Understanding the Mechanism of Firm Growth Influenced by Top Executives: A Systematic Approach and Way Forward for Future Direction

Firm growth is widely recognized as an idiosyncratic and context-dependent process shaped by multiple actors and organizational conditions. This study advances the firm growth and leadership literatures by systematically examining how and why top executives influence firm growth outcomes. Drawing on a systematic review of 75 scholarly articles, the study positions top executives as central actors whose characteristics, motivations, and strategic choices significantly shape growth trajectories. The analysis pursues three objectives: (1) to explain how and why top executives’ behaviors affect firm growth positively or negatively; (2) to identify additional actors and governance mechanisms that moderate or reinforce executive influence; and (3) to explore the modes and pathways through which executives pursue growth. The findings reveal that executive demographic attributes, human capital, psychological traits, and entrepreneurial orientation jointly shape risk-taking, innovation, and strategic decision-making. These effects are further conditioned by contextual factors such as governance structures, incentive systems, resource availability, and organizational culture. The review also highlights heterogeneity in growth outcomes across family and non-family firms, emphasizing the role of socioemotional wealth, legacy preservation, and leadership succession. By offering a nuanced perspective on executive-driven growth, this study contributes to an understanding of growth mechanisms and identifies promising avenues for future research on leadership, governance, and entrepreneurial growth strategies.