that firms in industries with stronger preference to use long-term finance relative to short-term finance experience lower … risk and therefore growth volatility associated with short-term financing. Increased availability of long-term finance …

-level growth volatility. We find that firms in industries with stronger preference to use long-term finance relative to short …-term finance experience lower growth volatility in countries with better-developed financial systems, as these firms may benefit …-term finance reduces growth volatility in crisis as well as non-crisis periods …