We integrate the emerging literature on the strategic role of firm owners in firms' value creation with Penrosean growth theory to investigate how and under what conditions two experience-based competences among owners—matching competence and governance competence—influence firm growth. Employing a longitudinal sample of 2509 owner-managed German firms, we find a positive relationship between owners' experience-based competences and firm growth. Further, we find that in family firms, the positive relationship between owners' experience-based governance competence and firm growth is weaker and that both experience-based competences matter more in younger firms compared with older firms. Our findings make important contributions to research on strategic ownership and Penrosean growth theory.

中文翻译：

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所有者在企业发展中的战略作用：私营企业所有权能力的背景化

我们将有关企业所有者在企业价值创造中的战略作用的新兴文献与彭罗斯增长理论相结合，以研究所有者中两种基于经验的能力（匹配能力和治理能力）如何以及在什么条件下影响企业增长。通过对 2509 家所有者管理的德国企业进行纵向样本分析，我们发现所有者基于经验的能力与企业成长之间存在正相关关系。此外，我们发现，在家族企业中，所有者基于经验的治理能力与企业成长之间的正相关关系较弱，并且与老企业相比，这两种基于经验的能力在年轻企业中更重要。我们的研究结果对战略所有权和彭罗斯增长理论的研究做出了重要贡献。