Financial constraints on firm growth : the role of firm age in the ASEAN-6

Yee Ling Ng, Wei Theng Lau, Wei Ni Soh, Nazrul Hisyam Ab Razak

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.

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Year of publication:	2024
Authors:	Yee Ling Ng ; Wei Theng Lau ; Soh Wei Ni ; Nazrul Hisyam Ab Razak
Published in:	Comparative economic research : Central and Eastern Europe. - Łódź : Wydawnictwo Uniwersytetu Łódzkiego, ISSN 2082-6737, ZDB-ID 2636451-7. - Vol. 27.2024, 1, p. 93-111
Subject:	financial constraint \| Fixed Effect Model \| System GMM model \| ASEAN \| KZ index \| WW index \| firm growth \| Unternehmenswachstum \| Firm growth \| Schätzung \| Estimation \| Momentenmethode \| Method of moments \| Unternehmenserfolg \| Firm performance \| Liquiditätsbeschränkung \| Liquidity constraint \| Unternehmensfinanzierung \| Corporate finance \| Finanzmarkt \| Financial market

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Type of publication:	Article
Type of publication (narrower categories):	Aufsatz in Zeitschrift ; Article in journal
Language:	English
Other identifiers:	10.18778/1508-2008.27.05 [DOI]
Classification:	c58 ; D33 - Factor Income Distribution ; L25 - Firm Size and Performance
Source:	ECONIS - Online Catalogue of the ZBW

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