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Financial Health and Firm Productivity : Firm-level Evidence from Viet Nam

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  • Shandre M. Thangavelu

    (Asian Development Bank Institute (ADBI))

  • Aekapol Chongvilaivan
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    Abstract

    Does financial health shore up firm productivity? This paper empirically investigates this question and presents productivity as another driving factor in translating financial development into real economic progress. Our empirical framework employs Levinsohn and Petrin’s (2003) semi-parametric estimation of total factor productivity (TFP) using firm-level panel data during 2002–2008, and incorporates financial health variables into conventional determinants of firm productivity. Our findings suggest that liquidity and access to external credit boosts firm productivity, with the latter particularly imperative for exporting and/or importing firms. We also present supplementary results regarding economies of scale, high-tech capital accumulation, human capital investment and foreign ownership.

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    Bibliographic Info

    Paper provided by East Asian Bureau of Economic Research in its series Microeconomics Working Papers with number 23638.

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    Date of creation: Sep 2013
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    Handle: RePEc:eab:microe:23638

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    Related research

    Keywords: Financial health; firm productivity; Vietnam; TFP; panel data; Semiparametric Estimation;

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