The study looked at how different types of money affect how businesses grow. They used data from Spanish manufacturing companies between 2000 and 2006. They found that small companies that grow slowly rely on money from sales and short-term bank loans, while fast-growing companies use long-term loans more. Having more money from selling shares makes it easier for companies to get loans. In the beginning, companies struggle to get enough money to grow, but as they get more money from selling shares, they can borrow more and grow faster.