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Are SMEs large firms en miniature? Evidence from a growth analysis

Author

Listed:
  • Bannier, Christina E.
  • Metz, Sabrina

Abstract

Based on German data between 1999 and 2007, we analyze the growth factors of SMEs and contrast them with those of large _rms. Differences show up both in balance sheet and employment growth. While we confirm earlier results on inherent growth structures and the influence of firm age, we derive several new, complex growth effects that set SMEs apart: particularly ownership type and ownership structure play a distinctive role that may additionally interact with other variables affecting growth, such as, e.g. profitability or capital structure. As such, the distinction - according to size - between SMEs and large firms may not be sufficiently meaningful unless combined with further information on ownership type and structure and, preferably, also on firm age.

Suggested Citation

  • Bannier, Christina E. & Metz, Sabrina, 2010. "Are SMEs large firms en miniature? Evidence from a growth analysis," Frankfurt School - Working Paper Series 142, Frankfurt School of Finance and Management.
  • Handle: RePEc:zbw:fsfmwp:142
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    Cited by:

    1. Scholz, Peter & Walther, Ursula, 2010. "Investment certificates under German taxation: Benefit or burden for structured products' performance?," CPQF Working Paper Series 24, Frankfurt School of Finance and Management, Centre for Practical Quantitative Finance (CPQF).
    2. Yu, Xiaofan, 2011. "A spatial interpretation of the persistency of China's provincial inequality," Frankfurt School - Working Paper Series 171, Frankfurt School of Finance and Management.
    3. Beyna, Ingo & Wystup, Uwe, 2010. "On the calibration of the Cheyette interest rate model," CPQF Working Paper Series 25, Frankfurt School of Finance and Management, Centre for Practical Quantitative Finance (CPQF).
    4. Veiga, Carlos & Wystup, Uwe, 2010. "Ratings of structured products and issuers' commitments," CPQF Working Paper Series 26, Frankfurt School of Finance and Management, Centre for Practical Quantitative Finance (CPQF).
    5. Detering, Nils & Weber, Andreas & Wystup, Uwe, 2010. "Return distributions of equity-linked retirement plans," CPQF Working Paper Series 27, Frankfurt School of Finance and Management, Centre for Practical Quantitative Finance (CPQF).

    More about this item

    Keywords

    Small and medium-sized enterprises; growth analysis; panel analysis; system GMM estimation;

    JEL classification:

    • G3 - Financial Economics - - Corporate Finance and Governance
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance

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