An empirical investigation of the financial growth life cycle

Ciarán Mac an Bhaird and Brian Lucey

MPRA Paper from University Library of Munich, Germany

Abstract: The key contribution of this paper is an empirical examination of the financial growth life cycle model by combining a number of statistical tests. This approach is significantly different to that traditionally adopted in empirical investigations of SME financing, which is to examine the applicability of theories developed in corporate finance on panel data. Additionally, it presents data on personal sources of finance employed by firm owners, which is typically not available, even in comprehensive secondary databases.

Keywords: Financial growth life cycle; Capital structure; Pecking order theory; Agency theory; Small and medium sized enterprises. (search for similar items in EconPapers)
JEL-codes: D22 D70 G21 G24 G32 M2 (search for similar items in EconPapers)
Date: 2010
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Published in Journal of Small Business and Enterprise Development 4.18(2011): pp. 715-731

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:61948

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