The impact of financial constraints on firm survival and growth

Journal of Evolutionary Economics

Volumn 18, Issue 2, 2008, Pages 135-149

  Musso, Patrick ^a   Schiavo, Stefano ^b  

^a GREDEG CNRS   (France)

^b OFCE   (France)

Author keywords

Financial constraints; Firm growth; Firm survival

Indexed keywords

EID: 42149173382     PISSN: 09369937     EISSN: None     Source Type: Journal    
DOI: 10.1007/s00191-007-0087-z     Document Type: Article

References (40)

1. Aghion P, Angeletos GM, Banerjee A, Manova K (2005) Volatility and growth: credit constraints and productivity-enhancing investment. Working paper 11349, National Bureau of Economic Research
2. Aghion P, Askenazy P, Berman N, Cette G, Eymard L (2007a) Credit constraints and the cyclicality of R&D investment: evidence from France. Working paper 2007-4, Weatherhead Center for International Affairs
3. Aghion P, Fally T, Scarpetta S (2007b) Credit constraints as a barrier to the entry and post-entry growth of firms. Econ Policy 22(52):731-79
4. Altman E (1968) Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. J Finance 23(4):589-609
5. Becchetti L, Trovato G (2002) The determinants of growth of small and medium sized firms. The role of the availability of external finance. Small Bus Econ 19(4):291-306
6. Beck T, Demirguc-Kunt A, Laeven L, Levine R (2005a) Finance, firm size, and growth. Policy research working paper series 3485, The World Bank
7. Beck T, Demirguc-Kunt A, Maksimovic V (2005b) Financial and legal constraints to firm growth: does firm size matter? J Finance LX(1):137-77
8. Bellone F, Musso P, Nesta L, Quéré M (2008) Market selection along the firm life cycle. Ind Corp Change Forthcoming
9. Binks M, Ennew C (1996) Growing firms and the credit constraint. Small Bus Econ 8(1):17-25
10. Bond S, Meghir C (1994) Dynamic investment models and the firm's financial policy. Rev Econ Stud 61(2):197-222
11. Cameron A, Trivedi P (2005) Microeconometrics: methods and applications. Cambridge University Press
12. Campa JM, Shaver JM (2002) Exporting and capital investment: on the strategic behavior of exporters. IESE research papers 469, IESE Business School
13. Carpenter R, Petersen B (2002) Is the growth of small firms constrained by internal finance? Rev Econ Stat 84(2):298-309
14. Caves DW, Christensen LR, Diewert WE (1982) Multilateral comparisons of output, input, and productivity using superlative index numbers. Econ J 92(365):73-86
15. Chirinko R, Schaller H (1995) Why does liquidity matter in investment equations? J Money, Credit Bank 27(2):527-48
16. Cleary S (1999) The relationship between firm investment and financial status. J Finance 54(2):673-92
17. Cleary S (2006) International corporate investment and the relationships between financial constraint measures. J Bank Financ 30(5):1559-80
18. Demirguc-Kunt A, Maksimovic V (1998) Law, finance, and firm growth. J Finance LIII(6):2107-137
19. Devereux M, Schiantarelli F (1990) Investment, financial factors and cash flow: evidence from U.K. panel data. In: Hubbard G (ed) Information, capital markets and investment. University of Chicago Press, pp 279-306
20. Fazzari S, Hubbard G, Petersen B (1988) Financing constraints and corporate investment. Brookings Pap Econ Act 1:141-95
21. Gilchrist S, Himmelberg C (1995) Evidence on the role of cash flow for investment. J Monet Econ 36(3):541-572
22. Good DH, Nadiri MI, Sickles R (1997) Index number and factor demand approaches to the estimation of productivity. In: Pesaran H, Schmidt P (eds) Handbook of applied econometrics: microeconometrics. Blackwell, Oxford, pp 14-80
23. Greenaway D, Guariglia A, Kneller R (2005) Do financial factors affect exporting decisions? GEP research paper 05/28, Leverhulme Center
24. Holtz-Eakin D, Joulfaian D, Rosen H (1994) Sticking it out: entrepreneurial survival and liquidity constraints. J Polit Econ 102:53-75
25. Hoshi T, Kashyap A, Scharfstein D (1991) Corporate structure, liquidity, and investment: evidence from Japanese industrial groups. Q J Econ 106(1):33-60
26. Hubbard G (1998) Capital-market imperfections and investment. J Econ Lit 36(1):193-225
27. Jenkins S (1995) Easy ways to estimate discrete time duration models. Oxf Bull Econ Stat 57:129-138
28. Jeong H, Townsend R (2005) Discovering the sources of TFP growth: occupational choice and financial deepening. Working paper 05.19, IEPR
29. Kadapakkam PR, Kumar P, Riddick L (1998) The impact of cash flows and firm size on investment: the international evidence. J Bank Financ 22(3):293-320
30. Kaplan S, Zingales L (1997) Do investment-cash flow sensitivities provide useful measures of financing constraints?. Q J Econ 112(1):169-215
31. Lamont O, Polk C, Saa-Requejo J (2001) Financial constraints and stock returns. Rev Financ Stud 14(2):529-54
32. Levine R (2005) Finance and growth: theory and evidence. In: Aghion P, Durlauf S (eds) Handbook of economic growth, vol 1. Elsevier, chap 12, pp 865-934
33. Modigliani F, Miller M (1958) The cost of capital, corporation finance and the theory of investment. Am Econ Rev 48(3):261-97
34. Nickell S, Nicolitsas D (1999) How does financial pressure affect firms? Eur Econ Rev 43(8):1435-1456
35. Nickell S, Nicolitsas D, Dryden N (1997) What makes firms perform well? Eur Econ Rev 41(3-5):783-796
36. Prentice R, Gloeckler L (1978) Regression analysis of grouped survival data with application to breast cancer data. Biometrics 34:57-67
37. Savignac F (2006) The impact of financial constraints on innovation: evidence from French manufacturing firms. Cahiers de la Maison des Sciences Economiques v06042, Université Panthéon-Sorbonne (Paris 1)
38. Whited T (2006) External finance constraints and the intertemporal pattern of intermittent investment. J Financ Econ 81(3):467-502
39. Whited T, Wu G (2006) Financial constraints risk. Rev Financ Stud 19(2):531-59
40. Winker P (1999) Causes and effects of financing constraints at the firm level. Small Bus Econ 12(2):169-81