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The quadratic relationship between intangible assets and growth in Portuguese SMEs


  • Paulo Maçãs Nunes

    () (Management and Economics Department, Beira Interior University, Covilhã, Portugal)

  • Alcina Almeida

    (CEFAGE Research Center, Évora University, Portugal)


This article shows new empirical evidence concerning the growth determinants of SMEs. Specifically, we identify the existence of a quadratic relationship between the level of intangible assets of Portuguese SMEs and their growth. Based on the results obtained here, we conclude that intangible assets represents a catalyst for growth only when accounting for a significant proportion of total assets. A relatively weaker presence of intangibles might in fact inhibit growth.

Suggested Citation

  • Paulo Maçãs Nunes & Alcina Almeida, 2009. "The quadratic relationship between intangible assets and growth in Portuguese SMEs," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 11(25), pages 151-158, February.
  • Handle: RePEc:aes:amfeco:v:11:y:2009:i:25:p:151-158

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    References listed on IDEAS

    1. Luís M B Cabral & José Mata, 2003. "On the Evolution of the Firm Size Distribution: Facts and Theory," American Economic Review, American Economic Association, vol. 93(4), pages 1075-1090, September.
    2. Robert E. Carpenter & Bruce C. Petersen, 2002. "Is The Growth Of Small Firms Constrained By Internal Finance?," The Review of Economics and Statistics, MIT Press, vol. 84(2), pages 298-309, May.
    3. Takehiko Yasuda, 2005. "Firm Growth, Size, Age and Behavior in Japanese Manufacturing," Small Business Economics, Springer, vol. 24(1), pages 1-15, December.
    4. Heshmati, Almas, 2000. "On the Growth of Micro and Small Firms," SSE/EFI Working Paper Series in Economics and Finance 396, Stockholm School of Economics.
    5. Marc Deloof, 2003. "Does Working Capital Management Affect Profitability of Belgian Firms?," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 30(3-4), pages 573-588.
    6. Blandina Oliveira & Adelino Fortunato, 2006. "Firm Growth and Liquidity Constraints: A Dynamic Analysis," Small Business Economics, Springer, vol. 27(2), pages 139-156, October.
    7. Mark Rogers, 2004. "Networks, Firm Size and Innovation," Small Business Economics, Springer, vol. 22(2), pages 141-153, March.
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    More about this item


    Growth; Intangible Assets; Portuguese SMEs;

    JEL classification:

    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship


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