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Financial structure and Southern Italy firms’ growth

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Author Info
Domenico Sarno

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Abstract

This paper shows that the growth of firms in the Southern Italian (Mezzogiorno) regions is financed mostly by internal sources, since external financing is more problematic and costly. Hence firm growth is subject to financial constraints. The “financial growth cycle” these are used to analyse the features of the capital structure of the Mezzogiorno’s SMEs compared to Italy-wide SMEs. Then, within the framework proposed by financial constraints literature, the capital structure related to the growth is analysed. In order to estimate the growth-cash flow relationship the empirical Gibrat growth model enriched with the cash flow variable is used.

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File URL: http://www.francoangeli.it/riviste/Scheda_Riviste.asp?IDArticolo=31103&Tipo=ArticoloPDF
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Publisher Info
Article provided by Associazione Rossi Doria in its journal QA.

Volume (Year): (2007)
Issue (Month): 2 (May)
Pages:
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Handle: RePEc:rar:journl:0054

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Related research
Keywords: Financial Constraints; Firm Growth; Capital Structure;

Find related papers by JEL classification:
L20 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - General
G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Investment Policy
G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure

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This page was last updated on 2009-12-13.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.