Access To Finance And A Non-Monotonic Firm Expansion

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Executive Summary

The paper studies the relationship between firms' access to capital and their domestic- and foreign-market expansion in relation to their size. The authors make use of very detailed firm balance sheets with detailed information on different sources of firms' liquidity for a population of Slovenian firms for the period 2001-2008. By utilising the continuous matching technique they demonstrate that improving access to external finance affects the turnover of smaller firms in a more profound way than that of their medium and large-sized counterparts.

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