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Our study confirms that the financial constraints to SME's growth tend to appear as an excess of sensibility of the investment expenditures on firm's cash flow. Through the application of dynamic panel data techniques to an extended version of Eulero's investment equation of a sample of Italian SMEs, the analysis shows that the growth of the subsample of the small firms in backward regions of Italy is more constrained by inside finance than that of firms in more developed regions. This isdoi:10.2478/v10261-012-0005-2 fatcat:qedqhywsbbekfos5bnxngodqlq