Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/193673
Authors: 
Ferrando, Annalisa
Pal, Rozalia
Durante, Elena
Year of Publication: 
2019
Series/Report no.: 
EIB Working Papers No. 2019/03
Abstract: 
This paper investigates the links between alternative growth phases of firms and barriers to financing and investment using firm-level information for a representative sample of EU companies. We propose a novel classification of corporates: high growth (HGEs), stable and declining enterprises. We find that during the phase of high growth, firms are on average more financially constrained. To match their needs for external finance, HGEs are more likely to apply for equity financing. Furthermore, we identify firms with high growth potential. Using survey data, we investigate the barriers to investment activities faced by actual and potential HGEs. Our findings suggest that the most stringent obstacles for actual HGEs are the availability of skilled staff and business regulations, while potential HGEs are blocked by uncertainty about the future.
Subjects: 
high growth enterprises
financing conditions
bank financing
equity financing
obstacles to investment
JEL: 
D22
G01
G20
G32
Persistent Identifier of the first edition: 
ISBN: 
978-92-861-4232-1
Document Type: 
Working Paper

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