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The impact of internal finance on growth empirical evidence from Swedish firm level data

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  • Darush Yazdanfar
  • Sara Turner

Abstract

This paper examines the impact of firms' internal liquidity access and related firm characteristics on the growth of Swedish micro firms across six industry sectors, based on a database of over 62,000 observations covering 10,383 Swedish micro firms over the 2007-2008 period. Using a seemingly unrelated regression model with four explanatory variables (i.e., liquidity access, size, age, and industry affiliation), this study found a significant relationship between growth and the explanatory variables. Consistent with much previous research, this paper demonstrates that liquidity access positively affects firm growth. Furthermore, other firm-level variables, such as size, age, and industry affiliation, significantly affect firm growth. This article contributes to the literature by employing a seemingly unrelated regression model to analyse a comprehensive, cross-sectoral sample.

Suggested Citation

  • Darush Yazdanfar & Sara Turner, 2013. "The impact of internal finance on growth empirical evidence from Swedish firm level data," International Journal of Entrepreneurship and Small Business, Inderscience Enterprises Ltd, vol. 19(1), pages 51-63.
    • Handle: RePEc:ids:ijesbu:v:19:y:2013:i:1:p:51-63
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    Cited by:

    1. Iman Cheratian & Saleh Goltabar & Hassan Gholipour Fereidouni & Mohammad Reza Farzanegan, 2023. "External Financing and Firm Growth: Evidence from Micro, Small, and Medium Enterprises in Iran," MAGKS Papers on Economics 202308, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    2. Bahadır Ergün & Ömer Tuğsal Doruk, 2020. "Effect of financial constraints on the growth of family and nonfamily firms in Turkey," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 6(1), pages 1-24, December.
    3. Pankaj C. Patel & Maria João Guedes, 2022. "Do family firms perform better under financial constraints? Financial constraints, family firms and performance," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(4), pages 933-949, June.

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