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Small- and medium-sized enterprises (SME) growth and financing sources: Before and after the financial crisis

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  • Serrasqueiro, Zélia
  • Leitão, João
  • Smallbone, David

Abstract

In this study, the empirical evidence regarding small- and medium-sized enterprises’ (SMEs) growth determinants allows us to conclude that: (1) stimulating factors are cash flow and gross domestic product; (2) restrictive factors are: debt, firm size, age of the firm and the interest rate; and (3) in the period after 2008, the financial crisis and implementation of austerity measures, in the Portuguese context, produced a negative effect on SME growth. In the period 2008–2012, that is, after the beginning of the financial crisis, cash flow had less importance, while debt was found to have a stronger negative effect on SME growth, compared with the pre-crisis period.

Suggested Citation

  • Serrasqueiro, Zélia & Leitão, João & Smallbone, David, 2021. "Small- and medium-sized enterprises (SME) growth and financing sources: Before and after the financial crisis," Journal of Management & Organization, Cambridge University Press, vol. 27(1), pages 6-21, January.
    • Handle: RePEc:cup:jomorg:v:27:y:2021:i:1:p:6-21_2
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