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Corporate Growth: the Role of Financial Structure

In the present paper I study the relationships between firm financial structure and growth in a large sample of Italian firms (1998-2003). The paper expands upon existing analyses testing whether liquidity constraints affect firm performance by considering among growth determinants also firm debt structure.Panel regression analyses show that more liquid firms tend to grow more. However, firms do not use their capital to expand, but rather to increase debt. I also find that firm growth is highly fragile as it is positively correlated with non-financial liabilities and it not sustained by a long-term debt maturity.

The breakdown by industry, adopting Pavitt’s taxonomy, suggests that the growth process is sustained by less fragile financial structure in firms operating in non traditional manufacturing sectors.

Finally, quantile regressions suggest that fast-growing firms are characterized by higher growth/cashflow sensitivities and heavily rely on external debt, but seem to be less bank-backed than the rest of the sample.

Results are generally confirmed when firm investment instead of employment growth is considered. Overall, my findings suggest that the link between firms’ investment and expansion decisions is far more complicated than postulated by standard tests of investment/cash-flow sensitivities.

http://unicreditanduniversities.eu/uploads/assets/WP_2010/WorkingPaper_n2_Giannangeli.pdf

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