Performance and size: empirical evidence from Portuguese SMEs |
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Authors: | Zélia Silva Serrasqueiro Paulo Maçãs Nunes |
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Affiliation: | 1. Management and Economics Department, Beira Interior University, Pólo IV, Estrada do Sineiro, Covilh?, 6200-209, Portugal 2. CEFAGE Research Center, évora University, évora, Portugal
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Abstract: | This article studies the relationship between company size and performance for small and medium-sized Portuguese companies. Using dynamic panel estimators, we conclude that performance is related positively to size. This relationship suggests the greater relevance of scale effects, diversification and the greater ability of larger companies to cope with market changes. Furthermore, our empirical results show that performance is persistent, not showing discontinuity, suggesting that small and medium-sized Portuguese companies are relatively successful in coping with possible scenarios of aggressive competition. Debt and level of fixed assets influence performance negatively, and separation of management and ownership influence performance positively. Liquidity, risk and ownership control are not relevant in explaining the performance of small and medium-sized Portuguese companies. |
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Keywords: | Dynamic estimators Performance Size Small and medium-sized companies |
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