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TFP estimation at firm level: The fiscal aspect of productivity convergence in the UK

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  • Bournakis, Ioannis
  • Mallick, Sushanta

Abstract

This paper reviews the state of the art in firm-level Total Factor Productivity (TFP) estimation employing an unbalanced panel of 7400 manufacturing firms in the UK during 2004–2011. The five methodologies considered are Superlative Index Numbers, System-GMM, Olley and Pakes (1996), Levisohn and Petrin (2003) and Ackerberg et al. (2015). Each of these estimators assumes different underlying properties for some inputs, which potentially affect the TFP measurements. We analyze the role of corporate taxation within a TFP catch-up model, providing new insights on the unexplored fiscal aspect of the UK productivity puzzle. Our findings are summarized as: (i) the Ackerberg et al. (2015) algorithm is the cutting-edge estimation technique with most plausible results, while GMM system (GMM-SYS) is the second best estimator; (ii) the global financial crisis in 2009 impacted negatively on TFP; (iii) corporate tax adversely affects TFP growth as it induces distortive effects on productivity enhancing investment; (iv) the adverse effect is found to be severe in the groups of R&D and exporting firms, suggesting that the distortive nature of corporate tax affects disproportionately the firms that are more financially constrained and more exposed to risk.

Suggested Citation

  • Bournakis, Ioannis & Mallick, Sushanta, 2018. "TFP estimation at firm level: The fiscal aspect of productivity convergence in the UK," Economic Modelling, Elsevier, vol. 70(C), pages 579-590.
  • Handle: RePEc:eee:ecmode:v:70:y:2018:i:c:p:579-590
    DOI: 10.1016/j.econmod.2017.11.021
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    More about this item

    Keywords

    Total factor productivity (TFP); TFP catch-up; Corporate tax; Effective tax rate; UK; D22; D24; O3; O4;
    All these keywords.

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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