It's about stock price and bonuses, in public companies. The only metric that a board of directors can use is stockholder welfare. That's their primary fiduciar

It's about stock price and bonuses, in public companies. The only metric that a board of directors can use is stockholder welfare. That's their primary fiduciary duty, according to law these days. So, what to bonus the CEO on? Stock price appreciation. Stock price valuation loves growth. So even though a flat business throwing off 10% profit is a very nice business to be in, the only way you can increase stock price is to grow margin, which is really hard and attracts competition. Ergo, CEO is going to try to grow the company to boost the stock price. That's one reason dubious mergers are pursued, as it at least will goose revenue and profit. Wise investors might use return on equity or capital as well, but the market in general biases towards the revenue and profit metrics. Stock goes up, CEO gets their bonus. For a private company, slow or flat growth with a nice profit margin is great, and without having to favor growth at all costs for pesky stockholders and analysts, you can pick and choose when a good opportunity comes along, and grow a bit anyway.