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An empirical investigation of the financial growth life cycle

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  • Mac an Bhaird, Ciarán
  • Lucey, Brian

Abstract

The key contribution of this paper is an empirical examination of the financial growth life cycle model by combining a number of statistical tests. This approach is significantly different to that traditionally adopted in empirical investigations of SME financing, which is to examine the applicability of theories developed in corporate finance on panel data. Additionally, it presents data on personal sources of finance employed by firm owners, which is typically not available, even in comprehensive secondary databases.

Suggested Citation

  • Mac an Bhaird, Ciarán & Lucey, Brian, 2010. "An empirical investigation of the financial growth life cycle," MPRA Paper 61948, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:61948
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    References listed on IDEAS

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    More about this item

    Keywords

    Financial growth life cycle; Capital structure; Pecking order theory; Agency theory; Small and medium sized enterprises.;
    All these keywords.

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • M2 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics

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