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| Author: | Gagliardi, F. |
| Title: | Financial development and the growth of cooperative firms |
| Journal: | Small business economics
2009 : APR, VOL. 32:4, p. 439-464 |
| Index terms: | finance development growth co-operatives companies Italy models |
| Freeterms: | institutional complementarities |
| Language: | eng |
| Abstract: | This article aims to empirically assess the relationship btw. local financial development and the growth of firms, focusing especially on cooperatives (herein as: coop/s). A multiplicative interaction model is specified based on Italian data in order to allow local banking development's (here as: l-b-d.) impact to differ btw. coop/s. and non-coop/s. It is found that despite l-b-d. representing a determinant of firms' growth, regardless of their legal structure, it plays a special role in boosting the coop/s.' growth. Thus, there is provided evidence in favour to the existence of an institutional complementarity relationship btw. the development of local banking institutions and coop/s. |
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