The relationship between investment and internal cash flows in VC-backed SMEs: Does firm size matter?

Artikel

Using panel data models and two research sub-samples composed of smaller and larger VC-backed, this study seeks to analyze the relationship between investment and internal cash flows. The results indicate that the investment sensitivity to internal cash flows is greater in larger than in the smaller VC-backed SMEs. Debt is more important for smaller than for larger VC-backed SME investment. The moderation effect of VC ownership reduces the magnitudes of the positive impact of cash flows and debt as well as the negative effect of growth opportunities on investment in both smaller and larger VC-backed SMEs.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Journal: The Journal of Entrepreneurial Finance (JEF) ; ISSN: 1551-9570 ; Volume: 21 ; Year: 2019 ; Issue: 1 ; Pages: 38-56 ; Los Angeles, CA: The Academy of Entrepreneurial Finance (AEF)

Klassifikation und Themen

• Klassifikation: Management ; Multiple or Simultaneous Equation Models: Panel Data Models; Spatio-temporal Models ; Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors ; Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies ; Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
• Thema: Internal cash flows ; Debt ; Growth Opportunities ; Investment in Fixed Assets ; SMEs ; Venture Capital

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Serrasqueiro, Zélia ; Sardo, Filipe ; Félix, Elisabete Gomes Santana
• Ereignis: Veröffentlichung
• (wer): The Academy of Entrepreneurial Finance (AEF)
• (wo): Los Angeles, CA
• (wann): 2019

Weitere Informationen

• Handle: http://hdl.handle.net/10419/264407
• Letzte Aktualisierung: 01.12.2026, 00:56 MEZ