dc.contributor |
Universitat Rovira i Virgili. Departament d'Economia |
dc.contributor.author |
Segarra Blasco, Agustí, 1958- |
dc.contributor.author |
Teruel, Mercedes |
dc.date.accessioned |
2011-05-11T14:42:48Z |
dc.date.available |
2011-05-11T14:42:48Z |
dc.date.created |
2010 |
dc.date.issued |
2010 |
dc.identifier.issn |
1988 - 0812 |
dc.identifier.other |
T – 2020 - 2010 |
dc.identifier.uri |
http://hdl.handle.net/2072/151623 |
dc.format.extent |
28 |
dc.format.extent |
613258 bytes |
dc.format.mimetype |
application/pdf |
dc.language.iso |
eng |
dc.relation.ispartofseries |
Documents de treball del Departament d'Economia;2010-24 |
dc.rights |
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 el departament i no se'n faci cap ús comercial ni obra derivada, tal com queda estipulat en la llicència d'ús (http://creativecommons.org/licenses/by-nc-nd/2.5/es/) |
dc.subject.other |
Empreses petites i mitjanes |
dc.subject.other |
Empreses -- Creixement |
dc.subject.other |
Empreses -- Finances |
dc.title |
Are small firms more sensitive to financial variables? |
dc.type |
info:eu-repo/semantics/workingPaper |
dc.subject.udc |
332 - Economia regional i territorial. Economia del sòl i de la vivenda |
dc.description.abstract |
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 |