The Relationship Between Investment and Internal Cash Flows in VC-Backed SMEs: Does Size matter?

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dc.contributor.authorSerrasqueiro, Zélia
dc.contributor.authorSardo, Filipe
dc.contributor.authorFélix, Elisabete G. S.
dc.date.accessioned2020-02-10T12:06:32Z
dc.date.available2020-02-10T12:06:32Z
dc.date.issued2019
dc.description.abstractUsing panel data models and two research sub-samples composed of smaller and larger VC-backed, this study seeks to analyze the relationship between investment and internal cash flows. The results indicate that the investment sensitivity to internal cash flows is greater in larger than in the smaller VC-backed SMEs. Debt is more important for smaller than for larger VC-backed SME investment. The moderation effect of VC ownership reduces the magnitudes of the positive impact of cash flows and debt as well as the negative effect of growth opportunities on investment in both smaller and larger VC-backed SMEs.por
dc.description.sponsorshipThis paper is financed by National Funds of the FCT – Portuguese Foundation for Science and Technology within the project “UID/ECO/04007/2019”.por
dc.identifier.authoremailzelia@ubi.pt
dc.identifier.authoremailfsardo@ua.pt
dc.identifier.authoremailefelix@uevora.pt
dc.identifier.citationSerrasqueiro, Z., Sardo, F. and Félix, E.G.S., 2019. The Relationship Between Investment and Internal Cash Flows in VC-Backed SMEs: Does Size matter? Journal of Entrepreneurial Finance, 21(1), 38-56.por
dc.identifier.doihttps://digitalcommons.pepperdine.edu/jef/vol21/iss1/3por
dc.identifier.scientificarea256por
dc.identifier.urihttps://digitalcommons.pepperdine.edu/jef/vol21/iss1/3
dc.identifier.urihttp://hdl.handle.net/10174/26878
dc.language.isoporpor
dc.peerreviewedyespor
dc.publisherJournal of Entrepreneurial Financepor
dc.rightsopenAccesspor
dc.subjectInternal cash flowspor
dc.subjectDebtpor
dc.subjectGrowth Opportunitiespor
dc.subjectInvestment in Fixed Assetspor
dc.subjectSMEspor
dc.subjectVenture Capitalpor
dc.titleThe Relationship Between Investment and Internal Cash Flows in VC-Backed SMEs: Does Size matter?por
dc.typearticlepor

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