[경제] Financial Constraints, Productivity, and Investment: Evidence from Lithuania
리투아니아 국외연구자료 연구보고서 - IMF 발간일 : 2022-12-09 등록일 : 2023-01-19 원문링크
This paper studies the relation between firms' access to finance, labor productivity and investment using Lithuanian firm-level data from 2000–2018. To do so, we construct a measure of financial constraints. We estimate that, given firm characteristics, removing these constraints can improve average productivity and investment of firms in Lithuania by 0.51 percent and 7.2 percent, respectively. Our results further suggest that policies targeting firm age and size together will be more effective in mitigating the impact of financial constraints as the relationship between firm age and size with financial constraints exhibits non-linearities.
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