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Firms' leverage and labour productivity: a quantile approach in Portuguese firms

Author

Listed:
  • Paulo Macas Nunes
  • Tiago Neves Sequeira
  • Zelia Serrasqueiro

Abstract

We show that the leverage of Portuguese firms tends to negatively affect its labour productivity for firms with relatively lower labour productivity but to positively affect this variable for firms in the right-hand side of the productivity distribution. This is particularly important in a country where labour productivity is persistently lower compared with the richer countries in Europe. Thus, we have concluded that, controlling for the usual effects, increasing leverage cannot be a solution for the less productive (and consequently the majority) of Portuguese firms.

Suggested Citation

  • Paulo Macas Nunes & Tiago Neves Sequeira & Zelia Serrasqueiro, 2007. "Firms' leverage and labour productivity: a quantile approach in Portuguese firms," Applied Economics, Taylor & Francis Journals, vol. 39(14), pages 1783-1788.
  • Handle: RePEc:taf:applec:v:39:y:2007:i:14:p:1783-1788
    DOI: 10.1080/00036840600707076
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    Cited by:

    1. Chen, Minjia & Guariglia, Alessandra, 2013. "Internal financial constraints and firm productivity in China: Do liquidity and export behavior make a difference?," Journal of Comparative Economics, Elsevier, vol. 41(4), pages 1123-1140.
    2. Anna M. Ferragina & Fernanda Mazzotta & Khalid Sekkat, 2016. "Financial constraints and productivity growth across the size spectrum: microeconomic evidence from Morocco," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 6(3), pages 361-381, December.
    3. Daniela Maggioni, 2013. "Productivity Dispersion and its Determinants: The Role of Import Penetration," Journal of Industry, Competition and Trade, Springer, vol. 13(4), pages 537-561, December.
    4. Sarah Guillou & Michel Bernini & Flora Bellone, 2013. "Firms' leverage and export quality evidence from France," Sciences Po publications 2013-13, Sciences Po.
    5. Minjia Chen & Alessandra Guariglia, "undated". "Financial constraints and firm productivity in China: do liquidity and export behavior make a difference?," Discussion Papers 11/09, University of Nottingham, GEP.
    6. repec:spo:wpecon:info:hdl:2441/f6h8764enu2lskk9p4sr364g4 is not listed on IDEAS
    7. Ferrando, Annalisa & Ruggieri, Alessandro, 2015. "Financial constraints and productivity: evidence from euro area companies," Working Paper Series 1823, European Central Bank.

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