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Finance and sales growth at the firms level in Iran: Does type of spending matter?

Author

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  • Cheratian, Iman
  • Goltabar, Saleh
  • Gholipour, Hassan F.
  • Farzanegan, Mohammad Reza

Abstract

This study examines the relationship between access to finance and growth in sales for micro, small, and medium enterprises (MSMEs) in Iran. We use data from 486 firms in 5 provinces, and our findings indicate that external financing positively affects sales growth for MSMEs. The results suggest financing for research and development expenditures, production diversification, new employment, and advertising can significantly increase sales growth. We also find that spending on intellectual property, labor training, and land and building acquisition negatively moderates the relationship between finance and sales growth.

Suggested Citation

  • Cheratian, Iman & Goltabar, Saleh & Gholipour, Hassan F. & Farzanegan, Mohammad Reza, 2024. "Finance and sales growth at the firms level in Iran: Does type of spending matter?," Research in International Business and Finance, Elsevier, vol. 67(PB).
    • Handle: RePEc:eee:riibaf:v:67:y:2024:i:pb:s0275531923002684
    DOI: 10.1016/j.ribaf.2023.102142
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    More about this item

    Keywords

    Finance-sales growth nexus; Micro; small; and medium enterprises; Iranian economy; External financing;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East

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