The determinants of firms' performance: Can finance constraints improve technical efficiency?
Author
Abstract
Suggested Citation
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Martin Stephen, 1993. "Endogenous Firm Efficiency in a Cournot Principal-Agent Model," Journal of Economic Theory, Elsevier, vol. 59(2), pages 445-450, April.
- Wadhwani, Sushil B, 1987. "The Effects of Inflation and Real Wages on Employment," Economica, London School of Economics and Political Science, vol. 54(213), pages 21-40, February.
- Mariacristina Piva & Marco Vivarelli, 2002. "The Skill Bias: Comparative evidence and an econometric test," International Review of Applied Economics, Taylor & Francis Journals, vol. 16(3), pages 347-357.
- Ng, Serena & Schaller, Huntley, 1996.
"The Risky Spread, Investment, and Monetary Policy Transmission: Evidence on the Role of Asymmetric Information,"
The Review of Economics and Statistics, MIT Press, vol. 78(3), pages 375-383, August.
- Huntley Schaller & Serena Ng, 1993. "The Risky Spread, Investment, and Monetary Policy Transmission: Evidence on the Role of Asymmetric Information," Carleton Economic Papers 93-07, Carleton University, Department of Economics, revised Aug 1996.
- Ng, S. & Schaller, H., 1995. "The Risky Spread, Investment, and Monetary Policy Transmission: Evidence on the Role of Asymmetric Information," Cahiers de recherche 9515, Universite de Montreal, Departement de sciences economiques.
- Ng, S. & Schaller, H., 1995. "The Risky Spread, Investment, and Monetary Policy Transmission: Evidence on the Role of Asymmetric Information," Cahiers de recherche 9515, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
- Nickell, Stephen & Nicolitsas, Daphne, 1999.
"How does financial pressure affect firms?,"
European Economic Review, Elsevier, vol. 43(8), pages 1435-1456, August.
- Nickell, Stephen & Nicolitsas, Daphne, 1995. "How does financial pressure affect firms?," LSE Research Online Documents on Economics 20698, London School of Economics and Political Science, LSE Library.
- Stephen Nickell & D Nicolitsas, 1995. "How Does Financial Pressure Affect Firms?," CEP Discussion Papers dp0266, Centre for Economic Performance, LSE.
- Nickell, S. & Nicolitsas, D., 1995. "How Does Financial Pressure Affect Firms," Economics Series Working Papers 99170, University of Oxford, Department of Economics.
- Takeo Hoshi & Anil Kashyap & David Scharfstein, 1991.
"Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 106(1), pages 33-60.
- Takeo Hoshi & Anil K. Kashyap & David Scharfstein, 1989. "Corporate structure, liquidity, and investment: evidence from Japanese industrial groups," Finance and Economics Discussion Series 82, Board of Governors of the Federal Reserve System (U.S.).
- R. Paci & F. Pigliaru, 1999.
"Technological Catch-Up and Regional Convergence in Europe,"
Working Paper CRENoS
199909, Centre for North South Economic Research, University of Cagliari and Sassari, Sardinia.
- Pigliaru, Francesco & Paci, Raffaele, 2000. "Technological Catch-Up And Regional Convergence In Europe," ERSA conference papers ersa00p22, European Regional Science Association.
- Francesco Aiello & Vincenzo Scoppa, 2000. "Uneven Regional Development in Italy: Explaining Differences in Productivity Levels," Giornale degli Economisti, GDE (Giornale degli Economisti e Annali di Economia), Bocconi University, vol. 59(2), pages 270-298, September.
- Ricardo J. Caballero & Mohamad L. Hammour, 1996.
"On the Timing and Efficiency of Creative Destruction,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 111(3), pages 805-852.
- Ricardo J. Caballero & Mohamad L. Hammour, 1994. "On the Timing and Efficiency of Creative Destruction," NBER Working Papers 4768, National Bureau of Economic Research, Inc.
- Steven M. Fazzari & R. Glenn Hubbard & Bruce C. Petersen, 1988.
"Financing Constraints and Corporate Investment,"
Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 19(1), pages 141-206.
- Steven Fazzari & R. Glenn Hubbard & Bruce C. Petersen, 1987. "Financing Constraints and Corporate Investment," NBER Working Papers 2387, National Bureau of Economic Research, Inc.
- Stephen Nickell & Sushil Wadhwani, 1991.
"Employment Determination in British Industry: Investigations Using Micro-Data,"
The Review of Economic Studies, Review of Economic Studies Ltd, vol. 58(5), pages 955-969.
- Nickell, Stephen & Wadhwani, Sushil B, 1989. "Employment Determination in British Industry: Investigations Using Micro-Data," CEPR Discussion Papers 320, C.E.P.R. Discussion Papers.
- Caballero, Ricardo J & Hammour, Mohamad L, 1994.
"The Cleansing Effect of Recessions,"
American Economic Review, American Economic Association, vol. 84(5), pages 1350-1368, December.
- Ricardo J. Caballero & Mohamad L. Hammour, 1991. "The Cleansing Effect of Recessions," NBER Working Papers 3922, National Bureau of Economic Research, Inc.
- Haskel, Jonathan & Sanchis, Amparo, 2000.
"A bargaining model of Farrell inefficiency,"
International Journal of Industrial Organization, Elsevier, vol. 18(4), pages 539-556, May.
- Haskel, Jonathan & Sanchis, Amparo, 1998. "A Bargaining Model of Farrell Inefficiency," CEPR Discussion Papers 1902, C.E.P.R. Discussion Papers.
- J.E. Haskel & A. Sanchis, 1998. "A Bargaining Model of Farrell Inefficiency," Working Papers 383, Queen Mary University of London, School of Economics and Finance.
- Sergio Destefanis, 2001. "Differenziali Territoriali di Produttivita' ed Efficienza negli Anni '90: i Livelli e l'Andamento," CELPE Discussion Papers 59, CELPE - CEnter for Labor and Political Economics, University of Salerno, Italy.
- Whited, Toni M, 1992.
"Debt, Liquidity Constraints, and Corporate Investment: Evidence from Panel Data,"
Journal of Finance, American Finance Association, vol. 47(4), pages 1425-1460, September.
- Toni M. Whited, 1990. "Debt, liquidity constraints, and corporate investment: evidence from panel data," Finance and Economics Discussion Series 114, Board of Governors of the Federal Reserve System (U.S.).
- Sharpe, Steven A, 1994.
"Financial Market Imperfections, Firm Leverage, and the Cyclicality of Employment,"
American Economic Review, American Economic Association, vol. 84(4), pages 1060-1074, September.
- Steven A. Sharpe, 1993. "Financial market imperfections, firm leverage and the cyclicality of employment," Finance and Economics Discussion Series 93-10, Board of Governors of the Federal Reserve System (U.S.).
- Mark Gertler & Simon Gilchrist, 1993. "The role of credit market imperfections in the monetary transmission mechanism: arguments and evidence," Finance and Economics Discussion Series 93-5, Board of Governors of the Federal Reserve System (U.S.).
- Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
- Gertler, Mark & Gilchrist, Simon, 1993.
" The Role of Credit Market Imperfections in the Monetary Transmission Mechanism: Arguments and Evidence,"
Scandinavian Journal of Economics,
Wiley Blackwell, vol. 95(1), pages 43-64.
- Mark Gertler & Simon Gilchrist, 1993. "The role of credit market imperfections in the monetary transmission mechanism: arguments and evidence," Finance and Economics Discussion Series 93-5, Board of Governors of the Federal Reserve System (US).
- Battese, G E & Coelli, T J, 1995. "A Model for Technical Inefficiency Effects in a Stochastic Frontier Production Function for Panel Data," Empirical Economics, Springer, vol. 20(2), pages 325-332.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Charles-Henri Dimaria & Chiara Peronni, 2012.
"A new unit labour cost changes decomposition Four pillars of cost competitiveness recovery,"
Working Papers
halshs-00826324, HAL.
- Charles-Henri DI MARIA & Chiara PERONI, 2012. "A new unit labour cost changes decomposition Four pillars of cost competitiveness recovery," LEO Working Papers / DR LEO 179, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.
- Peroni, Chiara & DiMaria, Charles Henri, 2012. "A new unit labour cost changes decomposition Four pillars of cost competitiveness recovery," MPRA Paper 38670, University Library of Munich, Germany.
- Hanousek, Jan & Kočenda, Evžen & Shamshur, Anastasiya, 2015.
"Corporate efficiency in Europe,"
Journal of Corporate Finance, Elsevier, vol. 32(C), pages 24-40.
- Jan Hanousek & Evžen Kočenda & Anastasiya Shamshur, 2015. "Corporate Efficiency in Europe," Working Papers 346, Leibniz Institut für Ost- und Südosteuropaforschung (Institute for East and Southeast European Studies).
- Hanousek, Jan & KoÄ enda, Evžen & Shamshur, Anastasiya, 2015. "Corporate Efficiency in Europe," CEPR Discussion Papers 10500, C.E.P.R. Discussion Papers.
- Tsionas, Mike G. & Izzeldin, Marwan, 2018. "A novel model of costly technical efficiency," European Journal of Operational Research, Elsevier, vol. 268(2), pages 653-664.
- Nicoleta Bărbuță-Mișu & Mara Madaleno & Vasile Ilie, 2019. "Analysis of Risk Factors Affecting Firms’ Financial Performance—Support for Managerial Decision-Making," Sustainability, MDPI, vol. 11(18), pages 1-19, September.
- Roland Banya & Nicholas Biekpe, 2018. "Banking efficiency and its determinants in selected frontier african markets," Economic Change and Restructuring, Springer, vol. 51(1), pages 69-95, February.
- Jin, Man & Zhao, Shunan & Kumbhakar, Subal C., 2019. "Financial constraints and firm productivity: Evidence from Chinese manufacturing," European Journal of Operational Research, Elsevier, vol. 275(3), pages 1139-1156.
- Denila Jinny Arulraj & Thillai Rajan Annamalai, 0. "Firms’ Financing Choices and Firm Productivity: Evidence from an Emerging Economy," International Journal of Global Business and Competitiveness, Springer, vol. 0, pages 1-14.
- Yang, Lisha & Ni, Mengying, 2022. "Is financial development beneficial to improve the efficiency of green development? Evidence from the “Belt and Road” countries," Energy Economics, Elsevier, vol. 105(C).
- Francesco Aiello & Camilla Mastromarco & Angelo Zago, 2011.
"Be productive or face decline. On the sources and determinants of output growth in Italian manufacturing firms,"
Empirical Economics, Springer, vol. 41(3), pages 787-815, December.
- Francesco Aiello & Camilla Mastromarco & Angelo Zago, 2008. "Be productive or face decline. On the sources and determinants of output growth in Italian manufacturing firms," Working Papers 46/2008, University of Verona, Department of Economics.
- Ferrando, Annalisa & Rossi, Stefania P. S. & Bonanno, Graziella, 2020. "Determinants of firms’ efficiency: do innovations and finance constraints matter? The case of European SMEs," Working Paper Series 2419, European Central Bank.
- Shaobo Wang & Junfeng Liu & Xionghe Qin, 2022. "Financing Constraints, Carbon Emissions and High-Quality Urban Development—Empirical Evidence from 290 Cities in China," IJERPH, MDPI, vol. 19(4), pages 1-16, February.
- Denila Jinny Arulraj & Thillai Rajan Annamalai, 2020. "Firms’ Financing Choices and Firm Productivity: Evidence from an Emerging Economy," International Journal of Global Business and Competitiveness, Springer, vol. 15(1), pages 35-48, June.
- Bi, Chen & Zhang, Baofeng & Yang, Feng & Wang, Yifan & Bi, Gongbing, 2022. "Selling to the newsvendor through debt-shared bank financing," European Journal of Operational Research, Elsevier, vol. 296(1), pages 116-130.
- Graziella Bonanno & Annalisa Ferrando & Stefania Patrizia Sonia Rossi, 2023. "Do innovation and financial constraints affect the profit efficiency of European enterprises?," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 13(1), pages 57-86, March.
- Dean A. Shepherd & Holger Patzelt & J. Michael Haynie, 2010. "Entrepreneurial Spirals: Deviation–Amplifying Loops of an Entrepreneurial Mindset and Organizational Culture," Entrepreneurship Theory and Practice, , vol. 34(1), pages 59-82, January.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- R. Glenn Hubbard, 1998.
"Capital-Market Imperfections and Investment,"
Journal of Economic Literature, American Economic Association, vol. 36(1), pages 193-225, March.
- R. Glenn Hubbard, 1997. "Capital-Market Imperfections and Investment," NBER Working Papers 5996, National Bureau of Economic Research, Inc.
- Nickell, Stephen & Nicolitsas, Daphne, 1999.
"How does financial pressure affect firms?,"
European Economic Review, Elsevier, vol. 43(8), pages 1435-1456, August.
- Nickell, Stephen & Nicolitsas, Daphne, 1995. "How does financial pressure affect firms?," LSE Research Online Documents on Economics 20698, London School of Economics and Political Science, LSE Library.
- Stephen Nickell & D Nicolitsas, 1995. "How Does Financial Pressure Affect Firms?," CEP Discussion Papers dp0266, Centre for Economic Performance, LSE.
- Nickell, S. & Nicolitsas, D., 1995. "How Does Financial Pressure Affect Firms," Economics Series Working Papers 99170, University of Oxford, Department of Economics.
- Stöß, Elmar, 1996. "Enterprises' financing structure and their response to monetary policy stimuli: An analysis based on the Deutsche Bundesbank's corporate balance sheet statistics," Discussion Paper Series 1: Economic Studies 1996,09e, Deutsche Bundesbank.
- Hansen, Sten, 1999. "Agency Costs, Credit Constraints and Corporate Investment," Working Paper Series 79, Sveriges Riksbank (Central Bank of Sweden).
- Vijverberg, Chu-Ping C., 2004. "An empirical financial accelerator model: Small firms' investment and credit rationing," Journal of Macroeconomics, Elsevier, vol. 26(1), pages 101-129, March.
- Robert E. Carpenter & Steven M. Fazzari & Bruce C. Petersen, 1994. "Inventory Investment, Internal-Finance Fluctuation, and the Business Cycle," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 25(2), pages 75-138.
- Donatella Gatti & Anne-Gael Vaubourg, 2010. "Credit and Unemployment: Do Institutions Matter?," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 11(1), pages 37-43, April.
- Stöß, Elmar, 1996. "Die Finanzierungsstruktur der Unternehmen und deren Reaktion auf montäre Impulse: Eine Analyse anhand der Unternehmensbilanzstatistik der Deutschen Bundesbank," Discussion Paper Series 1: Economic Studies 1996,09, Deutsche Bundesbank.
- Duygan-Bump, Burcu & Levkov, Alexey & Montoriol-Garriga, Judit, 2015.
"Financing constraints and unemployment: Evidence from the Great Recession,"
Journal of Monetary Economics, Elsevier, vol. 75(C), pages 89-105.
- Burcu Duygan-Bump & Alexey Levkov & Judit Montoriol-Garriga, 2010. "Financing constraints and unemployment: evidence from the Great Recession," Supervisory Research and Analysis Working Papers QAU10-6, Federal Reserve Bank of Boston.
- Burcu Duygan-Bump & Alexey Leykov & Judit Montoriol-Garriga, 2014. "Financing Constraints and Unemployment: Evidence from the Great Recession," Finance and Economics Discussion Series 2014-92, Board of Governors of the Federal Reserve System (U.S.).
- Bernanke, Ben & Gertler, Mark & Gilchrist, Simon, 1996.
"The Financial Accelerator and the Flight to Quality,"
The Review of Economics and Statistics, MIT Press, vol. 78(1), pages 1-15, February.
- Bernanke, Ben & Gertler, Mark & Gilchrist, Simon, 1994. "The Financial Accelerator and the Flight to Quality," Working Papers 94-24, C.V. Starr Center for Applied Economics, New York University.
- Ben Bernanke & Mark Gertler & Simon Gilchrist, 1994. "The Financial Accelerator and the Flight to Quality," NBER Working Papers 4789, National Bureau of Economic Research, Inc.
- Ben S. Bernanke & Mark Gertler & Simon Gilchrist, 1994. "The financial accelerator and the flight to quality," Finance and Economics Discussion Series 94-18, Board of Governors of the Federal Reserve System (U.S.).
- Chirinko, Robert S., 1997.
"Finance Constraints, Liquidity, and Investment Spending: Theoretical Restrictions and International Evidence,"
Journal of the Japanese and International Economies, Elsevier, vol. 11(2), pages 185-207, June.
- Robert S. Chirinko, 1996. "Finance constraints, liquidity, and investment spending: theoretical restrictions and international evidence," Research Working Paper 96-04, Federal Reserve Bank of Kansas City.
- Größl Ingrid & Stahlecker Peter, 2000. "Finanzierungsbedingungen und Güterangebot: Ein Überblick über finanzökonomische Ansätze und deren geldpolitische Konsequenzen," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 220(2), pages 223-250, April.
- Rajeev Dhawan, 1997. "Asymmetric Information and Debt Financing: Hie Empirical Importance of Size and Balance Sheet Factors," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 4(2), pages 189-202.
- Coad, Alex, 2010.
"Neoclassical vs evolutionary theories of financial constraints: Critique and prospectus,"
Structural Change and Economic Dynamics, Elsevier, vol. 21(3), pages 206-218, August.
- Alex Coad, 2007. "Neoclassical vs Evolutionary Theories of Financial Constraints : Critique and Prospectus," Post-Print halshs-00144415, HAL.
- Alex Coad, 2007. "Neoclassical vs Evolutionary Theories of Financial Constraints : Critique and Prospectus," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00144415, HAL.
- Alex Coad, 2007. "Neoclassical vs evolutionary theories of financial constraints: critique and prospectus," Documents de travail du Centre d'Economie de la Sorbonne r07008, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
- Stijn Claessens & M Ayhan Kose, 2018. "Frontiers of macrofinancial linkages," BIS Papers, Bank for International Settlements, number 95.
- Anna Bottasso, 1996. "Firms’ Financial Structure And Real Decisions: A Critical Survey Of The Empirical Literature," CERIS Working Paper 199623, CNR-IRCrES Research Institute on Sustainable Economic Growth - Torino (TO) ITALY - former Institute for Economic Research on Firms and Growth - Moncalieri (TO) ITALY.
- Bergström, Pål & Lindberg, Sara, 1998. "Firms' Financial Policy and Labour Demand: Theory and Evidence," Working Paper Series 1998:18, Uppsala University, Department of Economics.
- Ornella Wanda Maietta & Vania Sena, 2010. "Financial Constraints And Technical Efficiency: Some Empirical Evidence For Italian Producers' Cooperatives," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 81(1), pages 21-38, March.
- Mei-Hui Wang & Tai-Hsin Huang, 2009. "Threshold effects of financial status on the cost frontiers of financial institutions in nondynamic panels," Applied Economics, Taylor & Francis Journals, vol. 41(26), pages 3389-3401.
- Cristina Fernández & Roberta García & Paloma Lopez-Garcia & Benedicta Marzinotto & Roberta Serafini & Juuso Vanhala & Ladislav Wintr, 2017.
"Firm growth in Europe: An overview based on the COMPNET labour module,"
BCL working papers
107, Central Bank of Luxembourg.
- Fernandez, Cristina & García, Roberto & Lopez-Garcia, Paloma & Marzinotto, Benedicta & Serafini, Roberta & Vanhala, Juuso & Wintr, Ladislav, 2017. "Firm growth in Europe: an overview based on the CompNet labour module," Working Paper Series 2048, European Central Bank.
Corrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:ejores:v:172:y:2006:i:1:p:311-325. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/eor .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.