years of business. Overall, the results show that size has a positive impact on the profitability of new firms. In particular, increases in the number of employees have a positive effect on the return on assets that indicates that being small is a liability for new firms. Further, this finding indicates the need for a certain critical mass of employees when firms start out. By starting out with a higher number of employees, new firms may invest in the development of their performance by stimulating learning and motivation and, in this way, increase their profitability and their chances of survival. In addition to the liability of smallness, we also investigate the moderator effect of age. Our conclusions support the liabilities of obsolescence and senescence arguments that state that as firms age, they have difficulties in adapting to the external environment and face internal inertia.

规模对新公司有影响吗？他们需要大一些才能盈利吗？从小型企业到大型企业，各种各样的争论都探讨了与规模有关的可能的优势和责任。尽管人们一直对规模与盈利能力之间的关系抱有浓厚的兴趣，但经验证据却是混杂而无定论的。迄今为止，研究主要集中于成熟的公司。为了增进对这种关系的了解，我们研究了规模对新成立公司开业初期的盈利能力的影响。总体而言，结果表明规模对新公司的盈利能力具有积极影响。尤其是，员工人数的增加对资产收益率产生了积极影响，表明较小的资产是新公司的责任。进一步，这一发现表明，在公司起步时需要一定数量的员工。通过增加员工数量，新公司可以通过激发学习和动力来投资于其绩效的发展，并以此增加其盈利能力和生存机会。除了承担小责任外，我们还研究了年龄的调节作用。我们的结论支持过时和衰老论据的责任，这些论据指出，随着公司的老化，它们难以适应外部环境并面临内部惯性。增加他们的盈利能力和生存机会。除了承担小责任外，我们还研究了年龄的调节作用。我们的结论支持过时和衰老论据的责任，这些论据指出，随着公司的老化，它们难以适应外部环境并面临内部惯性。增加他们的盈利能力和生存机会。除了承担小责任外，我们还研究了年龄的调节作用。我们的结论支持过时和衰老论点的责任，这些论点指出，随着公司的老化，它们难以适应外部环境并面临内部惯性。