Uncertainty and growth of the firm

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Uncertainty and growth of the firm

Author Info

Lensink, Robert
Steen, Paul van der
Sterken, Elmer (Groningen University)

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Abstract

Using data from a survey of 1097 Dutch firms we investigate the relation between growth of the firm and uncertainty. We focus on the impact of uncertainty on various types of investment, employment demand, and expected maturity of the firm. The special feature of the survey is that it includes data on non-listed (small) firms. We include uncertainty with respect to expected sales and Return on Investment (ROI). We find that sales uncertainty, measured by the conditional variance, has a negative impact on various investment decisions. We include an analysis of financial structure and firm size on the growth-uncertainty relation

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Paper provided by University of Groningen, CCSO Centre for Economic Research in its series CCSO Working Papers with number 200014.

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Date of creation: 2000
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Handle: RePEc:dgr:rugccs:200014

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Article
- Robert Lensink & Paul Steen & Elmer Sterken, 2005. "Uncertainty and Growth of the Firm," Small Business Economics, Springer, vol. 24(4), pages 381-391, 05. [Downloadable!] (restricted)

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

Pindyck, Robert S. & Solimano, Andrés., 1993. "Economic instability and aggregate investment," Working papers 3552-93., Massachusetts Institute of Technology (MIT), Sloan School of Management. [Downloadable!]
Other versions:
- Robert S. Pindyck & Andres Solimano, 1993. "Economic Instability and Aggregate Investment," NBER Working Papers 4380, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
- Pindyck, Robert S. & Solimano, Andres, 1993. "Economic instability and aggregate investment," Policy Research Working Paper Series 1148, The World Bank. [Downloadable!]
- Robert S. Pindyck & Andrés Solimano, 1993. "Economic Instability and Aggregate Investment," NBER Chapters, in: NBER Macroeconomics Annual 1993, Volume 8, pages 259-318 National Bureau of Economic Research, Inc. [Downloadable!]
Pindyck, Robert S., 1986. "Capital risk and models of investment behavior," Working papers 1819-86., Massachusetts Institute of Technology (MIT), Sloan School of Management. [Downloadable!]

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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

Zélia Serrasqueiro & Paulo Maçãs Nunes, 2008. "Performance and size: empirical evidence from Portuguese SMEs," Small Business Economics, Springer, vol. 31(2), pages 195-217, August. [Downloadable!] (restricted)
Roy Thurik & Enrico Santarelli & David Audretsch & Luuk Klomp, 2002. "Gibrat's Law: Are the Services Different?," Scales Research Reports H200201, EIM Business and Policy Research. [Downloadable!]
Other versions:
- Audretsch, D.B. & Klomp, L. & Thurik, A.R., 2002. "Gibrat's Law: are the services different?," Research Paper ERS-2002-04-STR Revision_, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus Uni. [Downloadable!]
- D.B. Audretsch & L. Klomp & E. Santarelli & A.R. Thurik, 2004. "Gibrat's Law: Are the Services Different?," Review of Industrial Organization, Springer, vol. 24(3), pages 301-324, 05. [Downloadable!]
Elena Bontempi & Roberto Golinelli & Giuseppe Parigi, 2007. "Why demand uncertainty curbs investment: Evidence froma a panel of Italian manufacturing firms," Temi di discussione (Economic working papers) 621, Bank of Italy, Economic Research Department. [Downloadable!]

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