Determinants of SMEs growth : empirical evidence from Greece
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Βασάκου, Ελένη
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Abstract
This paper aims to examine factors that have contributed to the growth rate of
manufacturing SMEs. Based on a panel data of 4,082 manufacturing SMEs in
Greece over the period 2008-2014, this study concentrates mainly on the relationship
between firm size, age, profitability, debt and firm growth. Results show
that there is a negative relationship between previous size and firm growth which
means that Gibrat’s Law is rejected in the case of Greek manufacturing SMEs.
We also find that there is a negative relationship between age and firm growth.
Finally, results indicate that profitability has a positive impact on firm growth
while there is a negative relationship between debt and firm growth in the case of
manufacturing SMEs in Greece.
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Keywords
Firm growth, Firm size, Firm age, Manufacturing sector, SMEs, Panel data