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Are small firms more sensitive to financial variables?
Segarra Blasco, Agustí, 1958-; Teruel, Mercedes
Universitat Rovira i Virgili. Departament d'Economia
This paper analyses the impact of different sources of finance on the growth of firms. sing 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 wo dimensions of these financial sources: a) the performance of the firms' capital structure n accordance with firm size; b) the combined effect of equity, external debt and cash low n firm growth. We find that low-growth firms are sensitive to cash low and short-term ank debt, while high-growth firms are more sensitive to long-term debt. Furthermore, ur results show that low-growth firms are more sensitive to short-term financial variables, hile fast growth firms are more sensitive to long-term financial variables. EL codes: L25, R12. eywords: Finance, Firm growth, Quantile regressions, Small firms
2010
332 - Economia regional i territorial. Economia del sòl i de la vivenda
Empreses petites i mitjanes
Empreses -- Creixement
Empreses -- Finances
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Working Paper
1988 - 0812
Documents de treball del Departament d'Economia;2010-24
         

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