Weitere Artikel dieser Ausgabe durch Wischen aufrufen
To what extent do financial constraints act as conditioning factors on firm productivity? Is this impact different across firm size classes and across sectors and in what way is it different? We explore these issues for Morocco. We use firm level data, taken from two surveys of the World Bank Enterprise Surveys (WES) for Morocco (2004, 2007), to investigate the relationship between two proxies of a firm’s financial constraint (perceived financial constraint as the most serious obstacle and credit constraint) and its productivity growth. The analytical framework assumes a Cobb–Douglas production function for firms where technical progress is not exogenous but depends on financial constraint. Two different econometric estimates are adopted: within estimators and GMM system estimates to address endogeneity and to correct for potential selection, simultaneity and omitted-variable bias (OVB). The estimations using the GMM give results that are consistent with the expectations: they show that each of the two financial constraint proxies has a significant and negative impact on small- and medium-sized firms (i.e. firms with less than 100 workers) but not on large firms (i.e. firms with more than 100 workers). To see whether the main results of the analysis persist (i.e. credit constraints harm small-sized firms more than large-sized firms) several robustness checks are performed. We change the threshold of the separation between small- and large-sized firms from 100 to 50 workers. We keep the threshold at 100 but exclude alternatively small-sized firms that are too small (less than 20 workers) and the large-sized firms that are too large (more than 500 workers). We keep the threshold to 100 and the whole sample but add a control variable which gives the legal status of the firm. Finally, we examine the sensitivity of the results to the sectoral composition of the sample. The main result holds for all sectors except “Wearing apparel”.
Bitte loggen Sie sich ein, um Zugang zu diesem Inhalt zu erhalten
Sie möchten Zugang zu diesem Inhalt erhalten? Dann informieren Sie sich jetzt über unsere Produkte:
African Development Bank (2015). Morocco economic competitiveness support programme (Pacem) Appraisal Report, OSGE Department, June.
Aghion, P., Fally, T., & Scarpetta, S. (2007). Credit constraints as a barrier to the entry and post entry growth of firms. Economic Policy, 22, 731–779. CrossRef
Angelini, P., & Generale, A. (2005). Firm size distribution: do financial constraints explain it all? Evidence from survey data. Working paper no. 549, Banca D’Italia.
Bartel, A. P., & Lichtenberg, F. R. (1987). The comparative advantage of educated workers in implementing new technology. The Review of Economics and Statistics, 69(1), 1–11. CrossRef
Baumol, W. J. (2010). The microtheory of innovative entrepreneurship. Princeton: Princeton University Press.
Becchetti, L., & Trovato, G. (2002). The determinants of growth of small and medium sized firms. The role of the availability of external finance. Small Bus Econ, 19(4), 291–306. CrossRef
Beck, T., & Demirgüç-Kunt, A. (2006). Small and medium-size enterprises, access to finance as growth constraint. Journal of Banking & Finance, 30, 2931–2943. CrossRef
Beck, T., Demirgüç-Kunt, A., Laeven, L. and Levine, R. (2005). Finance, firm size, and growth, World Bank Policy Research Working Paper 3485, The World Bank.
Berger, A., Miller, N., Petersen, M., Raghuram, R., & Stein, J. (2005). Does function follow organizational form? Evidence from the lending practices of large and small banks. Journal of Financial Economics, 76(2), 237–269. CrossRef
Binks, M., & Ennew, C. (1996). Growing firms and the credit constraint. Small Business Economics, 8(1), 17–25. CrossRef
Carpenter, R. E., & Peterson, B. C. (2002). Is the growth of small firms constrained by internal finance? The Review of Economics and Statistics, 84(2), 298–309. CrossRef
Chaffai, M., Landivar, D., and Plane, P. (2011). Financial constraints and productivity under unobserved heterogeneity of the technology: An application to the moroccan garment sector using latent class stochastic frontier models, CERDI Working Paper.
Chen, M., & Guariglia, A. (2013). Internal financial constraints and firm productivity in China: Do liquidity and export behavior make a difference? Journal of Comparative Economics, 41, 1123–1140. CrossRef
Cohen-Cole, E. B., Durlauf, S. N., & Rondina, G. (2012). Nonlinearities in growth: From evidence to policy. Journal of Macroeconomics, 34(1), 42–58. CrossRef
Coricelli, F., Driffield, N., Sarmistha, P., & Roland, I. (2012). When does leverage hurt productivity growth? A firm-level analysis. Journal of International Money and Finance, 31, 1674–1694. CrossRef
Durlauf, S., Johnson, P., & Temple, J. (2005). Growth econometrics. In P. Aghion, S. Durlauf (Eds.), Handbook of economic growth (pp. 555–677). Amsterdam: North-Holland.
Elston, J. A., Chen, S., & Weidinger, A. (2016). The role of informal capital on new venture formation and growth in China. Small Business Economics, 46(1), 79–91. CrossRef
Fafchamps, M., & El Hamine, S. (2005). The manufacturing sector in Morocco. Report submitted to the World Bank.
Fafchamps, M., & Schündeln, M. (2013). Local financial development and firm performance: Evidence from Morocco. Journal of Development Economics, 103(C), 15–28. CrossRef
Fazzari, S. M., Hubbard, R., Glenn, P., & Bruce, C. (1988). Financing constraints and corporate investment. Brookings Papers on Economic Activity, 1, 141–195. CrossRef
Ferrando, A., & Ruggieri, A. (2015). Financial constraints and productivity: evidence from Euro area companies, ECB WP, n. 1823/July.
Gatti, R., & Love, I. (2008). Does access to credit improve productivity? Evidence from Bulgaria. Economics of Transition, 16, 445–465. CrossRef
Greenaway, D., Hine, R., & Wright, P. (1999). An empirical assessment of the impact of trade on employment in the UK. European Journal of Political Economy, 15(3), 485–500. CrossRef
Guariglia, A. (2008). Internal financial constraints, external financial constraints, and investment choice: evidence from a panel of UK firms. Journal of Banking & Finance, 32, 1795–1809. CrossRef
King, R., & Levine, R. (1993). Finance and growth: Schumpeter might be right. The Quarterly Journal of Economics, 108(3), 717–737. CrossRef
Levine, O., & Warasawitharana, M. (2014). Finance and productivity growth: Firm level evidence, finance and economics DP, Federal Reserve Board, No. 2014-17.
Levinsohn, J., & Petrin, A. (2003). Estimating production functions using inputs to control unobservables. Review of Economic Studies, 70, 317–341. CrossRef
Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American Economic Review, 48(3), 261–297.
Moreno-Badia, M., & Slootmaekers, V. (2009). The missing link between financial constraints and productivity. Working paper WP/09/72. International Monetary Fund, Washington, DC.
Murray, M. P. (2006). Avoiding invalid instruments and coping with weak instruments. Journal of Economic Perspectives, 20(4), 111–132. CrossRef
Nickell, S., & Nicolitsas, D. (1999). How does financial pressure affect firms? European Economic Review, 43, 1435–1456. CrossRef
Nucci, F., Pozzolo, A. F., & Schivardi, F. (2005). Is firm’s productivity related to its financial structure? Evidence from microeconomic data (pp. 177–298). I-II: Rivista di Politica Economica.
Nunes, P. M., Sequeira, T. N., & Serrasqueiro, Z. (2007). Firms’ leverage and labor productivity: a quantile approach in Portuguese firms. Applied Economics, 39, 1783–1788. CrossRef
Ogane, Y. (2016). Banking relationship numbers and new business bankruptcies. Small Business Economics, 46(2), 169–185. CrossRef
Olley, G. S., & Pakes, A. (1996). The dynamics of productivity in the telecommunications equipment industry. Econometrica, 64, 1263–1297. CrossRef
Petersen, M. A., & Rajan, R. M. (2002). Does distance still matter? The information revolution in small business lending. Journal of Finance, 57(6), 2533–2570. CrossRef
Pushner, G. M. (1995). Equity ownership structure, leverage, and productivity: empirical evidence from Japan. Pacific-Basin Finance Journal, 3, 241–255. CrossRef
Quatraro, F., & Vivarelli, M. (2015). Drivers of entrepreneurship and post-entry performance of newborn firms in developing countries. World Bank Research Observer, 30(2), 277–305. CrossRef
Quinn, S. (2009). Moroccan Company law reform and manufacturing firms. Oxford: Department of Economics, Oxford University.
Rajan, R. G., & Zingales, L. (1998). Financial dependence and growth. American Economic Review, 88(3), 559–586.
Rajesh Raj, S. N., & Sen, K. (2013). How important are credit constraints for small firm growth? Evidence from the Indian Informal Manufacturing Sector, International Growth Centre, Working paper reference number: F-35041-INC-1, 1 February 2013.
Sargan, J. D. (1958). The estimation of economic relationships with instrumental variables. Econometrica, 26(3), 393–415. CrossRef
Schiantarelli, F., & Sembenelli, A. (1997). The maturity structure of debt—determinants and effects on firms’ performance: Evidence from the United Kingdom and Italy. Policy Research Working Paper WPS1699. The World Bank, Washington, DC.
Sekkat, K. (2009). Does competition improve productivity in developing countries? Journal of Economic Policy Reform, 12(2), 145–162. CrossRef
Sekkat, K. (2011). Firm sponsored training and productivity in Morocco. Journal of Development Studies, 47(9), 1391–1409. CrossRef
Staiger, D., & Stock, J. H. (1997). Instrumental variables regression with weak instruments. Econometrica, 65(3), 557–586. CrossRef
Stiglitz, J. E., & Weiss, A. (1981). Credit rationing in markets with imperfect information. American Economic Review, 71(3), 393–410.
The World Bank Enterprise Surveys. http://www.enterprisesurveys.org.
Ur Rehman, N. (2016). Network alliances and firms’ performance: a panel data analysis of Pakistani SMEs. Eurasian Business Review, 6(1), 37–52. CrossRef
Vinh Vo, X., Huan Nguyen, H., & Duy Pham, K. (2016). Financial structure and economic growth: the case of Vietnam. Eurasian Business Review, 6(2), 141–154. CrossRef
World Bank. (2006). Fostering higher growth and employment in the Kingdom of Morocco: a World Bank country study. Washington, DC: World Bank. CrossRef
World Bank (2012) Progress report for the Kingdom of Morocco for the period FY1O-13, May 15, 2012. Report No. 67694-MA, International Bank For Reconstruction And Development And International Finance Corporation, Country Partnership Strategy.
- Financial constraints and productivity growth across the size spectrum: microeconomic evidence from Morocco
Anna M. Ferragina
- Springer International Publishing
Neuer Inhalt/© Stellmach, Neuer Inhalt/© Maturus, Pluta Logo/© Pluta, Frankfurt School