Nunes, Paulo Jorge MaçãsGonçalves, Marco Xavier Badalo Mourato2015-01-222015-01-2220102010http://hdl.handle.net/10400.6/2903Using 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.engPequenas e médias empresas - Crescimentomaster thesis