Table 3 Some indicators to measure evolution

Economic

Growth in investment

Cuesta (2004); Aragón and Rubio (2005); Hayter (2015)

Growth in employee numbers

Cooper et al. (1989); Acar (1993); Westhead and Cowling (1995); Dorronsoro et al. (2001); Almus (2002); Van Praag and Versloot (2008)

Growth in sales

Clifford and Cavanagh (1985); Covin and Slevin (1990); Acar (1993); Wijewardena and Cooray (1995); García and Álvarez (1996); Camisón (1997); Pelham (2000); Camisón (2001); Dorronsoro et al. (2001)

Growth in profits

Clifford and Cavanagh (1985); Kalleberg and Leicht (1991); Paige and Littrel (2002)

Growth in specific items on the balance sheet

Peters & Waterman, 1982; Ronstadt, 1989

Growth in market share

Chang and Singh (2000)

Contextual

Evolution of the business segment

March (1999); Weller (2006); Padilla-Meléndez et al. (2007); De Castro (2012); Orozco and Arraut (2018)

Indicator of expectations in the sector

March (1999); Weller (2006); Padilla-Meléndez et al. (2007); De Castro (2012); Orozco and Arraut (2018)

Evolution of economic indicators in the environment

Azócar et al. (2003); Covarrubias (2003)