Loading next page...
/lp/springer_journal/the-determinants-of-growth-for-small-and-medium-sized-firms-the-role-tSiFYKBMWx
- Publisher
- Kluwer Academic Publishers
- Copyright
- Copyright © 2002 by Kluwer Academic Publishers
- Subject
- Business and Management; Management; Microeconomics; Entrepreneurship; Industrial Organization
- ISSN
- 0921-898X
- eISSN
- 1573-0913
- D.O.I.
- 10.1023/A:1019678429111
- Publisher site
- See Article on Publisher Site
Abstract
We present an empirical analysis of the determinants of growth for a sample of Italian small and medium sized firms. We show that, when investigating a sample which includes firms between 10 and 50 employees and a set of variables larger than those usually considered in the literature, growth – net of industry characteristics and ex ante market power – turns out to be significantly affected not only by size and age, but also by state subsidies, export capacity and credit rationing. By adopting a multivariate approach we also show that these findings are confirmed after controlling for heteroskedasticity, survivorship bias and serial correlation. Our results suggest that the hypothesis of independence of firm growth from the initial size and other factors (usually referred to as Gibrat's law in the literature) is not rejected for large firms, while it does not hold for small and medium sized firms under financial constraints in a "bank-oriented" financial system in which access to external finance is difficult.
Journal
Small Business Economics – Springer Journals
Published: Oct 13, 2004
Recommended Articles
Loading...
References
-
A Welfare Comparison of Intermediaries and Financial Markets in Germany and the U.S.Allen, F.; Gale, D.
-
Innovation, Market Structure and Firm SizeAcs, Z.; Audretsch, D. B.
-
Market Evolution: Competition and Cooperation. Studies in Industrial OrganizationAudretsch, D. B.; Mahmood, T.; van Witteloostuijn, A.
-
Start-Up Size And Industrial Dinamics: Some Evidence From Italian ManufacturingAudretsch, D.; Santarelli, E.; Vivarelli
-
Productivity and Export Marker: A Firm Level AnalysisAw, B. Y.; Hwang, A.
-
Employment Generation by Small Producers in the Canadian Manufacturing IndustryBaldwin, J.; Picot, G.
-
Selection Versus Evolutionary Adaptation: Learning and Post-entry PerformanceBaldwin, J. R.; Rafiquzzaman, M.
-
Finance, Investment and Innovation: A Three Pillars Approach Based on a Priori Identification, Direct Revelation an Econometric EstimationBagella, M.; Becchetti, L.; Caggese, C.
-
Finance, Investment and Innovation: A Theoretical and Empirical Comparative AnalysisBecchetti, L.
-
Testing the Law of Proportionate EffectsChesher, A.
-
Business Fixed Investment SpendingChirinko, R. S.
-
Small Firm Growth, Access to Capital Markets and Financial Structure: Review of Issues and an Empirical InvestigationChittenden, F.; Hall, G.; Hutchinson, P.
-
Is Learning-By-exporting Important? Micro-dynamic Evidence from Colombia, Mexico and MoroccoClerides, S.K.; Lach, S.; Tybout, J. R.
-
The Borrowers' Curse: Optimism, Finance and Entrepreneurshipde Meza, D.; Southey, C.
-
Patterns of Firm Entry and Exit in U.S. Manufacturing IndustriesDunne, T. M.; Roberts, J.; Samuelson, L.
-
Age, Size, Growth and Survival: U.K. Companies in the 1980sDunne, P.; Hughes, A.
-
Tests of Alternative Theories of Firm GrowthEvans, D.S.
-
Financing Constraints and Corporate InvestmentFazzari, S. M.; Hubbard, G. R.; Petersen, B. C.
-
Economic Effects of Federal Credit ProgramsGale, W. G.
-
What Do We Know About Entry?Geroski, P. A.
-
Monetary Policy, Business Cycles, and the Behaviour of Small Manufacturing FirmsGertler, M.; Gilchrist, M.
-
Les Inegalites Economique
-
Evidence on the Role of Cash Flow for InvestmentGilchrist, S.; Himmelberg, C. P.
-
The Relationship Between Firm Size and Firm Grow in the Us Manufacturing Sectors
-
The Analysis of Business Concentration: A Statistical Approach
-
Legal Form, Growth and Exit of West German Firms–Empirical Results for Manufacturing, Construction, Trade and Service IndustriesHarhoff, D.; Stahl, K.; Woywode, M.
-
Capital Market Imperfections and InvestingHubbard, R. G.
-
Proceedings of the Fifth Berkeley Symposium in Mathematical Statistics and ProbabilityHuber, P. J.
-
Selection and Evolution of IndustryJovanovic, B.
-
Investment-Cash Flow Sensitivities are Not Valid Measures of Financial ConstraintsKaplan, S. N.; Zingales, L.
-
Credit Conditions and the Cyclical Behaviour of InventoriesKashyap, A. K.; Lamont, O. A.; Stein, J. C.
-
Growth, Acquisition Activity and Firm Size: Evidence from the United KingdomKumar, M. S.
-
Corporate Ownership around the WorldLa Porta, R.; Lopez de Silanes, F.; Shleifer, A.
-
Entry, Gibrat's Law, Innovation, and the Growth of FirmsMansfield, R.
-
Firm Growth During InfancyMata, J.
-
The Survival of New Plants: Start-Up Conditions and Post-Entry EvolutionMata, J.; Portugal, P.; Guimaraes, P.
-
Additional Evidence on Equity Ownership and Corporate ValueMcConnel, J. J.; Servaes, H.
-
Competition and Corporate PerformanceNickell, S.
-
What Makes Firms Perform Well?Nickell, S.; Nicolitsas, D.; Dryden, N.
-
Technological Choice, Financial Markets and Economic DevelopmentSaint-Paul, G.
-
Financial Constraints and Investment: Methodological Issues and International EvidenceSchiantarelli, F.
-
Monopolistic Competition and the Q Theory of InvestmentSchiantarelli, F.; Georgoutsos, D.
-
Ownership, Control, Financial Structure and the Performance of FirmsShort, E.
-
Government SubsidiesSchwarts, G.; Clements, B.
-
Gibrat's LegacySutton, J.
-
Size, Growth, and Transnationality Among the World's Largest BanksTschoegl, A. E.
-
Firm Size, Firm Growth, and Persistence of Chance: Testing Gibrat's Law with Establishment Data from Lower Saxony, 1978–1989Wagner, J.
-
Financial Constraints on the Growth of High Technology Small Firms in the United KingdomWesthead, P.; Storey, D. J.
-
Maximum Likelihood Estimation of Misspecified ModelsWhite, H.
-
Ownership Concentration, Risk Aversion and the Effect of Financial Structure on Investment DecisionsZhang, G.
@Phil_Robichaud
@deepthiw
@JoseServera