Purpose – To analyse the contribution of firm structure (size, clustering and foreign ownership) and strategy (subsector specialization) to the financial performance Return On Assets [ROA] of almost 10,000 European textile-clothing firms. Methodology/approach – A panel regression analysis is...

This paper provides new empirical evidence on the effects of firm-level financing patterns on their profitability and productivity, contributing to two related literatures: (i) should the link between financial development and growth be conducted at a firm level? (ii) which type of financing...