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On the heterogeneity of the long-term leverage-growth relationship: A cross-country analysis of manufacturing firms - imarina:9280137

Autor/s de la URV:Cattaruzzo, Sebastiano / Teruel Carrizosa, Mercedes
Autor segons l'article:Cattaruzzo S; Teruel M
Adreça de correu electrònic de l'autor:mercedes.teruel@urv.cat
Identificador de l'autor:0000-0002-4104-7679
Any de publicació de la revista:2022
Tipus de publicació:Journal Publications
Referència de l'ítem segons les normes APA:Cattaruzzo S; Teruel M (2022). On the heterogeneity of the long-term leverage-growth relationship: A cross-country analysis of manufacturing firms. Structural Change And Economic Dynamics, 62(), 552-565. DOI: 10.1016/j.strueco.2022.06.011
Referència a l'article segons font original:Structural Change And Economic Dynamics. 62 552-565
Resum:Despite a great deal of studies, the relationship between firm leverage and its impact on growth remains still unclear. We offer an analytical framework, which based on a comprehensive literature review and of related empirical reasoning, helps explaining the long-term leverage and firm growth nexus. Both the theoretical views and empirical evidence are mixed, and the lack of consensus may be the result of inconsistent estimation techniques and of the dual interpretation that firm leverage has. Analysing debt from credit institutions to firms in France, Italy, and Spain, and observed from 2010 to 2016, we bring a selection framework to trial. The comparative perspective seeks the establishment of regularities, while the use of a dynamic quantile panel estimator unravels its heterogeneity. Strong non-linearities are detected, but the selection framework finds no support. On the contrary, only firms in the lowest-growing deciles of the growth distributions benefit consistently from leverage.
DOI de l'article:10.1016/j.strueco.2022.06.011
Versió de l'article dipositat:info:eu-repo/semantics/publishedVersion
Accès a la llicència d'ús:https://creativecommons.org/licenses/by/3.0/es/
Departament:Economia
URL Document de llicència:https://repositori.urv.cat/ca/proteccio-de-dades/
Àrees temàtiques:Interdisciplinar
Economics and econometrics
Economics
Economia
Ciencias sociales
Astronomia / física
Administração pública e de empresas, ciências contábeis e turismo
Paraules clau:Quantile
Long-term debt
Leverage
Heterogeneity
Firm growth
Entitat:Universitat Rovira i Virgili
Data d'alta del registre:2024-08-03
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