Financial Constraints on Firm Growth: The Role of Firm Age in the ASEAN–6

Financial Constraints on Firm Growth: The Role of Firm Age in the ASEAN–6

The paper assesses the moderating role of firm age in the relationship between financial constraints, as measured by the KZ index, and the WW index on three alternative measures of firm growth (Asset growth, ROA, and ROE) in the ASEAN–6 region. This study employs a sample of ASEAN–6 listed firms ove...

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Veröffentlicht in:Comparative economic research. Central and Eastern Europe 2024, Vol.27 (1), p.91-111
Hauptverfasser: Ng, Yee Ling, Lau, Wei Theng, Soh, Wei Ni, Razak, Nazrul Hisyam Ab
Format: Artikel
Sprache:eng
Schlagworte:
Economy
Socio-Economic Research
Supranational / Global Economy
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Zusammenfassung:The paper assesses the moderating role of firm age in the relationship between financial constraints, as measured by the KZ index, and the WW index on three alternative measures of firm growth (Asset growth, ROA, and ROE) in the ASEAN–6 region. This study employs a sample of ASEAN–6 listed firms over the period 2009–2019 using Fixed Effects and the System GMM model. Firm age is found to interact positively with financial constraints in their effects on firm growth. The negative impact of financial constraints on firm growth is less severe with older age firms.
ISSN:1508-2008
2082-6737