The influence of age on SMEs’ growth determinants: empirical evidence

Paulo Nunes (), Marco Gonçalves and Zelia Serrasqueiro ()

Small Business Economics, 2013, vol. 40, issue 2, 249-272

Abstract: This paper seeks to investigate whether age is a fundamental characteristic of the relationships between determinants and growth. The empirical evidence obtained allows us to conclude that: (1) age and size are restrictive factors of the growth of young SMEs, but they are not important for the growth of old SMEs; (2) cash flow and debt are of greater relative importance for growth in young SMEs than for growth in old SMEs; (3) R&D intensity and labour productivity are of greater relative importance for growth in old SMEs than for growth in young SMEs; (4) interest on debt is of greater relative importance for diminished growth in young SMEs than for diminished growth in old SMEs; and (5) R&D intensity in situations of financial deficit is of greater relative importance for diminished growth in young SMEs than for diminished growth in old SMEs, but only in context of high-tech SMEs. Copyright Springer Science+Business Media, LLC. 2013

Keywords: Age; High-Tech SMEs; Growth; Old SMEs; Panel data; Young SMEs; C23; G32; L21; L25; L26 (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (17)

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DOI: 10.1007/s11187-011-9363-2

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