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| Author: | Oliveira, B. Fortunato, A. |
| Title: | Firm growth and liquidity constraints: A dynamic analysis |
| Journal: | Small business economics
2006 : SEP/OCT, VOL. 27, 2-3, p. 139-156 |
| Index terms: | manufacturing companies growth companies by size liquidity panel data models Portugal |
| Language: | eng |
| Abstract: | Based on a large unbalanced panel data set of Portuguese manufacturing firms from 1990 to 2001, this paper aims at examining whether liquidity constraints faced by business firms affect firm growth. A GMM-system is used to estimate a dynamic panel data model of firm growth incorporating cash flow as a measure of liquidity constraints and persistence of growth. The model is estimated for all size classes, incl. micro firms. Among others, it is shown that smaller and younger firms have higher growth-cash flow sensitivities than larger and more mature firms etc. |
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