An Examination of the Relationship Between Firm Size, Growth and Liquidity in the Neuer Markt PDF Download
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Author: Julie Ann Elston
Publisher:
ISBN:
Category :
Languages : en
Pages : 36
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Book Description
With the increasing competitive importance of scientific innovations associated with the new economy it has become critical to understand the dynamics of its' firm growth during this early and potentially critical stage of development. This study analyses the relationship between firm size and growth for Neuer Markt firms from its inception in 1997 until 2000. Evidence supports the hypothesis that smaller firms on the Neuer Markt grew faster than larger firms. Further, by using an alternative specification for growth, this study provides evidence that liquidity constraints impact firm growth, even when controlling for firm size and age. Results further indicate that while smaller firms grew faster in the new economy, larger firms grew faster in the old economy, supporting the notion that smaller German firms may be playing a larger role than previously in bringing new technologies to the market place.
Author: Julie Ann Elston
Publisher:
ISBN:
Category :
Languages : en
Pages : 36
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Book Description
With the increasing competitive importance of scientific innovations associated with the new economy it has become critical to understand the dynamics of its' firm growth during this early and potentially critical stage of development. This study analyses the relationship between firm size and growth for Neuer Markt firms from its inception in 1997 until 2000. Evidence supports the hypothesis that smaller firms on the Neuer Markt grew faster than larger firms. Further, by using an alternative specification for growth, this study provides evidence that liquidity constraints impact firm growth, even when controlling for firm size and age. Results further indicate that while smaller firms grew faster in the new economy, larger firms grew faster in the old economy, supporting the notion that smaller German firms may be playing a larger role than previously in bringing new technologies to the market place.
Author: Thorsten Beck
Publisher: World Bank Publications
ISBN:
Category : Big business
Languages : en
Pages : 38
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Book Description
"The authors examine whether financial development boosts the growth of small firms more than large firms and hence provides information on the mechanisms through which financial development fosters aggregate economic growth. They define an industry's technological firm size as the firm size implied by industrial specific production technologies, including capital intensities and scale economies. Using cross-industry, cross-country data, the results indicate that financial development exerts a disproportionately large effect on the growth of industries that are technologically more dependent on small firms. This suggests that financial development accelerates economic growth by removing growth constraints on small firms and also implies that financial development has sectoral as well as aggregate growth ramifications. This paper--a product of the Finance Group, Development Research Group--is part of a larger effort in the group to understand the growth finance link"--World Bank web site.
Author: Giorgio Fagiolo
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
The article investigates whether liquidity constraints affect firm size and growth dynamics of Italian manufacturing firms. Panel-data regressions and distribution analyses show that (i) liquidity constraints engender a negative effect on growth once one controls for size; (ii) smaller firms grow more after controlling for liquidity constraints; and (iii) the stronger liquidity constraints, the more size negatively affects firm growth. Furthermore, we find that financial constraints help in better explaining the relationship between firm growth and age, conditional on size. Finally, our data indicate that size distributions depart from log-normality, and growth rates are well approximated by Laplace densities.
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
The paper investigates whether liquidity constraints affect firm size and growth dynamics using a large longitudinal sample of Italian manufacturing firms. We run standard panel-data Gibrat regressions, suitably expanded to take into account liquidity constraints (proxied by cash flow scaled by firm sales). Moreover, we characterize the statistical properties of firms size, growth, age, and (scaled) cash flow distributions. Pooled data show that: (i) liquidity constraints engender a negative, statistically significant, effect on growth once one controls for size; (ii) smaller firms grow more (and experience more volatile growth patterns) after controlling for liquidity constraints; (iii) the stronger liquidity constraints, the more size negatively affects firm growth. We find that pooled size distributions depart from log-normality and growth rates are well approximated by fat-tailed, tent-shaped (Laplace) densities. We also study the evolution of growth-size distributions over time. Our exercises suggest that the strong negative impact of liquidity constraints on firm growth which was present in the pooled sample becomes ambiguous when one disaggregates across years. Finally, firms who were young and strongly liquidity-constrained at the beginning of the sample period grew persistently more than those who were old and weakly liquidity-constrained. -- Firm Size ; Liquidity Constraints ; Firm Growth ; Investment ; Gibrat Law
Author: Keith Duane Alexander
Publisher:
ISBN:
Category : Civilization, Germanic
Languages : en
Pages : 1178
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Book Description
Author: Adam Szirmai
Publisher: Oxford University Press
ISBN: 0191618829
Category : Business & Economics
Languages : en
Pages :
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Book Description
Entrepreneurship and innovation are two of the most pervasive concepts of our times, yet there are still gaps in our understanding of the interactions between entrepreneurship and innovation, particularly in developing countries. This book is an attempt to fill this gap. It focuses on the entrepreneurship-innovation-development nexus, drawing heavily on empirical evidence from developing countries. Cross-country and individual country experiences cover nations as diverse as Ethiopia, India, Turkey, Vietnam, and also examine lessons from advanced economies such as Finland. Three sets of questions are addressed. What is the impact of entrepreneurship and innovation on growth and development? What determines the innovative performance of entrepreneurs in developing countries? What role does the institutional environment play in shaping the extent and impact of innovative activities? A key message is that entrepreneurial innovation, whether through small firms, large national firms, or multinational firms, is often vibrant in developing countries, but does not always realise its full potential. This is due to institutional constraints, the absence of the appropriate mix of different types of small and large and domestic and foreign firms, and insufficiently developed firm capabilities. The contributions provide a better understanding of the determinants and impacts of innovation in developing countries and the policies and institutions that support or hinder innovation.
Author: Deutsche Bundesbank
Publisher:
ISBN:
Category : Finance
Languages : en
Pages : 454
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Book Description
Author:
Publisher:
ISBN:
Category : Finance
Languages : en
Pages : 616
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Book Description
Author: Erik E. Lehmann
Publisher: Springer Nature
ISBN: 303025237X
Category : Business & Economics
Languages : en
Pages : 488
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Book Description
This book celebrates the contributions of David B. Audretsch, Distinguished Professor at the School of Public and Environment Affairs (SPEA) at Indiana University (USA), co-founder and co-editor of Small Business Economics, and former Director of the Entrepreneurship, Growth and Public Policy Group at the erstwhile Max Planck Institute of Economics (Jena, Germany). For his pioneering work, which explores the links between entrepreneurship, government policy, innovation, economic development, and global competitiveness, he has received the 2001 Global Award for Entrepreneurship Research from the Swedish Foundation for Small Business Research and the 2011 Schumpeter Prize from the University of Wuppertal (Germany). This volume features original contributions from over 50 leading scholars to map, analyze and evaluate the impact of Audretsch’s research on a broad spectrum of research fields, ranging from economics to entrepreneurship and geography. The development and evolution of key ideas which have significantly shaped theory and future research across these fields are also explored.
Author: Philipp Jostarndt
Publisher: Springer Science & Business Media
ISBN: 3835094378
Category : Business & Economics
Languages : en
Pages : 212
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Book Description
Philipp Jostarndt studies distress-induced changes in ownership and control, success factors in distressed equity infusions, and firms’ choice between in- and out-of-court debt restructurings. In addition, he analyzes the determinants of survival, acquisition, and bankruptcy as alternative paths to exit financial distress. He includes both the firm perspective as well as the market valuations of the undertaken restructurings and, where applicable, relates the findings to the microstructure of Germany’s revised bankruptcy legislation.
