Saridakis, G., Mole, Kevin and Hay, G.. (2012) Liquidity constraints in the first year of trading and firm performance. International Small Business Journal . ISSN 0266-2426

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Abstract

This article uses a survey of new businesses for three regions of England – Buckinghamshire, Shropshire and Tees Valley – and focuses on the effect of liquidity constraints experienced within the first year of trading on firm growth (measured using employment) and ‘partial survival’ (the probability of remaining in activity). We control for a range of firm characteristics, management traits and strategy variables. The empirical framework adopted allows for sample censoring arising from firm exit. Fewer firms in the less wealthy area reported liquidity constraints. Our results suggest that the experience of the first year is critical to the survival and subsequent resilience of the firm but has no effect on growth.

Item Type:	Journal Article
Subjects:	H Social Sciences > HF Commerce
Divisions:	Faculty of Social Sciences > Warwick Business School > Centre for Small & Medium-Sized Enterprises Faculty of Social Sciences > Warwick Business School > Entrepreneurship, Innovation & Management Faculty of Social Sciences > Warwick Business School
Journal or Publication Title:	International Small Business Journal
Publisher:	Sage Publications Ltd.
ISSN:	0266-2426
Official Date:	2012
Identification Number:	10.1177/0266242611410091
Status:	Peer Reviewed
Publication Status:	Published
Access rights to Published version:	Restricted or Subscription Access
Version or Related Resource:	Working Paper: Saridakis, G., Mole, K. and Hay, G. Do liquidity constraints in the first year of trading reduce the likelihood of firm growth and survival?: evidence from three English counties. Loughborough school of management (2008): 1-19.
URI:	http://wrap.warwick.ac.uk/id/eprint/44606

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