Local Financial Development and Firm Performance: Evidence from Morocco
Combining data from the Moroccan census of manufacturing enterprises with information from a commune survey, we test whether firm expansion is affected by local financial development.� Our findings are consistent with this hypothesis: local bank availability is robustly associated with faster growth for small and medium-size firms in sectors with growth opportunities, with a lower likelihood of firm exit and a higher likelihood of investment.� The findings also suggests a channel for the availability of financing on firm growth in our data, namely that access to credit was used to invest in labor saving technology.
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