Nova Publishers
My Account Nova Publishers Shopping Cart
HomeBooksSeriesJournalsReference CollectionseBooksInformationSalesImprintsFor Authors
            
  Top » Catalog » Books » Economics, Trade and Globalization » Theories and Effects of Economic Growth Chapters » My Account  |  Cart Contents  |  Checkout   
Quick Find
  
Use keywords to find the product you are looking for.
Advanced Search
What's New? more
Advances in Engineering Research. Volume 20
$225.00
Shopping Cart more
0 items
Information
Shipping & Returns
Privacy Notice
Conditions of Use
Contact Us
Notifications more
NotificationsNotify me of updates to Influence of the Economic Conjuncture on SME Investment: Empirical Evidence Using Dynamic Panel Estimators pp. 143-158
Tell A Friend
 
Tell someone you know about this product.
Influence of the Economic Conjuncture on SME Investment: Empirical Evidence Using Dynamic Panel Estimators pp. 143-158 $100.00
Authors:  (Silvia Mendes, Paulo Macas Nunes, Zelia Serrasqueiro, Escola Superior de Tecnologia e Gestão de Oliveira do Hospital, Instituto Politécnico de Coimbra, Portugal, and others)
Abstract:
Based on a sample of 1845 Portuguese SMEs for the period 1999-2006, and using the two-step estimation method in order to solve the problem of sample bias as a consequence of the matter of survival, we investigate if the economic conjuncture has significant effects on the investment of Portuguese SMEs. The empirical evidence obtained by using dynamic panel estimators, corresponding to the second step of the estimation method, lets us conclude that the economic conjuncture has a significant impact on investment by Portuguese SMEs: 1) higher reference interest rates for loans have a restricting effect on investment; and 2) economic growth, in terms of Gross National Product, contributes to increased investment. In addition, the empirical evidence obtained from probit regressions, corresponding to the first step of the estimation method, also allows us to conclude that: 1) higher reference interest rates for loans contribute to
diminished probability of the survival of Portuguese SMEs; and 2) economic growth contributes to increased probability of the survival of Portuguese SMEs. In general we find the economic conjuncture has a significant impact on investment by Portuguese SMEs. Concerning companies’ intrinsic determinants: 1) Investment in the Previous
Period; 2) Cash Flow; 3) Sales; 4) Debt; 5) Age; and 6) Growth Opportunities, the empirical evidence obtained allows us to conclude that: 1) investment in the previous period and cash flow are positive determinants of investment in Portuguese SMEs; 2) debt is a restrictive determinant of investment in Portuguese SMEs; and 3) sales, age and growth opportunities are neither positive nor restrictive factors of investment by Portuguese SMEs. 


Available Options:
Version:
Special Focus Titles
01.Positive Youth Development: Long Term Effects in a Chinese Program
02.Anticancer Therapies: Advances in Research and Applications
03.From Dreamers to Doers: The Art and Science of Educational Project Management
04.Delirium: Prevention, Symptoms and Treatment
05.Mindfulness: Past, Present and Future Perspectives
06.Classrooms. Volume 2: Academic Content and Behavior Strategy Instruction for Students With and Without Disabilities
07.Bicycles: Helmet Use of Adolescents at Independent Schools
08.Alzheimer’s Disease: Awareness among Young Adults
09.What Your Eyes Tell Your Brain about Art: Insights from Neuroaesthetics and Scanpath Eye Movements
10.Pain: Management, Issues and Controversies
11.Gifted Underachiever
12.Biological Conservation in the 21st Century: A Conservation Biology of Large Wildlife

Nova Science Publishers
© Copyright 2004 - 2017

Influence of the Economic Conjuncture on SME Investment: Empirical Evidence Using Dynamic Panel Estimators pp. 143-158