2. Publicaciones

URI permanente para esta comunidadhttps://hdl.handle.net/20.500.12640/4068

Las publicaciones de ESAN reúnen una variedad de materiales académicos y prácticos que abarcan áreas fundamentales como la administración, economía, negocios, entre otros. Con enfoque en la formación y el desarrollo profesional, estas obras buscan contribuir al conocimiento y la innovación en diversas disciplinas; asimismo, proporciona información relevante y actualizada para la comunidad académica y empresarial en el ámbito local e internacional

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2015 - 201912020 - 20231

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Idioma: search.filters.itemlanguage.InglésTema: search.filters.subject.Crecimiento

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Mostrando 1 - 2 de 2
  • Miniatura
    ÍtemSolo Metadatos
    SMEs growth and profitability, productivity and debt relationships
    (Universidad ESAN. ESAN Ediciones, 2023-12-11) Serrasqueiro, Zelia; Pinto, Beatriz; Sardo, Filipe
    Purpose: This study aims to seek to analyse the relationships between profitability, productivity, external debt and growth in SMEs. The authors also analyse firm size and age as explicative variables of small and medium-sized enterprise (SME) growth. Design/methodology/approach: In this paper the data were collected for 3309 SMEs for the period 2010–2019. The authors estimate the model using the system generalised method of moments dynamic estimator. Findings: The results show that after a certain level of profitability, this determinant positively impacts SME growth. Productivity influences positively the firm growth. There is a positive effect of external debt on SME growth, which can be explained by the insufficiency of internally generated funds. The authors obtained a negative signal between size and firm growth, contradicting Gibrat's Law (1931). Moreover, the results suggest that SMEs grow less after a certain age, suggesting that small firms grow less after reaching the minimum scale of efficiency. Practical implications: For SME owner-managers, this study enhances the importance of profitability and labour productivity for firm growth. For policymakers, the results suggest the need for favourable conditions for SMEs in accessing external finance. Originality/value: Profitability negatively impacts on SME growth. However, the authors found that above a certain level of profitability, probably, as firms accumulate retained earnings, profitability has a positive effect on SME growth. Moreover, this study shows that labour productivity and debt positively impact on SME growth, evidencing the importance of the availability of financial resources to sustain the growth of these firms.
  • Miniatura
    ÍtemSolo Metadatos
    Threshold effects of inflation on growth in the ASEAN-5 countries: A Panel Smooth Transition Regression approach
    (Universidad ESAN. ESAN Ediciones, 2015-06-01) Thanh, Su Dinh
    The relationship between inflation and economic growth is a contentious Issue. The present study is undertaking to test hypothesis that the relationship between inflation and economic growth is nonlinear. This pane data study involves ASEAN-5 countries over the period 1980–2011. Panel Smooth Transition Regression (PSTR) model is employed to estimate the threshold of inflation and its effects on economic growth. Furthermore we also check robustness by using GMM-IV specification. The study finds that there exists a statistically significant negative relationship between inflation and growth for the inflation rates above the threshold level of 7.84% above which inflation starts impeding economic growth in the ASEAN-5 countries. The results suggest that central banks in the ASEAN-5 countries could improve economic growth by reducing inflation when it is above or near the estimated thresholds. The threshold inflation level can be considered therefore as inflation targeting indicator to conduct monetary policy.