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Financial constraints on the growth of high technology small firms in the United Kingdom

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  • Paul Westhead
  • David Storey
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    Abstract

    Irrespective of the chosen measure of technological sophistication for a sample of independent high technology firms, the most technologically sophisticated appeared much more likely to report that a continual financial constraint had impeded firm growth, compared with the less technologically sophisticated.

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    File URL: http://www.tandfonline.com/doi/abs/10.1080/096031097333763
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    Bibliographic Info

    Article provided by Taylor and Francis Journals in its journal Applied Financial Economics.

    Volume (Year): 7 (1997)
    Issue (Month): 2 ()
    Pages: 197-201

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    Handle: RePEc:taf:apfiec:v:7:y:1997:i:2:p:197-201

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    Cited by:
    1. Elisabeth Müller & Volker Zimmermann, 2009. "The importance of equity finance for R&D activity," Small Business Economics, Springer, vol. 33(3), pages 303-318, October.
    2. Hsiang-Lan Chen & Wen-Tsung Hsu & Yen-Sheng Huang, 2010. "Top management team characteristics, R&D investment and capital structure in the IT industry," Small Business Economics, Springer, vol. 35(3), pages 319-333, October.
    3. Monica H. Maestro, Alberto de Miguel, Julio Pindado, 2005. "Frontiers of Financially Constrained and Unconstrained Firms: a New Development in Finance," Frontiers in Finance and Economics, SKEMA Business School, vol. 2(2), pages 1-32, December.
    4. Colombo, Massimo G. & Grilli, Luca, 2005. "Start-up size: The role of external financing," Economics Letters, Elsevier, vol. 88(2), pages 243-250, August.
    5. Mueller, Elisabeth & Zimmermann, Volker, 2006. "The Importance of Equity Finance for R&D Activity: Are There Differences Between Young and OldCompanies?," ZEW Discussion Papers 06-14, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
    6. Mark Freel & Sara Carter & Stephen Tagg & Colin Mason, 2012. "The latent demand for bank debt: characterizing “discouraged borrowers”," Small Business Economics, Springer, vol. 38(4), pages 399-418, May.
    7. Mark Freel, 2007. "Are Small Innovators Credit Rationed?," Small Business Economics, Springer, vol. 28(1), pages 23-35, January.
    8. Luca Grilli, 2005. "Internet start-ups access to the bank loan market: evidence from Italy," Applied Economics, Taylor and Francis Journals, vol. 37(3), pages 293-305.
    9. Rothaermel, Frank T. & Thursby, Marie, 2005. "Incubator firm failure or graduation?: The role of university linkages," Research Policy, Elsevier, vol. 34(7), pages 1076-1090, September.
    10. Wright, Mike & Lockett, Andy & Clarysse, Bart & Binks, Martin, 2006. "University spin-out companies and venture capital," Research Policy, Elsevier, vol. 35(4), pages 481-501, May.
    11. Schertler, Andrea & Stolpe, Michael, 2000. "Venture mania in Europe: Its causes and consequences," Kiel Discussion Papers 358, Kiel Institute for the World Economy (IfW).
    12. Massimo Colombo & Luca Grilli, 2007. "Funding Gaps? Access To Bank Loans By High-Tech Start-Ups," Small Business Economics, Springer, vol. 29(1), pages 25-46, June.
    13. Christian Pierdzioch & Andrea Schertler, 2007. "Sources of Predictability of European Stock Markets for High-technology Firms," European Journal of Finance, Taylor and Francis Journals, vol. 13(1), pages 1-27.
    14. Link, Albert N. & Scott, John T., 2011. "Research, Science, and Technology Parks: Vehicles for Technology Transfer," Working Papers 11-22, University of North Carolina at Greensboro, Department of Economics.
    15. Ciarán mac an Bhaird & Brian Lucey, 2010. "Determinants of capital structure in Irish SMEs," Small Business Economics, Springer, vol. 35(3), pages 357-375, October.
    16. Agustí Segarra & José García-Quevedo & Mercedes Teruel, 2013. "Financial constraints and the failure of innovation projects," Working Papers XREAP2013-01, Xarxa de Referència en Economia Aplicada (XREAP), revised Mar 2013.
    17. Achleitner, Ann-Kristin & Bender, Marko & Kaserer, Christoph & Lutz, Eva, 2010. "Geographic location of a new venture and the likelihood of a venture capital investment," CEFS Working Paper Series 2010-02, Center for Entrepreneurial and Financial Studies (CEFS), Technische Universität München.

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