Although corporate growth has been identified as a key value driver early on, corporate finance literature does not cover corporate growth in a very differentiated way. The thesis at hand presents how growth creates value and shows that not growth per se creates value but growth that yields returns that are higher than the associated cost of capital. This growth is called profitable growth. The thesis will show several ways how value enhancing growth can be achieved. The thesis shows that there is an upper limit for the rate of growth that a company can sustainably achieve – the so called sustainable growth rate. Further, the thesis will show that organically growing companies can achieve higher sustainable growth rates and a more value enhancing growth. This is due to their specific growth pattern which is characterized by high internal efficiencies and operating margins. Organic growth further enables companies to increase the period of supernormal growth which is another key value driver. Due to the fact that organic growth is a very effective value driver the thesis will present tools how organic growth can be measured.

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