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Advisor(s)
Abstract(s)
Using two sub-samples of Portuguese SMEs: 1) 495 young SMEs; and 2) 1350 old SMEs, through the two-step estimation method, we examine if age is a fundamental
characteristic of the relationships established between determinants and SME growth.
The multiple empirical evidence allows us to conclude that age is a determinant for the
relationships formed between determinants and SME growth: 1) age and size are
negatively related to growth in young SMEs, but are not relevant in explaining 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, with R&D expenditure being of greater
relative importance for growth in old SMEs than for growth in young SMEs; and 3)
growth in young SMEs is found to have a continuous tendency, unlike the case of old
SMEs. We also find significant differences between the determinants of survival in
young SMEs and old SMEs.
Description
Keywords
Pequenas e médias empresas - Crescimento