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  • 25351.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Industry Effects and SMEs' Capital Structure Determinants2008Conference paper (Refereed)
  • 25352.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Information asymmetry and capital structure: An empirical study of micro firms in Sweden2012In: International Journal of Entrepreneurship and Small Business, ISSN 1476-1297, E-ISSN 1741-8054, Vol. 17, no 3, p. 304-318Article in journal (Refereed)
    Abstract [en]

    This study empirically examines the capital structure determinants of

    Swedish micro companies by testing hypotheses based on information

    asymmetry theory. The study sample contains 20,270 micro firms for which

    complete 2007 to 2008 financial information is available, giving a total of

    182,430 observations. The empirical results indicate that six explanatory

    variables, that is, lagged long-term debt, size, age, profitability, tangibility, and

    industry affiliation, are related to capital structure to various extents. The

    results suggest that information asymmetry theory is relevant in explaining the

    financial behaviour of micro firms in Sweden. These findings can help SMEs to

    improve their awareness of financial management and to use resources more

    effectively.

  • 25353.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Predicting bankruptcy among SMEs, Evidence from Swedish firm-level data2011In: International Journal of Entrepreneurship and Small Business, ISSN 1476-1297, E-ISSN 1741-8054, Vol. 14, no 4, p. 551-564Article in journal (Refereed)
    Abstract [en]

    The failure rate of small and medium enterprises (SMEs) in Sweden is high, with about 6,000 SMEs claiming bankruptcy every year. This paper attempts to identify the main prediction variables that are believed to forecast the failure of Swedish SMEs. The research is principally based on an analysis of a panel data sample consisting of 1,412 bankrupt and 3,084 non-bankrupt Swedish SMEs for the period 2004 to 2006. The statistical technique of logistic regression model is employed to analyse the data. The results, which have a high rate of accuracy, indicate that a set of six variables are significant as bankruptcy predictors: the ratio of short-term debt to total assets, total leverage (the ratio of short- and long-term debt to total assets), change in total assets from the previous year, firm size (natural logarithm of sales), financial expenses to total debt, and return on assets.

  • 25354.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Profitability determinants among micro firms: evidence from Swedish data2013In: international journal of managerial finance, ISSN 1743-9132, Vol. 9, no 2, p. 151-160Article in journal (Refereed)
    Abstract [en]

    This study investigates the variables affecting firm profitability applying the seemingly unrelated regression method to a large sample of approximately 87,000 observations covering 12,530 non-financial micro firms operating in four industry sectors from 2006 to 2007. The study considers profitability determinants at the firm as well as industry affiliation levels in examining hypotheses developed from resource-based approaches. The findings indicate that while firm size, lagged profitability, growth, and productivity positively influence profitability, firm age and industry affiliation negatively influence it. The empirical results suggest that productivity is the most significant determinant of profitability. These results are fairly robust across the various industry sectors covered in the study and are largely consistent with the hypotheses developed from the resource-based approach.

  • 25355.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    The Capital Structure Determinants of Swedish SMEs in Jamtland2007Conference paper (Refereed)
    Abstract [en]

    This study examines empirically capital structuredeterminants of Swedish SMEs located in Jamtland through testing hypotheses formulated from pecking theory. The study focuses on a sample contains 1710SMEs for which complete financial information was available for 2003–2005 andrepresents a target population of 4116 firms located in the studied region.While most previous research has focused on publicly traded firms, the presentstudy uses a broad database and pays attention to unlisted SMEs in a rural areawhere small businesses occupies a prominent social position and reflect aspecial financial environment. In addition, more explanatory variables are usedthan in prior research. The empirical results indicate that the explanatoryfactors are associated to various extents with capital structure. However, theresults are somewhat mixed, suggesting that both pecking order and trade-offtheories are relevant, but giving stronger support to pecking order theory.SMEs can use these findings to improve their awareness of financial managementand of how to use resources more effectively. Moreover, potential SMEs willhave a better understanding of how to approach financial problems encountered inthe start-up stage. Finally, both the financial sector and policy makers areexpected to re-evaluate their policies regarding SME financing.

  • 25356.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    The Growth determinants among Swedish SMEs2009Conference paper (Refereed)
  • 25357.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    The Growth Determinants among Swedish SMEs, Evidence from firm-level data2011In: International Journal of Business and Globalisation, ISSN 1753-3627, E-ISSN 1753-3635, Vol. 6, no 3/4, p. 313-328Article in journal (Refereed)
    Abstract [en]

    This paper identifies the firm-level internal determinants that explain the economic growth of Swedish SMEs. The analysis is based on a sample consisting of 989 growth SMEs and 6,119 non-growth SMEs with 95,475 observations, and applies logistic regression models for the period 2004-2006. The results, which have a high rate of accuracy, indicate that a set of four factors – age, size, leverage rate and profitability – had a significant impact on the growth probability of sample firms over a period of three years. The results can be summarised as follows. First, younger SMEs have a better chance of seeing growth. Second, financial constraints significantly decrease the probability of growth in terms of employees. Third, profitability plays a significant role in the growth process. Lastly, access to external financial resources has a positive effect on the growth of firms. The results of this paper are useful for firm stakeholders, including managers, shareholders, debt holders and potential investors, as well as academic researchers and policy makers

  • 25358.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    The Impact of Financing Pattern on Firm Growth: Evidence fromSwedish Micro Firms2012In: International Business Research, ISSN 1913-9004, E-ISSN 1913-9012, Vol. 5, no 9, p. 16-25Article in journal (Refereed)
    Abstract [en]

    This study examines the impact of financial structures on the growth of micro firms in Sweden. The objective of

    this paper is to explore whether firms’ growth can be associated with patterns of financial acquisition and

    whether these patterns influence firms’ growth differently when the source is either internal or external. Based

    on agency cost theory, hypotheses were formulated and tested with panel data consisting of 12 101 micro firms,

    using 84 707 observations for the period 2006–2007. The data were analysed using the seemingly unrelated

    regression (SUR) model. The empirical results reveal that internal financial sources – retained profit –

    significantly influence firm growth. Similarly, short-term debt and growth are positively related. However, firm

    growth is generally more sensitive to retained profit than short-term debt. Interestingly, long-term debt generally

    has no effect on growth. The findings also indicate that size, age, and industry affiliation influence firm growth. Finally, agency cost theory is relevant in explaining the relationship between financing pattern and growth.

  • 25359.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    The patterns of financial bootstrapping behavior, Empirical evidence from Swedish SMEs’2011In: International Journal of Business and Globalisation, ISSN 1753-3627, E-ISSN 1753-3635, Vol. 7, no 3, p. 255-264Article in journal (Refereed)
    Abstract [en]

    The aim of this study is to explore the patterns of financial bootstrapping behaviour of SMEs in Ostersund/Sweden. The present research is based on a structured questionnaire survey and focuses on a sample of 146 SMEs. 'Financial bootstrapping' denotes a set of techniques such as reliance on internal funding sources, low-cost acquisition of financial resources, and avoidance of external financial resources. The empirical results show that the sample firms use a wide variety of bootstrapping techniques. In addition, although the internal resources and social oriented techniques emerged as the most- and second most highly used financial bootstrapping techniques respectively, other techniques such as minimising accounts receivable, minimising capital, and subsidy bootstrapping have been ranked as the most important bootstrapping techniques. The results from this study contribute to the understanding of informal financial behaviour of SMEs.

  • 25360.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    The patterns of financial bootstrapping behaviour: An empirical explorative study of Swedish SMEs in Jämtland.2007Conference paper (Refereed)
    Abstract [en]

    The aim of this study is to explore the patterns of financial

    bootstrapping behaviour of SMEs in Östersund/Sweden. The present research is

    based on a structured questionnaire survey and focuses on a sample of 146

    SMEs. ‘Financial bootstrapping’ denotes a set of techniques such as reliance on

    internal funding sources, low-cost acquisition of financial resources, and

    avoidance of external financial resources. The empirical results show that the

    sample firms use a wide variety of bootstrapping techniques. In addition,

    although the internal resources and social oriented techniques emerged as the

    most- and second most highly used financial bootstrapping techniques

    respectively, other techniques such as minimising accounts receivable,

    minimising capital, and subsidy bootstrapping have been ranked as the most

    important bootstrapping techniques. The results from this study contribute to

    the understanding of informal financial behaviour of SMEs.

  • 25361.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Abbasian, Saeid
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Debt financing among native- and immigrant-owned firms: empirical evidence from Swedish small business at start up stage2014In: World Review of Entrepreneurship, Management and Sustainable Development, ISSN 1746-0573, E-ISSN 1746-0581, Vol. 10, no 4, p. 422-434Article in journal (Refereed)
    Abstract [en]

    This paper provides evidence on ethnic differences in bank debtfinancing among small Swedish firms at the start-up stage. The empiricalanalysis is carried out on a sample of small firms consisting of 2,814native- and immigrant-owned firms for year 2008. The method of binarylogistic regression analysis was mainly performed to analyse the data. Theempirical results suggest that immigrant-owned firms tend to use less bank debtthan their native counterparts. Moreover, the variables related to human capital,previous experience of starting a business, university education and anadditional job beside the business have a positive impact on the use of bankdebt. There is also a positive influence of personal start capital and the size offirm in terms of number of employees on access to debt capital. However, firmcharacteristics, legal form and industry affiliation affect the debt fundingnegatively, indicating that firms with less formalised legal status operating inless developed market segments and with less physical capital are less likely tohave access to debt capital.

  • 25362.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Abbasian, Saeid
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Ethnicity and aquisition of external capital at start-up stage: differences between small native Swedish- and immigrant-owned firms2012In: International Journal of Business and Globalisation, ISSN 1753-3627, E-ISSN 1753-3635, Vol. 9, no 4, p. 442-460Article in journal (Refereed)
    Abstract [en]

    The aim of the study was to explain empirically the differences in external financing between native- and immigrant-owned small businesses in terms of ethnicity and other relevant variables. A sample of 2,814 native- and immigrant-owned small businesses, based on a unique and comprehensive database gathered through interviews, was analysed employing several univariate and multivariate methods. The results suggest that ethnicity is an important explanatory variable differentiating between acquisitions of external capital at start-up stage. Owner characteristics such as age, experience of starting businesses and education also have an impact on finance-seeking behaviour and thereby on the acquisition of external capital. The findings indicate that characteristics of the firm, such as personal start-up capital, firm size, legal form and industrial sector, do partly influence access to external capital. Since knowledge about this issue is limited, the results of this study add to our understanding of variables affecting the behaviour of small business endeavours in seeking funding at start-up.

  • 25363.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Abbasian, Saeid
    Mid Sweden University, Faculty of Human Sciences, Department of Tourism Studies and Geography.
    Ethnicity and the pattern of capital acquisition at start-up stage:: differences between small Swedish native and immigrant-owned firms2013In: International Journal of Business and Globalisation, ISSN 1753-3627, E-ISSN 1753-3635, Vol. 10, no 4, p. 357-371Article in journal (Refereed)
    Abstract [en]

    The aim of the study was to explain empirically the differences in external financing between native– and immigrant–owned small businesses in terms of ethnicity and other relevant variables. A sample of 2,814 native– and immigrant–owned small businesses, based on a unique and comprehensive database gathered through interviews, was analysed employing several univariate and multivariate methods. The results suggest that ethnicity is an important explanatory variable differentiating between acquisitions of external capital at start–up stage. Owner characteristics such as age, experience of starting businesses and education also have an impact on finance–seeking behaviour and thereby on the acquisition of external capital. The findings indicate that characteristics of the firm, such as personal start–up capital, firm size, legal form and industrial sector, do partly influence access to external capital. Since knowledge about this issue is limited, the results of this study add to our understanding of variables affecting the behaviour of small business endeavours in seeking funding at start–up.

  • 25364.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Abbasian, Saeid
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    External capital acquisition at start-up stage among small business owners in Sweden: A comparison between Swedish native and immigrant-owned firms2012In: ABSTRACTS, 2012Conference paper (Refereed)
  • 25365.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Abbasian, Saeid
    Mid Sweden University, Faculty of Human Sciences, Department of Tourism Studies and Geography.
    Gender and the use of external business advice: A Swedish study2015In: International Journal of Gender and Entrepreneurship, ISSN 1756-6266, E-ISSN 1756-6274, Vol. 7, no 1, p. 105-124Article in journal (Refereed)
    Abstract [en]

    Purpose – The aim of this study is to examine whether there are significant differences betweenfemale and male entrepreneurs’ use of consultation during business start-ups.Design/methodology/approach – Using several statistical tools, including ANOVA and seeminglyunrelated regressions, empirical analyses are conducted on a unique and firm-level panel database of837 female- and 1926 male-owned active small firms.Findings – The results indicate that gender may be an important variable in the use of advice amongsmall business owners in Sweden. Female owners in this study are shown to be more eager than maleowners to use external business advice, and do so to a higher extent.Practical implications – One implication of this study is that firms may not be able to use allbusiness advice types simultaneously during their start-up stage, so an ordered list of consultancyservices would help them prioritize and adjust their needs accordingly. Because the use of businessadvice is context-based, the findings of this study may not be generalized to firms in othercountries. This paper shows some gender-based attributes/features relating to the use of businessadvice, which need to be better integrated into policymaking for the future assistance of smallbusinesses.Originality/value – This article focuses on an important issue and is unique partly because fewstudies have examined the relationship between gender and external business advice. By explicitly andempirically examining this issue, this article makes a contribution to the small- and medium-sizedenterprises’ literature.

  • 25366.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Abbasian, Saeid
    Mid Sweden University, Faculty of Human Sciences, Department of Tourism Studies and Geography.
    The Determinants of Informal Capital in the Financing of Small Firms at Start-Up:: An Ethnic Comparison of Small Firms in Sweden2013In: International Journal of Economics and Finance, ISSN 1916-971X, Vol. 5, no 3, p. 62-72Article in journal (Refereed)
    Abstract [en]

    This study explains empirically the differences in the use of informal financing between native- and immigrant-owned small businesses in terms of ethnicity and other relevant variables. A sample of 2814 native- and immigrant-owned small businesses, consisting of a unique database gathered, was analysed and several univariate and multivariate methods employed. The results suggest that ethnicity is a significant explanatory variable and an important factor in informal capital access in the start-up stage in terms of loans from family members and friends. Moreover, the other independent variables, namely gender, age, experience of starting businesses, the amount of start capital, and firm size, affect loans from family members, whereas loans from friends are influenced by age, size, and industry affiliation. Since knowledge about informal capital determinants is limited, the results of this study add to our understanding of the variables that explain the financing behaviour of small businesses at start-up.

  • 25367.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Abbasian, Saeid
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    The external capital acquisition at start-up stage: Differences between small Swedish native and immigrant-owned firms2012In: ABSTRACTS, 2012Conference paper (Refereed)
  • 25368.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Abbasian, Saeid
    Mid Sweden University, Faculty of Human Sciences, Department of Tourism Studies and Geography.
    Brouder, Patrick
    School of Tourism and Hospitality, University of Johannesburg, South Africa.
    Business Advice Strategies of Immigrant Entrepreneurs in Sweden2015In: Baltic Journal of Management, ISSN 1746-5265, E-ISSN 1746-5273, Vol. 10, no 1, p. 98-118Article in journal (Refereed)
    Abstract [en]

    Purpose – The purpose of this paper is to examine whether there are any significant differences between native Swedish and immigrant entrepreneurs in business advice sought at start-up.

    Design/methodology/approach – The study, based on a unique and large database consisting of 304 immigrant and 2,512 native-owned firms, applies several univariate and multivariate statistical methods including ANOVA and regression analysis.

    Findings – According to the results there are certain similarities and differences between Swedish native- and immigrant-owned firms concerning the type of external business advice they seek. The results suggest there are significant differences between native and immigrant-owned firms for four of 20 types of advice received. Native-owned firms, on average, tend to seek more advice on accounting and on the choice of business form as well as the help of a knowledgeable person. On the other hand, immigrants seek, on average, more advice on export questions than their native counterparts.

    Research limitations/implications – This research contributes to policy-making by helping authorities gain a better understanding of the impact of immigrant background on business network decisions at the nascent stage of development. Immigrant access to good advice in the nascent stage should increase new firm survival. This study does not, however, measure performance. As this research is based on aggregate level secondary data, more specific analysis has been impossible. This is an important limitation of this paper. In addition, immigrants are not homogenous groups and they differ in age, education, work experiences, etc. The results should therefore be interpreted carefully.

    Originality/value – This paper is one of the first and few empirical studies investigating the issue of immigrant business advice strategies in the Swedish context. The study provides a detailed overview of how ethnicity influences entrepreneurs’ use of external business advice in the firm formation stage for micro and small firms.

  • 25369.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Abbasian, Saeid
    Mid Sweden University, Faculty of Human Sciences, Department of Tourism Studies and Geography.
    Hellgren, Carina
    Division of Education and Research Administration, Mälardalen University, Västerås, Sweden.
    Competence development and performance among Swedish micro firms2014In: European Journal of Training and Development, ISSN 2046-9012, Vol. 38, no 3, p. 162-179Article in journal (Refereed)
    Abstract [en]

    Purpose: This study examines the association between performance and competence development among Swedish micro firms, measured as number of hours per person a company allocates annually to competence development. Design/methodology/approach: A panel dataset consisting of around 395 firms will be analyzed using seemingly unrelated regression-model (SUR-model) for relationships between the hours allocated to competence development and various proxies for business performance, and the relationship between attending a business training program and various proxies for business performance. Findings: The empirical results are mixed showing a positive association between owners' attendance on a business training program and company performance merely with regard to four performance variables: better job satisfaction within a company, increased number of employees, organizational improvements and increased exports. However, the findings provide no evidence to suggest that there is a link between competence development and other performance variables. Practical implications: The present study provides a better understanding of the relationship between company performance and competence development. An investment in entrepreneur training and education could ensure the improvement of the performance of micro firms. This implication is especially relevant to firms in such industries as the service sectors, which are highly competitive. Originality/value: This study is based on a unique sample including many relevant variables, compared to previous researches. To the authors' best knowledge, this study is the one of the first empirical investigations focusing on this issue in the Swedish context.

  • 25370.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Jahandar, S.
    Nottingham Business School, Nottingham Trent University, Chaucer 4711, Nottingham NG1 4BU, United Kingdom.
    Acquisition of external capital at start-up stage: Differences between Swedish female- and male-owned firms2012In: International Journal of Entrepreneurship and Small Business, ISSN 1476-1297, E-ISSN 1741-8054, Vol. 15, no 4, p. 435-451Article in journal (Refereed)
    Abstract [en]

    This research explores differences in external capital acquisition between female- and male-owned firms at start-up stage in Sweden. The study sample is taken from a unique and large database including 836 female- and 1928 male-owned firms in 2008, giving a total of 47,022 observations. ANOVA, multinomial logistic regression, and other robust statistical tests are employed to analyse the data. The results indicate that two variables, i.e., loans from family members and government grants, are significant in distinguishing between female- and male-owned firms in terms of external start-up capital. The findings also indicate that owners' previous experience and having an additional job outside one's own business influence the use of external capital at start-up stage. Knowledge of the difference between female- and maleowned firms' use external capital at start-up stage is limited and ambiguous. The present results contribute to research into small firm financing by adding insight into the relationships between capital acquisition, gender, and other variables. Copyright © 2012 Inderscience Enterprises Ltd.

  • 25371.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Jahandar, Sara
    School of Business and Economics,Loughborough University.
    The impact of internal finance on growth,: empirical evidence from Swedish firm-level data2011Conference paper (Refereed)
  • 25372.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Lindvert, Märta
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    The impact of capital structure on productivity among micro firms: Empirical Evidence from Swedish firm-level data2010Conference paper (Refereed)
  • 25373.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Nilsson, Mattias
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    The bankruptcy determinants of Swedish SMEs.2008Conference paper (Refereed)
  • 25374.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Salman, A. Khalik
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    The Life Cycle of Growth Path among Micro Firms: Swedish Data2012In: International Business Research, ISSN 1913-9004, E-ISSN 1913-9012, Vol. 5, no 10, p. 107-114Article in journal (Refereed)
    Abstract [en]

    The main purpose of this study is to empirically examine whether the implications of the life cycle model hold on the growth path of a sample of Swedish micro firms. The study is based on a sample containing 22001 Swedish micro firms across six industries for the year 2007. Several methods are used to analyse the impact of the life stage and two control variables, size and industry, to analyse the impact on firm growth. The empirical results of the study confirm a clear pattern of the growth life-cycle process among Swedish micro firms. Young micro firms, generally, grow on average more than their older counterparts and as they age and develop, their growth rate decreases. Additionally, firm growth among firms of different sizes and in various industries still follows the general pattern of the total sample. Thus, it appears from the results that the growth rate of Swedish micro firms included in the sample follows a systematic and predictable pattern associated mainly with the life stage.

  • 25375.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Salman, A. Khalik
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Arnesson, Leif
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Life Cycle of profitability among Swedish micro firms2013In: World Review of Entrepreneurship, Management and Sustainable Development, ISSN 1746-0573, E-ISSN 1746-0581, Vol. 9, no 3, p. 340-351Article in journal (Refereed)
    Abstract [en]

    The purpose of this paper is to examine the profitability life cycle among Swedish micro firms. The study sample contains 22,710 micro firms across six industries for which complete financial information is available for the year (2007, giving a total of 68,130 observations. The results of the empirical study indicate that the firm profitability changes systematically over its life cycle stages. The profitability is high in the first life cycle stage, and as firms age and develop, it decreases. The change of firm profitability in different industries over their life cycles follows the general pattern of the total sample. Empirical tests provide support for two additional predictions of the life cycle model: specifically, that firm size influences profitability, and that the industry affiliation has a more pronounced effect on firms’ profitability than the variables size and life cycle stage. The results from the statistical tests support the applicability of the life cycle model to explain the profitability development pattern.

  • 25376.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Salman, Khalik
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Assessing determinants on job creation at the firm level: Swedish micro firm data2012In: International journal of economics and finance, ISSN 1916-971X, Vol. 4, no 12Article in journal (Refereed)
    Abstract [en]

    This study analyses job-creation determinants at the firm level for a panel of Swedish micro firms across four industry sectors, using the GMM (Generalized Method of Moments) system to analyse a database consisting of 12532 Swedish micro firms during 2007. It was found that the firms’ size and age, the importance of debt financing and increased availability of liquidity are positively related to job creation as well as industry affiliation. Finally, the results suggest that a resource-based approach is at work in explaining job creation in micro firms. Unlike the majority of previous studies, this study is characterized by being based on a large and cross-sectoral firm-level dataset, testing a number of hypotheses driven from the resource-based approach. The present study contributes to the literature on the determinants of employment at the firm level as it investigates the importance of liquidity and financial leverage to firm labour demand dynamics in Sweden.

  • 25377.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Salman, Khalik
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Arnesson, Leif
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Assessing determinants on job creation at the firm level Swedish Micro Firm Data2012In: International Journal of Economics and Finance, ISSN 1916-9728, E-ISSN 1916-971X, Vol. 4, no 12, p. 105-113Article in journal (Refereed)
    Abstract [en]

    The purpose of this paper is to examine the profitability life cycle among Swedish micro firms. The study sample contains 22,710 micro firms across six industries for which complete financial information is available for the year 2007, giving a total of 68,130 observations. The results of the empirical study indicate that the firm profitability changes systematically over its life cycle stages. The profitability is high in the first life cycle stage, and as firms age and develop, it decreases. The change of firm profitability in different industries over their life cycles follows the general pattern of the total sample. Empirical tests provide support for two additional predictions of the life cycle model: specifically, that firm size influences profitability, and that the industry affiliation has a more pronounced effect on firms’ profitability than the variables size and life cycle stage. The results from the statistical tests support the applicability of the life cycle model to explain the profitability development pattern.

  • 25378.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Turner, S.
    School of Business and Economics, Loughborough University, Ashby Road, Loughborough, Leicestershire LE11 3TU, United Kingdom .
    The impact of internal finance on growth empirical evidence from Swedish firm level data2013In: International Journal of Entrepreneurship and Small Business, ISSN 1476-1297, E-ISSN 1741-8054, Vol. 19, no 1, p. 51-63Article in journal (Refereed)
    Abstract [en]

    This paper examines the impact of firms' internal liquidity access and related firm characteristics on the growth of Swedish micro firms across six industry sectors, based on a database of over 62,000 observations covering 10,383 Swedish micro firms over the 2007-2008 period. Using a seemingly unrelated regression model with four explanatory variables (i.e., liquidity access, size, age, and industry affiliation), this study found a significant relationship between growth and the explanatory variables. Consistent with much previous research, this paper demonstrates that liquidity access positively affects firm growth. Furthermore, other firm-level variables, such as size, age, and industry affiliation, significantly affect firm growth. This article contributes to the literature by employing a seemingly unrelated regression model to analyse a comprehensive, cross-sectoral sample. Copyright © 2013 Inderscience Enterprises Ltd.

  • 25379.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Turner, Sara
    School of Business and Economics,Loughborough University.
    The structure of external financing at start-up stage: The differences between Swedish Female- and Male-Owned firms2012In: International Journal of Business and Globalisation, ISSN 1753-3627, E-ISSN 1753-3635, The International Journal of Business and Globalisation, Vol. 9, no 2, p. 157-170Article in journal (Refereed)
    Abstract [en]

    This article identifies the differences in external capital acquisition pattern between female- and male-owned firms at start-up stage in Sweden. The study sample is based on a unique and compressive database including 836 female- and 1,928 male-owned firms in 2008. Various statistical tests, such as factor analysis, are employed to analyse the data collected. The results indicate that significant differences exist in external capital structure between female and male-owned firms with regards to the use of individual financial sources. The structure of financing sources was also found having a different pattern at start-up stage between male and female owners. While the female owners prefer to use the formal capital sources, their male counterparts prioritise informal capital sources. In addition, female business owners prefer government grants as the third financing alternative before the risk capital while male counterparts behaved the opposite.

  • 25380.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Ödlund, Linda
    Industry Effects and micro firms’ Capital Structure Determinants: Empirical Evidence from Swedish data2010In: International Journal of Business and Globalisation, ISSN 1753-3627, E-ISSN 1753-3635, Vol. 5, no 4, p. 373-387Article in journal (Refereed)
  • 25381.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Affärskrediter i små och medelstora företag2016Report (Other academic)
  • 25382.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Capital structure dynamics among SMEs: Swedish empirical evidence2016In: The Journal of Risk Finance, ISSN 1526-5943, Vol. 17, no 2, p. 245-260Article in journal (Refereed)
    Abstract [en]

    Purpose

    This paper aims to empirically investigate the existence of dynamic capital structure among small and medium-sized enterprises (SMEs) across their life cycle stages.

    Design/methodology/approach

    The analysis examined a sample of 15,952 SMEs across five industry sectors for the 2009-2012 period. Several techniques, including ANOVA and multivariate regressions, were used to analyse firm-level data.

    Findings

    The findings suggest that start-up SMEs, on average, rely on equity capital, and that the level of equity capital increases as firms age. The short-term debt level is particularly high in early life cycle stages, decreasing later on. The long-term debt ratio is positively related to firm age, although it is low in all life cycle stages investigated.

    Practical implications

    The findings may help several parties, including firm owners, to better understand how capital structure can be related to various life cycle stages. Such an understanding may help these actors use financial resources efficiently.

    Originality/value

    To the authors’ best knowledge, little research has addressed whether there are any differences in financing patterns over the firm life cycle.

  • 25383.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Debt financing among new birth and young small businesses2015Conference paper (Refereed)
  • 25384.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Debt financing and firm performance: an empirical study based on Swedish data2015In: The Journal of Risk Finance, ISSN 1526-5943, Vol. 16, no 1, p. 102-118Article in journal (Refereed)
    Abstract [en]

    The purpose of this study is to examine the relationship between debt level and performance among small and medium-sized enterprises (SMEs). Design/methodology/approach– Unlike the vast majority of previous research, this study uses three-stage least squares (3SLS) and fixed-effects models to analyse a comprehensive, cross-sectoral sample of 15,897 Swedish SMEs operating in five industry sectors during the 2009-2012 period. Findings– This study confirms that debt ratios, in terms of trade credit, short-term debt and long-term debt, negatively affect firm performance in terms of profitability. As a high debt ratio seems to increase the agency costs and the risk of losing control of the firm, SME owners and managers tend to finance their businesses with equity capital to a fairly high degree.

  • 25385.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Determinants of capital structure of Swedish SMEs2015Conference paper (Refereed)
  • 25386.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Firm level determinants of labor demand2013Conference paper (Refereed)
  • 25387.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Firm-level determinants of job creation by SMEs: Swedish empirical evidence2015In: Journal of Small Business and Enterprise Development, ISSN 1462-6004, E-ISSN 1758-7840, Vol. 22, no 4, p. 666-679Article in journal (Refereed)
    Abstract [en]

    Purpose – Using a resource-based approach, the purpose of this paper is to examine the effects of the firm-level determinants financial leverage and liquidity on job creation at small and medium-sized enterprises (SMEs) in six industry sectors in Sweden. Design/methodology/approach – The generalized method of moments system model was used to analyse an extensive panel data set of 26,721 Swedish SMEs over the 2008-2011 period. Findings – The empirical results indicate that job creation is positively related to SMEs’ financial leverage and liquidity, and to their size and age. SMEs’ financial leverage and size are the most important firm-level determinants of job creation. Although there are differences between industry sectors, the results confirm the general pattern of the effect of financial leverage and liquidity on job creation. Research limitations/implications – Due to the importance of job creation for economic growth, the relationship between SMEs’ capital structure and job creation should be of interest to researchers, practitioners, and policymakers. In investigating the importance of financial leverage and liquidity to labour demand dynamics, this study analyses the firm-level factors that influence job creation by SMEs. Originality/value – Since there is limited empirical research focusing on this relationship at firm level in the context of SME, the current research aims at investigating the determinants of job creation at the firm level empirically.

  • 25388.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Firm-level determinants of trade credit demand: Empirical evidence from Swedish SMEs,2015Conference paper (Refereed)
  • 25389.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Growth and job creation at the firm level: Empirical evidence from Sweden2016Conference paper (Refereed)
  • 25390.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Growth and job creation at the firm level: Swedish SME data2018In: Management Research Review, ISSN 2040-8269, E-ISSN 2040-8277, Vol. 41, no 3, p. 345-358Article in journal (Refereed)
    Abstract [en]

    Purpose: The purpose of this study is to investigate the association between firm sales growth and employment level as a proxy for job creation among small and medium-sized enterprises (SMEs). Design/methodology/approach: The hypotheses were empirically examined by performing several univariate and multivariate regressions to investigate a large panel data set of 13,548 Swedish SMEs in four industry sectors in the four-year period from 2009 to 2012. Findings: The results indicate that growth, in terms of sales, as a competitive advantage is positively related to the number of employees hired by the sampled firms. In addition, the size and age variables are also positively associated with the number of employees hired. The results support the suitability of implementing the resource-based view to explain job creation by SMEs. Originality/value: While previous studies have mostly ignored the impact of these firm-level variables on job creation, the current study highlights the effect of firm-specific characteristics such as sales growth, size, age and industry. The authors use a combination of models to analyse a large cross-sectoral data set regarding the association, in SMEs, between the firms’ sales growth and job creation.

  • 25391.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Life cycle and performance among SMEs: Swedish empirical evidence2014In: The Journal of Risk Finance, ISSN 1526-5943, Vol. 15, no 5, p. 555-571Article in journal (Refereed)
    Abstract [en]

    Purpose – This study aims to empirically examine the applicability of the life cycle model of firm performance to growth and profitability among Swedish small- and medium-sized enterprises (SMEs). Design/methodology/approach – Using analysis of variance, multiple analysis of variance and three-stage least square modelling, this study analyses a longitudinal data set covering 26,721 Swedish SMEs in six industries from 2008 to 2011. Findings – The empirical results indicate a clear life cycle performance pattern among the sampled SMEs, and that a six-stage life cycle model is applicable in predicting the performance pattern in terms of growth and profitability. On average, younger SMEs tend to display better performance in terms of growth and profitability than do their older and larger counterparts; moreover, larger SMEs tend to achieve better performance than do smaller ones. Practical implications – The findings help SME managers understand how their decision-making style, strategy and structure can be related to various life cycle stages. Such an understanding may help them improve firm performance over time. Policymakers may find the results useful in coordinating SME support in line with various life cycle stages. Originality/value – To the authors' knowledge, this study is one of only a few using two performance variables to test the applicability of the life cycle model in a longitudinal and cross-industrial sample

  • 25392.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Lönsamhet och tillväxt i små och medelstora företag2015Report (Other (popular science, discussion, etc.))
  • 25393.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Sambandet mellan rörelsekapitalcykel och lönsamhet2015Report (Other (popular science, discussion, etc.))
  • 25394.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Skuldfinansiering och företags lönsamhet2015Report (Other (popular science, discussion, etc.))
  • 25395.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Substitute or complement?: The use of trade credit as a financing source among SMEs2017In: Management Research Review, ISSN 2040-8269, E-ISSN 2040-8277, Vol. 40, no 1, p. 10-27Article in journal (Refereed)
    Abstract [en]

    Purpose: This study aims to investigate trade credit as a financing source among small- and medium-sized enterprises (SMEs), particularly the influence of short-term debt, long-term debt and profitability on the use of such credit. Design/methodology/approach: Ordinary least squares (OLS), fixed-effects and generalized method of moments (GMM) system models were used to analyze a large cross-sectional panel data set of 15,897 Swedish SMEs in five industry sectors for the 2009-2012 period. Findings: The study provides empirical evidence that long-term debt and profitability each significantly and negatively influence trade credit (i.e. accounts payable) and that short-term debt positively influences trade credit. Notably, while trade credit seems to complement other short-term debt, it replaces long-term debt. Moreover, firm size in terms of sales is positively related and firm age is negatively related to accounts payable. Industry affiliation is another significant explanatory variable. Practical implications: The results provide debt holders, potential investors, policymakers and academic researchers with insights into the relationship between trade credit demand, on the one hand, and external financing (i.e. short- and long-term debt) and internal retained earnings (i.e. profit), on the other. From a manager’s perspective, the findings may be important for decision-making regarding trade credit use. Originality/value: When investigating trade credit determinants, the literature has seldom distinguished between short- and long-term debt and considered that they may influence the use of trade credit in different ways. The present study adds to the literature by using OLS, fixed-effects and GMM system models to analyze a large cross-sectoral sample in a high-tax country where both bank loans and trade credit are considered important financing instruments.

  • 25396.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Sysselsättningen i små och medelstora företag2018Report (Other academic)
  • 25397.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    The growth–profitability nexus among Swedish SMEs2014Conference paper (Refereed)
    Abstract [en]

    This study empirically examines the growth–profitability nexus among small and medium-sized enterprises (SMEs). The data comprise 11,572 observations covering 26,721 Swedish SMEs in six industry sectors over the 2008–2011 period. The data were analysed using the three-stage least square model (3SLS model). Consistent with the hypotheses derived from the resource-based approach, the results indicate that current profitability significantly and positively affect firm growth. The firm-level control variable size significantly and positively affects firm growth, though firm age significantly and negatively affects growth. Furthermore, also the firms’ industry affiliation affects firm growth. Unlike the most of previous studies, the current study contributes to the literature by employing the 3SLS model to analyse a comprehensive, cross-sectoral sample including of non-financial, independent, and unlisted active SMEs in six industry. Since this study focuses explicitly on SMEs which play a fundamental role in Swedish economy, the findings of this study added to literature. The findings could help policy makers and SME owners and managers to gain a better understanding of the relation between profitability and growth. Governments can support SMEs by reducing taxation pressure, thereby providing better motivation for reinvestment and growth. Firm owners and managers can accomplish sustainable growth by unique combination of resource, adapting competitive and invocative development projects focusing on continuous upgrading of human capital that improve firm profitability.

  • 25398.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    The growth-profitability nexus among Swedish SMEs2015In: International Journal of Managerial Finance, ISSN 1743-9132, E-ISSN 1758-6569, Vol. 11, no 4, p. 531-547Article in journal (Refereed)
    Abstract [en]

    Purpose – The purpose of this paper is to examine the growth-profitability nexus among small- and medium-sized enterprises (SMEs). Design/methodology/approach – The data comprise 106,884 observations covering 26,721 Swedish SMEs in six industry sectors over the 2008-2011 period. The data were analysed using several statistical techniques, including two-stage least squares regression, fixed-effects and random regressions, and bootstrapped quantile regression. Findings – Consistent with the hypotheses derived from the resource-based approach, the results indicate that current profitability significantly and positively affects firm growth. The firm-level control variable size significantly and positively affects firm growth, though firm age significantly and negatively affects growth. Firm industry affiliation also affects firm growth. Research limitations/implications – Since SME performance is commonly equated with access to knowledge, consultancy services or business training programmes sponsored by governmental organizations can help SMEs improve their management skills and thereby their performance. Moreover, adopting advanced financial management practices can improve the use of financial resources, leading to higher profitability and thereby sustainable growth. This implies that managers should change their strategy from “growth now, profitability later” to “profitable growth now”. Originality/value – Unlike most previous studies, this study employs several multivariate methods to analyse a comprehensive, cross-sectoral sample comprising non-financial, independent, and active SMEs in several industries. This study focuses explicitly on SMEs, which play a fundamental role in the Swedish economy. © 2015, Emerald Group Publishing Limited.

  • 25399.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    The impact of cash conversion cycle on firm profitability: An empirical study based on Swedish data2014In: International Journal of Managerial Finance, ISSN 1743-9132, E-ISSN 1758-6569, Vol. 10, no 4, p. 442-452Article in journal (Refereed)
    Abstract [en]

    Purpose – The purpose of this paper is to seek to investigate the impact of cash conversion cycle

    (CCC) on performance (i.e. profitability) in Swedish small and medium-sized enterprises (SMEs) over

    the 2008-2011 period.

    Design/methodology/approach – The study uses a seemingly unrelated regression (SUR) model to

    analyse cross-sectional panel data covering 13,797 SMEs operating in four industries.

    Findings – The study provides empirical evidence that CCC significantly affects profitability.

    In addition, the firm-level control variables size, age, and industry affiliation significantly affect firm

    profitability. These findings imply that managers could increase firm profitability by improving their

    working capital management.

    Research limitations/implications – The present study is limited to a sample of Swedish SMEs in

    four industries; further research could examine the generalizability of these findings to other countries

    and industries.

    Practical implications – Improved working capital policy could improve firm profitability by

    reducing the firm’s CCC, thereby creating additional firm value. In addition, the results can be used for

    other purposes, including monitoring of firms by auditors, debt holders, and other stakeholders.

    Originality/value – The present study contributes to the literature by employing a SUR model to

    analyse a comprehensive cross-sectoral sample in a high-tax environment. To the authors’ knowledge,

    this is the first empirical study to address this issue in the Swedish context based on a large data set

    covering SMEs in various industries.

    Keywords Small and medium-sized enterprises, Cash conversion cycle,

    Working capital management, Firm profitability

    Paper type Research paper

  • 25400.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Öhman, Peter
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    The impact of credit supply on sales growth: Swedish evidence2015In: International Journal of Managerial Finance, ISSN 1743-9132, E-ISSN 1758-6569, Vol. 11, no 3, p. 329-340Article in journal (Refereed)
    Abstract [en]

    Purpose – The purpose of this paper is to empirically investigate the impact of credit supply on sales growth among small- and medium-sized enterprises (SMEs). Design/methodology/approach – The three-stage least square (3SLS) method was used to analyse a cross-sectional panel data set covering 13,548 Swedish SMEs across four industry sectors from 2009 to 2012. Findings – The study provides empirical evidence that trade credit in terms of accounts receivable significantly and positively affects sales growth, indicating that SMEs investing more in accounts receivable are more likely to achieve growth. Furthermore, lagged sales growth and firm size are positively, while firm age is negatively, related to growth. Practical implications – Managers can increase firm growth by efficiently managing the supply of credit to their customers, especially liquidity-constrained firms, thereby increasing sales growth. Originality/value – To the authors’ best knowledge, this is one of the first empirical studies of the impact of credit supply in terms of accounts receivable on sales growth. The study applies the 3SLS method to a comprehensive cross-sectoral sample. ©Emerald Group Publishing Limited

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