Financial Constraints on Firm Growth: The Role of Firm Age in the ASEAN–6

Yee Ling Ng; Wei Theng Lau; Wei Ni Soh; Nazrul Hisyam Ab Razak

doi:10.18778/1508-2008.27.05

Autor

Yee Ling Ng Universiti Putra Malaysia, School of Business and Economics, Selangor, Malaysia
Wei Theng Lau Universiti Putra Malaysia, School of Business and Economics, Selangor, Malaysia https://orcid.org/0000-0002-1196-5372
Wei Ni Soh Universiti Putra Malaysia, School of Business and Economics, Selangor, Malaysia https://orcid.org/0000-0003-3593-1684
Nazrul Hisyam Ab Razak Universiti Putra Malaysia, School of Business and Economics, Selangor, Malaysia https://orcid.org/0000-0001-7631-2391

DOI:

https://doi.org/10.18778/1508-2008.27.05

Słowa kluczowe:

ograniczenia finansowe, metoda efektów stałych, systemowa uogólniona metoda momentów, ASEAN, wskaźnik KZ, wskaźnik WW, wzrost firmy

Abstrakt

W artykule oceniono wpływ wieku firmy na relację między ograniczeniami finansowymi, mierzonymi wskaźnikami KZ i WW, a trzema alternatywnymi miarami wzrostu firm (wzrost aktywów, ROA i ROE) w regionie ASEAN–6. W niniejszym badaniu wykorzystano próbę obejmującą firmy notowane na giełdzie regionu ASEAN–6 w latach 2009–2019 przy użyciu metody efektów stałych (Fixed Effects) i systemowej uogólnionej metody momentów (System GMM). Stwierdzono, że wiek firmy łącznie z ograniczeniami finansowymi wpływa pozytywnie na rozwój firmy. Negatywny wpływ ograniczeń finansowych na wzrost firm jest mniej dotkliwy w przypadku firm starszych.

Pobrania

Brak dostępnych danych do wyświetlenia.

Bibliografia

Aldrich, H.E., Auster, E.R. (1986), Even Dwarfs Started Small: Liabilities of Age and Size and Their Strategic Implications, "Research in Organizational Behavior", 8, pp. 165–198.
Google Scholar

Arrighetti, A., Cattani, L., Landini, F., Lasagni, A. (2021), Work flexibility and firm growth: Evidence from LEED data on the Emilia-Romagna region, "Industrial and Corporate Change", 30 (6), pp. 1516–1538, https://doi.org/10.1093/icc/dtab028
Google Scholar DOI: https://doi.org/10.1093/icc/dtab028

Barba Navaretti, G., Castellani, D., Pieri, F. (2014), Age and firm growth: evidence from three European countries, "Small Business Economics", 43 (4), pp. 823–837, https://doi.org/10.1007/s11187-014-9564-6
Google Scholar DOI: https://doi.org/10.1007/s11187-014-9564-6

Bruderl, J., Schussler, R. (1990), Organizational Mortality: The Liabilities of Newness and Adolescence, "Administrative Science Quarterly", 35 (3), pp. 530, https://doi.org/10.2307/2393316
Google Scholar DOI: https://doi.org/10.2307/2393316

Chang, H., Song, F.M. (2013), Testing the Pecking Order Theory with Financial Constraints, "SSRN Electronic Journal", https://doi.org/10.2139/ssrn.2200847
Google Scholar DOI: https://doi.org/10.2139/ssrn.2200847

Coad, A. (2018), Firm age: A survey, "Journal of Evolutionary Economics", 28 (1), pp. 13–43, https://doi.org/10.1007/s00191-016-0486-0
Google Scholar DOI: https://doi.org/10.1007/s00191-016-0486-0

Coad, A., Tamvada, J.P. (2012), Firm growth and barriers to growth among small firms in India, "Small Business Economics", 39 (2), pp. 383–400, https://doi.org/10.1007/s11187-011-9318-7
Google Scholar DOI: https://doi.org/10.1007/s11187-011-9318-7

Coad, A., Segarra, A., Teruel, M. (2016), Innovation and firm growth: Does firm age play a role?, "Research Policy", 45 (2), pp. 387–400, https://doi.org/10.1016/j.respol.2015.10.015
Google Scholar DOI: https://doi.org/10.1016/j.respol.2015.10.015

Çoban, S. (2014), The Interaction between Firm Growth and Profitability: Evidence from Turkish (Listed) Manufacturing Firms, "The Journal of Knowledge Economy & Knowledge Management", 9, pp. 73–82.
Google Scholar

Cowling, M., Liu, W., Zhang, N. (2018), Did firm age, experience, and access to finance count? SME performance after the global financial crisis, "Journal of Evolutionary Economics", 28 (1), pp. 77–100, https://doi.org/10.1007/s00191-017-0502-z
Google Scholar DOI: https://doi.org/10.1007/s00191-017-0502-z

Dopierała, Ł., Mosionek-Schweda, M., Laskowicz, T., Ilczuk, D. (2022), Financial performance of renewable energy producers: A panel data analysis from the Baltic Sea Region, "Energy Reports", 8, pp. 11492–11503, https://doi.org/10.1016/j.egyr.2022.09.009
Google Scholar DOI: https://doi.org/10.1016/j.egyr.2022.09.009

Egorova, A.A., Grishunin, S.V., Karminsky, A.M. (2022), The Impact of ESG factors on the performance of Information Technology Companies, "Procedia Computer Science", 199, pp. 339–345, https://doi.org/10.1016/j.procs.2022.01.041
Google Scholar DOI: https://doi.org/10.1016/j.procs.2022.01.041

Guariglia, A., Yang, J. (2016), A balancing act: Managing financial constraints and agency costs to minimize investment inefficiency in the Chinese market, "Journal of Corporate Finance", 36, pp. 111–130, https://doi.org/10.1016/j.jcorpfin.2015.10.006
Google Scholar DOI: https://doi.org/10.1016/j.jcorpfin.2015.10.006

Hadlock, C.J., Pierce, J.R. (2010), New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index, "Review of Financial Studies", 23 (5), pp. 1909–1940, https://doi.org/10.1093/rfs/hhq009
Google Scholar DOI: https://doi.org/10.1093/rfs/hhq009

Haran, M.E., Lo, D., McCord, M., Davis, P., Lim, L.C. (2021), Impact of firm-level attributes on listed real estate company performance, "Journal of Property Investment & Finance", 39 (4), pp. 323–348, https://doi.org/10.1108/JPIF-03-2020-0030
Google Scholar DOI: https://doi.org/10.1108/JPIF-03-2020-0030

Kaplan, S.N., Zingales, L. (1997), Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?, "The Quarterly Journal of Economics", 112 (1), pp. 169–215, https://doi.org/10.1162/003355397555163
Google Scholar DOI: https://doi.org/10.1162/003355397555163

Laghari, F., Chengang, Y. (2019), Investment in working capital and financial constraints: Empirical evidence on corporate performance, "International Journal of Managerial Finance", 15 (2), pp. 164–190, https://doi.org/10.1108/IJMF-10-2017-0236
Google Scholar DOI: https://doi.org/10.1108/IJMF-10-2017-0236

Lefebvre, V. (2023), The growth process of IPO firms, "Journal of Business Venturing Insights", 19, e00377, https://doi.org/10.1016/j.jbvi.2023.e00377
Google Scholar DOI: https://doi.org/10.1016/j.jbvi.2023.e00377

Leoncini, R., Marzucchi, A., Montresor, S., Rentocchini, F., Rizzo, U. (2019), "Better late than never": The interplay between green technology and age for firm growth, "Small Business Economics", 52 (4), pp. 891–904, https://doi.org/10.1007/s11187-017-9939-6
Google Scholar DOI: https://doi.org/10.1007/s11187-017-9939-6

Machek, O., Machek, M. (2014), Factors of Business Growth: A Decomposition of Sales Growth into Multiple Factors, "WSEAS Transactions on Business and Economics", 11 (35), pp. 380–38511.
Google Scholar

McFaddin, S., Clouse, M. (1993), A new model for sustainable growth in the energy industry, "Energy Economics", 15 (1), pp. 3–7, https://doi.org/10.1016/0140-9883(93)90036-Q
Google Scholar DOI: https://doi.org/10.1016/0140-9883(93)90036-Q

Nakatani, R. (2021), Total factor productivity enablers in the ICT industry: A cross-country firm-level analysis, "Telecommunications Policy", 45 (9), 102188, https://doi.org/10.1016/j.telpol.2021.102188
Google Scholar DOI: https://doi.org/10.1016/j.telpol.2021.102188

Regasa, D., Fielding, D., Roberts, H. (2019), Sources of Financing and Firm Growth: Evidence from Ethiopia, "Journal of African Economies", 29 (1), pp. 26–45, https://doi.org/10.1093/jae/ejz012
Google Scholar DOI: https://doi.org/10.1093/jae/ejz012

Stinchcombe, A.L. (2000), Social structure and organizations, "Advances in Strategic Management", 17, pp. 222–259, https://doi.org/10.1016/S0742-3322(00)17019-6
Google Scholar DOI: https://doi.org/10.1016/S0742-3322(00)17019-6

Theodore, C., Lindberg, R.A. (1978), Survival & Growth: Management Strategies of the Small Firm, American Management Association, New York.
Google Scholar

Thomas Refinitiv (2023), Screener App Database, https://eikon.thomsonreuters.com/index.html (accessed: 1.01.2023).
Google Scholar

Tran, V.T., Nguyen, T.T., Tran, N.T.M. (2019), Gender difference in access to local finance and firm performance: Evidence from a panel survey in Vietnam, "Economic Analysis and Policy", 63, pp. 150–164, https://doi.org/10.1016/j.eap.2019.05.004
Google Scholar DOI: https://doi.org/10.1016/j.eap.2019.05.004

Whited, T.M., Wu, G.W. (2006), Financial Constraints Risk, "The Review of Financial Studies", 19 (2), pp. 531–559, https://doi.org/10.1093/rfs/hhj012
Google Scholar DOI: https://doi.org/10.1093/rfs/hhj012

Yang, L. (2018), Firm Age, Size, and Employment Dynamics: Evidence from Japanese firms, RIETI Discussion Paper Series 18-E-006.
Google Scholar

Zhang, D., Lucey, B.M. (2022), Sustainable Behaviors and Firm Performance: The Role of Financial Constraints Alleviation, "Economic Analysis and Policy", 74, pp. 220–223, https://doi.org/10.1016/j.eap.2022.02.003
Google Scholar DOI: https://doi.org/10.1016/j.eap.2022.02.003