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

• Autorzy: Yee Ling Ng , Wei Theng Lau , Wei Ni Soh , Nazrul Hisyam Ab Razak

Warianty tytułu

Ograniczenia finansowe rozwoju firmy: rola wieku firmy w krajach ASEAN-6

• Języki publikacji: EN

Abstrakty

EN

The paper assesses the moderating role of firm age in the relationship between financial constraints, as measured by the KZ index, and the WW index on three alternative measures of firm growth (Asset growth, ROA, and ROE) in the ASEAN-6 region. This study employs a sample of ASEAN-6 listed firms over the period 2009-2019 using Fixed Effects and the System GMM model. Firm age is found to interact positively with financial constraints in their effects on firm growth. The negative impact of financial constraints on firm growth is less severe with older age firms. (original abstract)

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. (abstrakt oryginalny)

Słowa kluczowe

EN

Financial limitations; Estimation; Enterprise growth; Generalized method of moments (GMM)

PL

Ograniczenia finansowe; Estymacja; Wzrost przedsiębiorstwa; Uogólniona metoda momentów

• Czasopismo: Comparative Economic Research
• Rocznik: 2024
• Tom: 27
• Numer: nr 1
• Strony: 93--111

Twórcy

autor

Yee Ling Ng

• Universiti Putra Malaysia

autor

Wei Theng Lau

• Universiti Putra Malaysia

autor

Wei Ni Soh

• Universiti Putra Malaysia

autor

Nazrul Hisyam Ab Razak

• Universiti Putra Malaysia

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Identyfikatory

DOI

10.18778/1508-2008.27.05