Is the Growth of Small Firms Constrained by Internal Finance?

By Robert E. Carpenter, Bruce C. Petersen. Review of Economics and Statistics, 2002

1,202 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics

View Paper: https://www.semanticscholar.org/paper/4f0bdcbf0a550e68aff34702241d7dc4a0b2fbba

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Accounting

In Economics and Econometrics

Citations in the corpus

DETERMINANTS OF SMALL AND MEDIUM SIZED FAST GROWING ENTERPRISES IN CENTRAL AND EASTERN EUROPE: A PANEL DATA ANALYSIS (2010, background): “Other empirical studies (e.g., Becchetti and Trovato, 2002; Carpenter and Petersen, 2002) have confirmed that the constrained availability of finance affect small firm growth.”
Financial Constraints and Small and Medium Enterprises: A Review* (2020, background): “These firms feel the full brunt of market frictions (Carpenter and Petersen, 2002).”
Financing constraints, R&D investments and innovative performances: new empirical evidence at the firm level for Europe (2016, background): “In turn, by dampening R&D investments, financing constraints could be expected to reduce firms’ innovative activity and its impact on their economic performance, as opposed to the case of frictionless capital markets (Carpenter and Petersen 2002; Brown, Fazzari, and Petersen 2009).”
SME Policy, Financial Structure and Firm Growth: Evidence From Japan (2006, methodology): “In fact, some empirical studies (e.g., Chittenden et al., 1996; Becchetti and Trovato, 2002; Carpenter and Petersen, 2002) have indicated that the availability of financial constraints affects small firm growth.”
Pecking order and debt capacity considerations for high-growth companies seeking financing (2010, background): “It is well established in the finance literature that market imperfections cause a considerable wedge between the costs of internal finance and outside financing (see Colombo and Grilli 2007; Carpenter and Petersen 2002a; Berger and Udell 1998).”
Are finance constraints hindering the growth of SMEs in Europe (2003, methodology): “Following Carpenter and Petersen (2002), we estimate for different size classes of firms the sensitivity of a firm’s growth rate to cashflow.”
Drivers of Entrepreneurship and Post-Entry Performance of Newborn Firms in Developing Countries (2014, neutral): “Credit constraints and lack of financial capital in general should limit the rate of entry of new businesses, and both their likelihood of survival and rate of growth (see Xu, 1998; Carpenter and Petersen, 2002; Becchetti and Trovato, 2002; Aghion, Fally and Scarpetta, 2007).”
R&D sensitivity to asset sale proceeds: New evidence on financing constraints and intangible investment (2013, methodology): “varying investment opportunities at the industry level by including industry-year fixed effects, as in Carpenter and Petersen (2002), Guariglia (2008), and Brown, Fazzari, and Petersen (2009).”