Liquidity Constraints In The First Year Of Trading And Firm Performance
INTERNATIONAL SMALL BUSINESS JOURNAL(2013)
摘要
This article uses a survey of new businesses for three regions of England - Buckinghamshire, Shropshire and Tees Valley - and focuses on the effect of liquidity constraints experienced within the first year of trading on firm growth (measured using employment) and partial survival' (the probability of remaining in activity). We control for a range of firm characteristics, management traits and strategy variables. The empirical framework adopted allows for sample censoring arising from firm exit. Fewer firms in the less wealthy area reported liquidity constraints. Our results suggest that the experience of the first year is critical to the survival and subsequent resilience of the firm but has no effect on growth.
更多查看译文
关键词
firm growth, liquidity constraints, partial survival, small and medium-sized enterprises (SMEs)
AI 理解论文
溯源树
样例
生成溯源树,研究论文发展脉络