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Age effects, leverage and firm growth

机译:年龄效应,杠杆作用和公司成长

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Recent theories of firm dynamics emphasize the role of financial variables as determinants of firm growth. Empirically examining these relationships has been difficult, since there is a lack of financial data on the small, young, and private firms. Using a unique administrative data set, this paper considers the growth of new firms in Canadian manufacturing from a financial perspective. We find that financial factors, such as leverage and initial financial size, impact growth rates for new firms. Further, the inclusion of leverage has little impact on the economic significance of the conditional age and size relationships with firm growth.
机译:最新的企业动力学理论强调金融变量作为企业成长的决定因素的作用。由于缺乏有关小型,年轻和私营公司的财务数据,因此很难凭经验检查这些关系。本文使用独特的管理数据集,从财务角度考虑了加拿大制造业中新公司的成长。我们发现财务因素,例如杠杆率和初始财务规模,会影响新公司的增长率。此外,杠杆的包含对有条件的年龄和规模与公司成长的关系的经济意义影响很小。

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