The Determinants of growth for small and medium sized firms: the role of the availability of external finance

摘要: We present an empirical analysis of the determinants growth for a sample Italian small and medium sized firms. show that, when investigating which includes firms between 10 50 employees set variables larger than those usually considered in literature, – net industry characteristics ex ante market power turns out to be significantly affected not only by size age, but also state subsidies, export capacity credit rationing. By adopting multivariate approach we that these findings are confirmed after controlling heteroskedasticity, survivorship bias serial correlation. Our results suggest hypothesis independence firm from initial other factors (usually referred as Gibrat's law literature) is rejected large firms, while it does hold under financial constraints "bank-oriented" system access external finance difficult.