| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w4309 |
| 来源ID | Working Paper 4309 |
| Production, Financial Structure and Productivity Growth in U.S. Manufacturing | |
| Jeffrey I. Bernstein; M. Ishaq Nadiri | |
| 发表日期 | 1993-03-01 |
| 出版年 | 1993 |
| 语种 | 英语 |
| 摘要 | The purpose of this paper is to estimate a model that incorporates the effects of financial decisions on production, profitability, and productivity growth. Asymmetric information generates agency costs of debt and signaling benefits of dividends which then influence production decisions. The model is applied to the U.S. manufacturing sector. Agency costs and signaling benefits are measured by their effects on profitability. A one percent increase in debt reduces variable profit by 0.04 percent, while a one percent increase in dividends raises variable profit by 0.12 percent. Agency costs also limit the adjustment of U.S. manufacturing to long-run equilibrium. On average, for $1.00 of funds raised through bond issues, debt adjustment cost is about $0.05. The dynamic efficiency of the manufacturing sector is affected by financial considerations. Signaling benefits contribute 4.2 percent to total factor productivity growth, while agency costs reduce efficiency by 3.3 percent. Thus the financial effects on dynamic efficiency approximately offset each other. |
| 主题 | Microeconomics ; Households and Firms ; Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w4309 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/561671 |
| 推荐引用方式 GB/T 7714 | Jeffrey I. Bernstein,M. Ishaq Nadiri. Production, Financial Structure and Productivity Growth in U.S. Manufacturing. 1993. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w4309.pdf（354KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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