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Cited by 465

The DOI matches its Crossref record; 17 of the 17 references it cites were found in a registry or an index.

A Theory of Financing Constraints and Firm Dynamics

Clementi, G. L., Hopenhayn, H. A.·2006·The Quarterly Journal of Economics
DOI 10.1093/qje/121.1.229
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Abstract

There is widespread evidence supporting the conjecture that borrowing constraints have important implications for firm growth and survival. In this paper we model a multiperiod borrowing/lending relationship with asymmetric information. We show that borrowing constraints emerge as a feature of the optimal long-term lending contract, and that such constraints relax as the value of the borrower's claim to future cash flows increases. We also show that the optimal contract has interesting implications for firm dynamics. In agreement with the empirical evidence, as age and size increase, mean and variance of growth decrease, and firm survival increases.

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Metadata

Authors
Clementi, G. L., & Hopenhayn, H. A.
Venue
The Quarterly Journal of Economics
Publisher
Oxford University Press (OUP)
Published
2006-02-01
Volume
121
Issue
1
Pages
229-265
ISSN
  • 0033-5533 (ISSN-L)
  • 1531-4650
DOI
10.1093/qje/121.1.229
OpenAlex
W2006355521
Cited by
465
References
17
FWCI
88.74
Type
journal article
Language
en
Open access
closed

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CoChat. (2026). Citation check: A Theory of Financing Constraints and Firm Dynamics. https://app.cochat.ai/papers/10.1093/qje/121.1.229
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Clementi, G. L., & Hopenhayn, H. A. (2006). A Theory of Financing Constraints and Firm Dynamics. The Quarterly Journal of Economics. https://doi.org/10.1093/qje/121.1.229

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.