Financial constraints: Are there differences between manufacturing and services?

Filipe Silva () and Carlos Carreira ()

No 2010-16, GEMF Working Papers from GEMF, Faculty of Economics, University of Coimbra

Abstract: This paper is the first to explicitly explore the differences in firms' financial constraints between and within sectors of economic activity, by estimating the sensitivities of cash holdings to cash-flow upon an unique dataset of Portuguese firms. It shows that, not only there are remarkable differences between sectors and, especially, industries, but most importantly, that the commonly accepted inverse relationships between financial constraints and size and age are not robust to sectorial disaggregation.

Keywords: Services; Financial constraints; Firm-level studies; Portugal. (search for similar items in EconPapers)
JEL-codes: D92 G32 L00 L2 L8 (search for similar items in EconPapers)
Pages: 36 pages
Date: 2010-07
New Economics Papers: this item is included in nep-bec
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Citations: View citations in EconPapers (15)

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