The impact of internal finance on growth empirical evidence from Swedish firm level data
by Darush Yazdanfar; Sara Turner
International Journal of Entrepreneurship and Small Business (IJESB), Vol. 19, No. 1, 2013

Abstract: This paper examines the impact of firms' internal liquidity access and related firm characteristics on the growth of Swedish micro firms across six industry sectors, based on a database of over 62,000 observations covering 10,383 Swedish micro firms over the 2007-2008 period. Using a seemingly unrelated regression model with four explanatory variables (i.e., liquidity access, size, age, and industry affiliation), this study found a significant relationship between growth and the explanatory variables. Consistent with much previous research, this paper demonstrates that liquidity access positively affects firm growth. Furthermore, other firm-level variables, such as size, age, and industry affiliation, significantly affect firm growth. This article contributes to the literature by employing a seemingly unrelated regression model to analyse a comprehensive, cross-sectoral sample.

Online publication date: Mon, 30-Sep-2013

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