Maçãs, PauloSerrasqueiro, ZéliaMarques, António Cardoso2019-01-222019-01-222006http://hdl.handle.net/10400.6/6830Using a dynamic panel model, this article shows that Gibrat’s Law does not find empirical evidence in large Portuguese companies. The growth of large Portuguese companies depends positively on growth in the previous period, and negatively on size and level of debt. The results show large Portuguese companies to be around the optimum size and consequently, debt is used to discipline management, avoiding investment in projects which would make companies grow beyond their ideal size, jeopardising the income of shareholders or owners.engGibrat’s LawGrowthLarge CompaniesDynamic Panel Datajournal article