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Firm financial soundness and knowledge externalities: A comparative regional analysis

Author

Listed:
  • Lara Abdel Fattah

    (NDU - Notre Dame University-Louaize [Lebanon])

  • Giuseppe Arcuri

    (EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique, PRISM Sorbonne - Pôle de recherche interdisciplinaire en sciences du management - UP1 - Université Paris 1 Panthéon-Sorbonne)

  • Aziza Garsaa

    (ICN Business School, CEREFIGE - Centre Européen de Recherche en Economie Financière et Gestion des Entreprises - UL - Université de Lorraine)

  • Nadine Levratto

    (EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique)

Abstract

This paper investigates the role of the regional context with regard to the influence of human capital and knowledge spillovers on SMEs' financial soundness. Our empirical setting is based on a multilevel analysis of panel data, which allows superior treatment of hierarchical data. The analysis is applied to SMEs belonging to the manufacturing sector and operating in four European countries over the period 2010–2015. We find that a combination of individual and regional-level characteristics explains firm soundness better than individual features alone. Furthermore, we find that a high local educational level and knowledge spillovers improve firm soundness and that their effects vary according to the regional level of knowledge. These results are confirmed by several robustness tests.

Suggested Citation

  • Lara Abdel Fattah & Giuseppe Arcuri & Aziza Garsaa & Nadine Levratto, 2020. "Firm financial soundness and knowledge externalities: A comparative regional analysis," Post-Print hal-02972388, HAL.
    • Handle: RePEc:hal:journl:hal-02972388
    DOI: 10.1111/pirs.12539
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    Cited by:

    1. Stefano Amato & Rodrigo Basco & Fernanda Ricotta, 2023. "Family firms, Regional Competitiveness and Productivity: A Multilevel Approach," Entrepreneurship & Regional Development, Taylor & Francis Journals, vol. 35(7-8), pages 666-694, August.
    2. Abdoulaye Kané & Nadine Levratto, 2025. "Heterogeneity in the productivity of French construction firms: A multilevel analysis," EconomiX Working Papers 2025-19, University of Paris Nanterre, EconomiX.
    3. Amato Stefano & Shahab Zare & Lattanzi Nicola, 2024. "Is too small always bad? the role of place attachment in harnessing location advantages," International Entrepreneurship and Management Journal, Springer, vol. 20(1), pages 265-308, March.

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