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The influence of age on SMEs’ growth determinants: empirical evidence

  • Paulo Nunes

    ()

  • Marco Gonçalves
  • Zélia Serrasqueiro

This paper seeks to investigate whether age is a fundamental characteristic of the relationships between determinants and growth. The empirical evidence obtained allows us to conclude that: (1) age and size are restrictive factors of the growth of young SMEs, but they are not important for the growth of old SMEs; (2) cash flow and debt are of greater relative importance for growth in young SMEs than for growth in old SMEs; (3) R&D intensity and labour productivity are of greater relative importance for growth in old SMEs than for growth in young SMEs; (4) interest on debt is of greater relative importance for diminished growth in young SMEs than for diminished growth in old SMEs; and (5) R&D intensity in situations of financial deficit is of greater relative importance for diminished growth in young SMEs than for diminished growth in old SMEs, but only in context of high-tech SMEs. Copyright Springer Science+Business Media, LLC. 2013

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File URL: http://hdl.handle.net/10.1007/s11187-011-9363-2
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Article provided by Springer in its journal Small Business Economics.

Volume (Year): 40 (2013)
Issue (Month): 2 (February)
Pages: 249-272

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Handle: RePEc:kap:sbusec:v:40:y:2013:i:2:p:249-272
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