Per citar aquest document: http://ddd.uab.cat/record/69598
Small firms, growth and financial constraints
Segarra Blasco, Agustí, 1958- (Universitat Rovira i Virgili. Departament d’Economia)
Teruel Carrizosa, Mercedes (Universitat Rovira i Virgili. Departament d’Economia)
Xarxa de Referència en Economia Aplicada (XREAP)

Publicació: Xarxa de Referència en Economia Aplicada (XREAP) 2009
Descripció: 32 p.
Col·lecció: XREAP ; 2009-11
Resum: This paper analyses the impact of different sources of finance on the growth of firms. Using panel data from Spanish manufacturing firms for the period 2000-2006, we investigate the effects of internal and external finances on firm growth. In particular, we examine three dimensions of these financial sources: a) the performance of the firms’ capital structure in accordance with firm size; b) the effects of internal and external financial sources on growth performance; c) the combined effect of equity, external debt and cash flow on firm growth. We find that low-growth firms are sensitive to cash flow and short-term bank debt, while high-growth firms are more sensitive to long-term debt. Furthermore, equity capital seems to reduce barriers to external finance. Our main conclusion is that during the start-up phase, firms are unable to increase their financial leverage and so their capital structure fails to promote correct investment strategies. However, as their equity capital increases, alternative financial mechanisms, in particular long-term debt, become available, which have a positive impact on firm growth.
Drets: Aquest document està subjecte a una llicència d'ús de Creative Commons, amb la qual es permet copiar, distribuir i comunicar públicament l'obra sempre que se'n citin l'autor original, la universitat i la xarxa i no se'n faci cap ús comercial ni obra derivada, tal com queda estipulat en la llicència d'ús Creative Commons
Llengua: Anglès.
Document: workingPaper
Matèria: Firm growth ; Small firms ; Societats ; Finançament de l'empresa ; Creixement econòmic ; Espanya

Adreça alternativa: http://hdl.handle.net/2072/41821


32 p, 185.3 KB

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