According to PIMS (profit impact of marketing strategy), an important lever of business success is growth. Among 37 variables, growth is mentioned as one of the most important variables for success: market share, market growth, marketing expense to sales ratio or a strong market position.
The question how much growth is sustainable is answered by two concepts with different perspectives:
The sustainable growth rate is the growth rate in profits that a company can reasonably achieve, consistent with its established financial policy. Relatedly, an assumption re the company's sustainable growth rate is a required input to several valuation models — for instance the Gordon model and other discounted cash flow models — where this is used in the calculation of continuing or terminal value; see Valuation using discounted cash flows.
Several formulae are available here. In general, these link long term profitability targets, dividend policy, and capital structure assumptions, returning the sustainable, long-run business growth-rate attainable as a function of these. These formulae reflect the general requirement that all assumptions are internally consistent; see Financial modeling § Accounting. The sustainable growth rate may be returned via the following formula: 
Note that the model presented here, assumes several simplifications: the profit margin remains stable; the proportion of assets and sales remains stable; related, the value of existing assets is maintained after depreciation; the company maintains its current capital structure and dividend payout policy.
A check on the formula inputs, and on the resultant growth number, is provided by a respective twofold economic argument.
As described the sustainable growth rate (SGR) concept by Robert C. Higgins is based on several assumptions such as constant profit margin, constant debt to equity ratio or constant asset to sales ratio. Therefore, general applicability of SGR concept in cases where these parameters are not stable is limited.
The Optimal Growth concept by Martin Handschuh, Hannes Lösch, Björn Heyden et al. has no restrictions to certain strategies or business model and is therefore more flexible in its applicability. However, as a broad framework, it only provides an orientation for case/company specific mid- to long-term growth target setting. Additional company and market specific considerations, e.g. market growth, growth culture, appetite for change, are required to come up with the optimal growth rate of a specific company.
Additionally, considering the increasing criticism of excessive growth and shareholder value orientation by philosophers, economists and also managers, e.g. Stéphane Hessel, Kenneth Boulding, Jack Welch (nowadays), one might expect that investors' investment criteria might also change in the future. This may lead to changes in the relationship of revenue growth rates and total shareholder value creation. Regular reviews of the optimal growth assessments may be used as an indicator for the development of stock markets` appetite for rapid growth.
Ben-Hafaïedh, C., & Hamelin, A. (2022). Questioning the Growth Dogma: A Replication Study. Entrepreneurship Theory and Practice, 10422587211059991.
Brännback, M., Carsrud, A., Renko, M., Östermark, R., Aaltonen, J., & Kiviluoto, N. (2009). Growth and profitability in small privately held biotech firms: Preliminary findings. New Biotechnology, 25(5), 369-376.
Davidsson, P., Steffens, P., & Fitzsimmons, J. (2009). Growing profitable or growing from profits: Putting the horse in front of the cart? Journal of Business Venturing, 24(4), 388-406.