Nunes, Paulo Jorge MaçãsCarvalho, Rodolfo Manuel Ferreira de2018-09-032018-09-032015-7-72015-6-1http://hdl.handle.net/10400.6/6047Based on two samples: 1) 1830 surviving SMEs; and 2) 406 non-surviving SMEs, this paper contributes to the literature on SME growth, checking the differences between the growth determinants of surviving SMEs and non-surviving SMEs. The multiple empirical evidence obtained allows us to conclude that there are significant differences in the relationships between determinants and growth in surviving and non-surviving SMEs: 1) Gibrat`s Law is rejected in the context of surviving SMEs, but it is not in that of non-surviving SMEs; 2) in surviving SMEs, age is a restrictive determinant of growth, with R&D expenditure, debt, government subsidies and labour productivity being determinants stimulating growth, whereas in non-surviving SMEs, R&D expenditure and debt are restrictive determinants of growth, but age, government subsidies and labour productivity are neither positive nor restrictive determinants of growth; and 3) cash flow is a positive determinant of growth in both surviving and non-surviving SMEs, but it is of greater importance for the growth of non-surviving SMEs than for that of surviving SMEs. The empirical evidence obtained allows us to make suggestions to SME owners/managers and political decision-makers.engGibrat´S LawGrowthNon-Surviving SmesPanel DataSurviving Smesmaster thesis201645165