Financing Obstacles and Growth: An Analysis for Euro Area Non-Financial Corporations

Abstract

Financing obstacles and growth an analysis For euro area non-Financial corporationswo r k i n g pa p e r s e r i e s n o 9 9 7 / Ja n ua ry 2 0 0 9 Abstract 4 Non-technical summary 5 WO R K I N G PA PE R S E R I E SN

Do firms use the trade credit channel to manage growth?

“…Our econometric model follows Coluzzi et al (2012) who use an augmented version of the law of proportionate effect (LPE), as proposed by Goddard et al (2002), to estimate the impact of financing obstacles on firm performance. The basic intuition of Gibrat's law (equation (1)) is that firm growth is mean reverting to its optimal industry size.…”

“…The basic intuition of Gibrat's law (equation (1)) is that firm growth is mean reverting to its optimal industry size. Coluzzi et al (2012) add economic meaning to the simple LPE specification through the inclusion of economic variables (X ikt−1 ) that are believed to deterministically affect growth. Although our paper is most closely related to the work of Fisman and Love (2003), we do not follow their empirical strategy because we believe that growth is a dynamic process.…”

Corporate debt and investment: A firm-level analysis for stressed euro area countries

“…We define liquidity risk in terms of the EBITDA-to-debt and the interest expenses-to-EBITDA ratio, where EBITDA stands for earnings before interest, taxes, depreciation and amortisation. In most of our specifications, we include both the leverage ratio and the debt service obligations to control for different aspects of the debt-investment link (see also Coluzzi et al, 2015;Kalemli-Özcan et al, 2015a or Antonecchia andFerrari, 2016).…”

faktor-faktor yang mempengaruhi pertumbuhan perusahaan

“…Menurut Coluzzi, Ferrando, Carrascal (2009), arus kas memiliki dampak positif pada pertumbuhan perusahaan, sedangkan beban menjadi penghambat bagi pertumbuhan perusahaan. ketersediaan dana internal ditemukan penting untuk pertumbuhan perusahaan terutama pada perusahaan yang berukuran kecil.…”

“…ketersediaan dana internal ditemukan penting untuk pertumbuhan perusahaan terutama pada perusahaan yang berukuran kecil. Coluzzi et al (2009) juga menemukan bahwa perusahaan yang lebih kecil dan lebih muda tumbuh lebih cepat dibandingkan perusahaan yang lebih besar dan lebih tua.…”