Are Canadian entrepreneurs financially constrained? / by Kenneth Hendricks, Robert Porter, Diana Whistler, Raffi Amit, Jim Brander. : Iu188-157/1998E-PDF

"This paper empirically investigates the common claim that small, young businesses are financially more constrained then large, mature businesses. Using data an employer businesses that operated in Canada during the period 1984 to 1994, we examine the behavior of the growthsize relation and the growth-age relation over the business cycle for evidence of this claim. In particular, we test the prediction that financially constrained firms are likely to grow faster than unconstrained firms during the upswing of the business cycle when cash flows are high and credit conditions slack. We find that during the study period, the growth-size relation was invariant for firrns of the same age"--Introduction, page 2.

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publications.gc.ca/pub?id=9.893809&sl=1

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