Firms often succumb to a growth imperative, yet little is known about how congruence between various forms of growth affects firm value. We argue that the (in)congruence between net hiring rates (e.g., growth in the number of employees) and sales growth has significant implications for firm value, assessed via Tobin's Q. We further contend that R&D expenditures and industry dynamism—factors that influence a firm's ability to realize value creation—moderate the relationship between growth pattern and firm value. We use a sample of 1,181 firms that conducted their initial public offerings from 1996 to 2006 to test our conceptual model. Findings indicate that employee-dominant growth is most strongly associated with firm value, and that high levels of R&D expenditures and industry dynamism intensify these relationships.

中文翻译：

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你的花园是如何生长的？首次公开募股后员工与销售增长的界面

企业常常屈服于增长势在必行，但人们对各种增长形式之间的一致性如何影响企业价值知之甚少。我们认为，净招聘率（例如，员工人数的增长）和销售增长之间的（不）一致对公司价值有重大影响，通过托宾 Q 评估。我们进一步认为，研发支出和行业活力——影响的因素企业实现价值创造的能力——调节增长模式与企业价值的关系。我们使用 1,181 家在 1996 年至 2006 年间进行首次公开​​募股的公司作为样本来测试我们的概念模型。调查结果表明，以员工为主导的增长与公司价值的相关性最强，而高水平的研发支出和行业活力加强了这些关系。