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Firm Growth and Liquidity Constraints: A Dynamic Analysis

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Figure

Table 1: Summary of sample statistics
Table 2: GMM - sys results for whole sample  (1)  (2)  (3)  (4)  − 1growthit -0.1113 *** (0.0185)  -0.1178 *** (0.0149)  -0.123 *** (0.0168)  -0.13 *** (0.0169)  − 1sizeit -0.0606  (0.0933)              0.0347 *** (0.0096)  -0.0482 ***(0.011)  -0.0199 ** (
Table 3: GMM - sys results for micro and small firms ( <  50 employees)  (1)  (2)  (3)  (4)  − 1growthit -0.1088 *** (0.0212)   -0.128 *** (0.0157)  -0.1194 *** (0.0174)  -0.1295 ***(0.018)  − 1sizeit -0.1046  (0.1165)              0.0349  (0.0238)  -0.
Table 4: GMM - sys results for medium and large firms ( ≥ 50  employees)  (1)  (2)  (3)  (4)  − 1growthit -0.0547  (0.0371)   -0.0453  (0.0394)  -0.0998 *** (0.0353)  -0.0996 ***(0.034)  − 1sizeit -0.034  (0.0384)              0.0241  (0.0256)  -0.0588  (0
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