Firms can be identified as high growth, stable or declining. This paper investigates the links between these different phases in the life of a firm, investment activity, financing needs and financing constraints. Using the representative EIBIS survey of EU companies, it finds that firms in a high growth phase are more likely to apply for equity financing and more likely to be financially constrained. Further, it identifies firms with a high growth potential. The most severe barriers for high-growth enterprises are the availability of skilled staff and business regulations, while potential high-growth enterprises are more constrained by uncertainty about the future.
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About European Investment Bank
The European Investment Bank is the world's biggest multilateral lender. The only bank owned by and representing the interests of the EU countries, the EIB finances Europe's economic growth. Over six decades the Bank has backed start-ups like Skype and massive schemes like the Øresund Bridge linking Sweden and Denmark. Headquartered in Luxembourg, the EIB Group includes the European Investment Fund, a specialist financer of small and medium-sized enterprises.
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