Options de recherche
Page d’accueil Médias Notes explicatives Recherche et publications Statistiques Politique monétaire L’euro Paiements et marchés Carrières
Suggestions
Trier par
Pas disponible en français

Marijn Verschelde

15 June 2020
WORKING PAPER SERIES - No. 2420
Details
Abstract
We propose a new methodology to recover firm-time varying financial constraints from firms’ production behavior. We model financial constraints as the profitability that firms forgo when budget constraints on production inputs bind, impeding them from using the optimal level of inputs and technology. We estimate and validate our measure using unique data combining firms’ balance sheets with survey information on self-reported financial constraints, like loan rejections. In contrast to three popular indices of financial constraints, our measure recovers financial constraints beyond observable firm characteristics, recovers cross-sectional and time-varying stylized facts of financial constraints, and is applicable to both public and private firms.
JEL Code
E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy
G00 : Financial Economics→General→General
G30 : Financial Economics→Corporate Finance and Governance→General
G32 : Financial Economics→Corporate Finance and Governance→Financing Policy, Financial Risk and Risk Management, Capital and Ownership Structure, Value of Firms, Goodwill
28 July 2014
WORKING PAPER SERIES - No. 1701
Details
Abstract
In this paper a semiparametric stochastic metafrontier approach is used to obtain insight into firm-level competitiveness in Europe. We differ from standard TFP studies at the firm level as we simultaneously allow for inefficiency, noise and do not impose a functional form on the input-output relation. Using AMADEUS firm-level data covering 10 manufacturing sectors from seven EU15 countries, (i) we document substantial, persistent differences in competitiveness (with Belgium and Germany as benchmark countries and Spain lagging behind) and a wide technology gap, (ii) we confirm the absence of convergence in TFP between the seven selected countries, (iii) we confirm that the technology gap is more pronounced for smaller firms, (iv) we highlight the role of post-entry growth for competitiveness.
JEL Code
C14 : Mathematical and Quantitative Methods→Econometric and Statistical Methods and Methodology: General→Semiparametric and Nonparametric Methods: General
D24 : Microeconomics→Production and Organizations→Production, Cost, Capital, Capital, Total Factor, and Multifactor Productivity, Capacity
L25 : Industrial Organization→Firm Objectives, Organization, and Behavior→Firm Performance: Size, Diversification, and Scope
M13 : Business Administration and Business Economics, Marketing, Accounting→Business Administration→New Firms, Startups
O33 : Economic Development, Technological Change, and Growth→Technological Change, Research and Development, Intellectual Property Rights→Technological Change: Choices and Consequences, Diffusion Processes
Network
Competitiveness Research Network

Notre site Internet utilise des cookies

Nous utilisons des cookies fonctionnels pour conserver les préférences des utilisateurs, des cookies analytiques pour améliorer les performances du site Internet et des cookies tiers définis par des services tiers intégrés au site.

Vous pouvez les accepter ou les refuser. Pour de plus amples informations ou pour explorer vos préférences en matière de cookies et de logs, nous vous invitons à :

Lire notre déclaration de confidentialité

En savoir davantage sur notre utilisation des cookies