全球智库信息集成服务系统(G2TT): DP15430 Credit Constraints, Labor Productivity and the Role of Regional Institutions: Evidence from Manufacturing Firms in Europe

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP15430
	DP15430 Credit Constraints, Labor Productivity and the Role of Regional Institutions: Evidence from Manufacturing Firms in Europe
	Andrés Rodríguez-Pose; Roberto Ganau; Kristina Maslauskaite; Monica Brezzi
发表日期	2020-11-06
出版年	2020
语种	英语
摘要	This paper examines the relationship between credit constraints − proxied by the investment-to-cash flow sensitivity – and firm-level economic performance − defined in terms of labor productivity – during the period 2009-2016, using a sample of 22,380 manufacturing firms from 11 European countries. It also assesses how regional institutional quality affects productivity at the level of the firm both directly and indirectly. The empirical results highlight that credit rationing is rife and represents a serious barrier for improvements in firm-level productivity and that this effect is far greater for micro and small than for larger firms. Moreover, high-quality regional institutions foster productivity and help mitigate the negative credit constraints-labor productivity relationship that limits the economic performance of European firms. Dealing with the European productivity conundrum thus requires greater attention to existing credit constraints for micro and small firms, although in many areas of Europe access to credit will become more effective if institutional quality is improved.
主题	International Trade and Regional Economics
关键词	Credit constraints Labor productivity Manufacturing firms Regional institutions Cross-country analysis Europe
URL	https://cepr.org/publications/dp15430
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/544421
推荐引用方式 GB/T 7714	Andrés Rodríguez-Pose,Roberto Ganau,Kristina Maslauskaite,et al. DP15430 Credit Constraints, Labor Productivity and the Role of Regional Institutions: Evidence from Manufacturing Firms in Europe. 2020.