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We study the relationships between firm financial structure and growth for a large sample of Italian firms (1998)(1999)(2000)(2001)(2002)(2003). We expand upon existing analyses testing whether liquidity constraints affect firm performance by considering among growth determinants also firm debt structure. Panel regression analyses show that more liquid firms tend to grow more. However, firms do not use their capital to expand, but rather to increase debt. We also find that firm growth is highlydoi:10.2139/ssrn.2215736 fatcat:epfpq4cb4jadlivma2ytip4vzy