Firm Heterogeneity, Finance and Development: A Kaleckian Perspective

Jago Penrose

Chapter 14 in Michał Kalecki in the 21st Century, 2015, pp 239-251 from Palgrave Macmillan

Abstract: Abstract This chapter will argue that the insights of Michał Kalecki and Josef Steindl into the differences between ‘large’ and ‘small’ firms suggests that firms are heterogeneous in their financing, funding (replacing short-term with long-term liabilities) and liquidity management strategies, and that the financial structure of firms and the nature of the investments they conduct will vary according to the financial institutions available to them. Therefore, the impact of financial development on an economy will depend both on the dynamics of institutional change and the composition of the enterprise sector.

Keywords: Cash Flow; Small Firm; Large Firm; Financial Development; Asset Market (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pshchp:978-1-137-42828-8_15

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DOI: 10.1057/9781137428288_15

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