Liquidity constraints in the first year of trading and firm performance/ created by George Saridakis, Kevin Mole and Graham Hay

By:

Saridakis, George, author

Contributor(s):

Material type: Text

TextSeries: International small business journal ; Volume 31, number 5London, Sage, 2013Content type:

text

Media type:

unmediated

Carrier type:

volume

ISSN:

02662426

Subject(s):

Firm growth -- Liquidity constraints -- Small and medium-sized enterprises (SMEs)

LOC classification:

HD2347.167

Online resources:

Click here to access online

Abstract: This article uses a survey of new businesses for three regions of England – Buckinghamshire, Shropshire and Tees Valley – and focuses on the effect of liquidity constraints experienced within the first year of trading on firm growth (measured using employment) and ‘partial survival’ (the probability of remaining in activity). We control for a range of firm characteristics, management traits and strategy variables. The empirical framework adopted allows for sample censoring arising from firm exit. Fewer firms in the less wealthy area reported liquidity constraints. Our results suggest that the experience of the first year is critical to the survival and subsequent resilience of the firm but has no effect on growth.

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Holdings
Item type	Current library	Call number	Vol info	Status	Notes	Date due	Barcode
Journal Article	Main Library - Special Collections	HD2341.167 INT (Browse shelf(Opens below))	Vol. 31, no.5 (pages 520-535)	Not for loan	For in house use only

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This article uses a survey of new businesses for three regions of England – Buckinghamshire, Shropshire and Tees Valley – and focuses on the effect of liquidity constraints experienced within the first year of trading on firm growth (measured using employment) and ‘partial survival’ (the probability of remaining in activity). We control for a range of firm characteristics, management traits and strategy variables. The empirical framework adopted allows for sample censoring arising from firm exit. Fewer firms in the less wealthy area reported liquidity constraints. Our results suggest that the experience of the first year is critical to the survival and subsequent resilience of the firm but has no effect on growth.

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