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English"Our study confirms that the financial constraints to SME’s growth tend to appear as an excess of . sensibility of the investment expenditures on firm’s cash flow. Through the application of dynamic panel data . techniques to an extended version of Eulero’s investment equation of a sample of Italian SMEs, the analysis . shows that the growth of the subsample of the small firms in backward regions of Italy is more constrained by . inside finance than that of firms in more developed regions. This is because the typical information opacity of . SMEs is worsened here by the unsatisfactory development of financial markets. Moreover, our analysis . ascertains that the small firms can significantly relax the constraints if they are able to establish a close . relationship with the banks making easier the access of bank to firm’s information. "
| Titolo: | INSIDE FINANCE CONSTRAINTS ON THE GROWTH OF ITALIAN SMEs |
| Autori: | |
| Data di pubblicazione: | 2012 |
| Rivista: | |
| Abstract: | "Our study confirms that the financial constraints to SME’s growth tend to appear as an excess of . sensibility of the investment expenditures on firm’s cash flow. Through the application of dynamic panel data . techniques to an extended version of Eulero’s investment equation of a sample of Italian SMEs, the analysis . shows that the growth of the subsample of the small firms in backward regions of Italy is more constrained by . inside finance than that of firms in more developed regions. This is because the typical information opacity of . SMEs is worsened here by the unsatisfactory development of financial markets. Moreover, our analysis . ascertains that the small firms can significantly relax the constraints if they are able to establish a close . relationship with the banks making easier the access of bank to firm’s information. " |
| Handle: | http://hdl.handle.net/11591/322388 |
| Appare nelle tipologie: | 1.1 Articolo in rivista |
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