This paper aims to investigate the three-stage theory of international expansion in the long run from the perspective of firm behavior. Although this topic has been mostly explored using data from developed countries, this paper aims to fill the research gap in an emerging market by using an...

The interrelationship between financial constraints and firm activity is a hotly debated issue. The way firms cope with financial constraints is fundamental to the analysis of monetary transmission, of financial stability and of growth and development. The CBI Industrial Trends Survey contains...