The purpose of this paper is to analyze the main variables that allow one to distinguish between high-growth firms and non-high-growth firms for the Italian venture capital market. In details, we aim to establish what balance-sheet ratios enable us to distinguish between high-growth and non-high-growth firms. For this purpose, we used a discriminant analysis designed on the financial data of two groups of firms, selected from a population of approximately 22,000. The results of the analysis favor a role of firm size, of non-financial debt and of internal cash flows, to the growth and success of a firm.
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