Resum:
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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 |