This study applies the panel smooth transition regression (PSTR) model to investigate the non-linear dynamic relationship between firm growth and firm size in the Taiwan electronic information industry. Our empirical results reveal that firm growth and firm size present a non-linear relationship. Firm growth is different under the size threshold value and the control variables of firm age, business risk, debt, R&D, and free cash flow (FCF). The different firm size attributes of firm growth produce completely different business risks. We recommend that firms should measure business risk and firm growth. High leverage risk does not necessarily mean one will get a higher firm growth. In sum, the business risk is an important index when looking at firm growth.