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Grupo de Estudos Monetários e Financeiros

Estudos do GEMF, N.º 16 de 2010


Financial Constraints: Are There Differences between

Manufacturing and Services?

Filipe Silva

Faculdade de Economia, Universidade de Coimbra

Carlos Carreira
GEMF / Faculdade de Economia, Universidade de Coimbra

This paper is the first to explicitly explore the differences in firms' financial constraints between and within sectors of economic activity, by estimating the sensitivities of cash holdings to cash-flow upon an unique dataset of Portuguese firms. It shows that, not only there are remarkable differences between sectors and, especially, industries, but most importantly, that the commonly accepted inverse relationships between financial constraints and size and age are not robust to sectorial disaggregation.

JEL Classification: L8; D92; G32; L00; L2.

Keywords: Services; Financial constraints; Firm-level studies; Portugal.

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