367
Views
3
CrossRef citations to date
0
Altmetric
Research Article

Financial constraints, productivity, and the global financial crisis

References

  • Abor, J. 2007. “Debt Policy and Performance of SMEs: Evidence from Ghanaian and South African Firms.” The Journal of Risk Finance 8 (4): 364–379. doi:10.1108/15265940710777315
  • Ackerberg, D., K. Caves, and G. Frazer. 2006. Structural Identification of Production Functions. MPRA Paper 38349. Germany: University Library of Munich.
  • Adler, G., R. Duval, D. Furceri, S. K. Çelik, K. Koloskova, and M. Poplawski-Ribeiro. 2017. Gone with the Headwinds; Global Productivity. IMF Staff Discussion Note 17/04. Washington, DC: International Monetary Fund.
  • Aghion, P., G. M. Angeletos, A. Banerjee, and K. Manova. 2010. “Volatility and Growth: Credit Constraints and the Composition of Investment.” Journal of Monetary Economics 57 (3): 246–265. doi:10.1016/j.jmoneco.2010.02.005.
  • Ameer, R. 2014. “Financial Constraints and Corporate Investment in Asian Countries.” Journal of Asian Economics 33: 44–55. doi:10.1016/j.asieco.2014.05.004.
  • Arellano, M., and S. Bond. 1991. “Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations.” Review of Economic Studies 58 (2): 277–297. doi:10.2307/2297968.
  • Aulakh, P. S., and R. Mudambi. 2005. “Financial Resource Flows in Multinational Enterprises: The Role of External Capital Markets.” Management International Review 45 (3): 307–325.
  • Barron, D. N., E. West, and M. T. Hannan. 1994. “A Time to Grow and A Time to Die: Growth and Mortality of Credit Unions in New York City, 1914–1990.” American Journal of Sociology 100 (2): 381–421. doi:10.1086/230541.
  • Bhagat, S., and I. Welch. 1995. “Corporate Research & Development Investments International Comparisons.” Journal of Accounting and Economics 19 (2–3): 443–470. doi:10.1016/0165-4101(94)00391-H.
  • Blundell, R., and S. Bond. 1998. “Initial Conditions and Moment Restrictions in Dynamic Panel Data Models.” Journal of Econometrics 87 (1): 115–143. doi:10.1016/S0304-4076(98)00009-8.
  • Brown, J. R., G. Martinsson, and B. C. Petersen. 2012. “Do Financing Constraints Matter for R&D?” European Economic Review 56 (8): 1512–1529. doi:10.1016/j.euroecorev.2012.07.007.
  • Brown, J. R. S., S. M. Fazzari, and B. C. Petersen. 2009. “Financing Innovation and Growth: Cash Flow, External Equity, and the 1990s R&D Boom.” Journal of Finance 64 (1): 151–185. doi:10.1111/j.1540-6261.2008.01431.x.
  • Castellani, D., and A. Zanfei. 2004. “Choosing International Linkage Strategies in the Electronics Industry: The Role of Multinational Experience.” Journal of Economic Behavior & Organization 53 (4): 447–475. doi:10.1016/S0167-2681(03)00086-6.
  • Chen, M., and A. Guariglia. 2013. “Internal Financial Constraints and Firm Productivity in China: Do Liquidity and Export Behavior Make a Difference?” Journal of Comparative Economics 41 (4): 1123–1140. doi:10.1016/j.jce.2013.05.003.
  • Chor, D., and K. Manova. 2012. “Off the Cliff and Back? Credit Conditions and International Trade during the Global Financial Crisis.” Journal of International Economics 87 (1): 117–133. doi:10.1016/j.jinteco.2011.04.001.
  • Coad, A., A. Segarra, and M. Teruel. 2013. “Like Milk or Wine: Does Firm Performance Improve with Age?” Structural Change and Economic Dynamics 24: 173–189. doi:10.1016/j.strueco.2012.07.002.
  • Coricelli, F., N. Driffield, S. Pal, and I. Roland. 2012. “When Does Leverage Hurt Productivity Growth? A Firm-Level Analysis.” Journal of International Money and Finance 31 (6): 1674–1694. doi:10.1016/j.jimonfin.2012.03.006.
  • Czarnitzki, D., and H. Hottenrott. 2011. “R&D Investment and Financing Constraints of Small and Medium-Sized Firms.” Small Business Economics 36 (1): 65–83. doi:10.1007/s11187-009-9189-3.
  • Desai, M. A., C. F. Foley, and J. R. Hines Jr. 2004. “A Multinational Perspective on Capital Structure Choice and Internal Capital Markets.” Journal of Finance 59 (6): 2451–2487. doi:10.1111/j.1540-6261.2004.00706.x.
  • Ding, S., A. Guariglia, and R. Harris. 2016. “The Determinants of Productivity in Chinese Large and Medium-Sized Industrial Firms, 1998–2007.” Journal of Productivity Analysis 45 (2): 131–155. doi:10.1007/s11123-015-0460-0.
  • Fama, E. F., and K. R. French. 1998. “Taxes, Financing Decisions, and Firm Value.” The Journal of Finance 53 (3): 819–843. doi:10.1111/0022-1082.00036.
  • Ferrando, A., and A. Ruggieri. 2018. “Financial Constraints and Productivity: Evidence from Euro Area Companies.” International Journal of Finance and Economics 23 (3): 257–282. doi:10.1002/ijfe.1615.
  • Foley, C. F., and K. Manova. 2015. “International Trade, Multinational Activity, and Corporate Finance.” Annual Review of Economics 7 (1): 119–146. doi:10.1146/annurev-economics-080614-115453.
  • Gleason, K. C., L. K. Mathur, and I. Mathur. 2000. “The Interrelationship between Culture, Capital Structure, and Performance.” Journal of Business Research 50 (2): 185–191. doi:10.1016/S0148-2963(99)00031-4.
  • Heckman, J. J. 1979. “Sample Bias as a Specification Error.” Econometrica 47 (1): 153–162. doi:10.2307/1912352.
  • Ho, Y. K., M. Tjahjapranata, and C. M. Yap. 2006. “Size, Leverage, Concentration, and R&D Investment in Generating Growth Opportunities.” The Journal of Business 79 (2): 851–876. doi:10.1086/499140.
  • Jin, M., S. Zhao, and S. C. Kumbhakar. 2019. “Financial Constraints and Firm Productivity: Evidence from Chinese Manufacturing.” European Journal of Operational Research 275 (3): 1139–1156. doi:10.1016/j.ejor.2018.12.010.
  • Kim, M. 2019a. “Effects of Financial Constraints on Export Performance of Firms during the Global Financial Crisis: Microeconomic Evidence from Korea.” Applied Economics Letters 26 (1): 10–15. doi:10.1080/13504851.2018.1430346.
  • Kim, M. 2019b. “Financial Constraints on Export Market Exit of Domestic Firms versus Foreign Multinational Corporation Subsidiaries in South Korea.” Applied Economics Letters 26 (9): 750–754. doi:10.1080/13504851.2018.1494799.
  • Levine, O., and M. Warusawitharana. 2021. “Finance and Productivity Growth: Firm-Level Evidence.” Journal of Monetary Economics 117: 91–107. doi:10.1016/j.jmoneco.2019.11.009.
  • Levinsohn, J., and A. Petrin. 2003. “Estimating Production Functions Using Inputs to Control for Unobservables.” Review of Economic Studies 70 (2): 317–341. doi:10.1111/1467-937X.00246.
  • Manova, K. 2013. “Credit Constraints, Heterogeneous Firms, and International Trade.” The Review of Economic Studies 80 (2): 711–744. doi:10.1093/restud/rds036.
  • Manova, K., S. J. Wei, and Z. Zhang. 2015. “Firm Exports and Multinational Activity under Credit Constraints.” Review of Economics and Statistics 97 (3): 574–588. doi:10.1162/REST_a_00480.
  • Miller, M., and F. Modigliani. 1958. “The Cost of Capital, Corporate Finance and the Theory of Investment.” American Economic Review 48 (3): 261–297.
  • Moreno-Badia, M., and V. Slootmaekers. 2009. The Missing Link between Financial Constraints and Productivity. IMF Working Paper, 1–39. Washington, DC: International Monetary Fund.
  • Mudambi, R. 1999. “MNE Internal Capital Markets and Subsidiary Strategic Independence.” International Business Review 8 (2): 197–211. doi:10.1016/S0969-5931(98)00045-6.
  • Myers, S. 1984. “Capital Structure Puzzle.” Journal of Finance 39 (3): 575–592. doi:10.2307/2327916.
  • Myers, S. C., and N. S. Majluf. 1984. “Corporate Financing and Investment Decisions When Firms Have Information that Investors Do Not Have.” Journal of Financial Economics 13 (2): 187–221. doi:10.1016/0304-405X(84)90023-0.
  • Nguyen, Q. T. K., and A. M. Rugman. 2015. “Internal Equity Financing and the Performance of Multinational Subsidiaries in Emerging Economies.” Journal of International Business Studies 46 (4): 468–490. doi:10.1057/jibs.2014.64.
  • Nguyen, Q. T. K., and P. Almodóvar. 2018. “Export Intensity of Foreign Subsidiaries of Multinational Enterprises: The Role of Trade Finance Availability.” International Business Review 27 (1): 231–245. doi:10.1016/j.ibusrev.2017.07.004.
  • OECD. 2009. Policy Responses to the Economic Crisis: Investing in Innovation for Long-Term Growth. Paris: OECD.
  • OECD. 2014. Financing SMEs and Entrepreneurs 2014: An OECD Scoreboard. Paris: OECD.
  • OECD. 2021. Enterprises by Business Size (Indicator). Paris: OECD. doi:10.1787/31d5eeaf-en.
  • Paunov, C. 2012. “The Global Crisis and Firms’ Investments in Innovation.” Research Policy 41 (1): 24–35. doi:10.1016/j.respol.2011.07.007.
  • Pfaffermayr, M., and C. Bellak. 2002. “Why Foreign-Owned Firms are Different: A Conceptual Framework and Empirical Evidence for Austria.” In Foreign-Owned Firms: Are They Different?, edited by R. Jungnickel, 13–57. Basingstoke, UK and New York: Palgrave Macmillan.
  • Roodman, D. 2009. “A Note on the Theme of Too Many Instruments.” Oxford Bulletin of Economics and Statistics 71 (1): 135–158. doi:10.1111/j.1468-0084.2008.00542.x.
  • Vithessonthi, C., and J. Tongurai. 2015. “The Effect of Firm Size on the Leverage–Performance Relationship during the Financial Crisis of 2007–2009.” Journal of Multinational Financial Management 29: 1–29. doi:10.1016/j.mulfin.2014.11.001.
  • Wald, J. K. 1999. “How Firm Characteristics Affect Capital Structure: An International Comparison.” Journal of Financial Research 22 (2): 161–187. doi:10.1111/j.1475-6803.1999.tb00721.x.
  • Windmeijer, F. 2005. “A Finite Sample Correction for the Variance of Linear Efficient Two-Step GMM Estimators.” Journal of Econometrics 126 (1): 25–51. doi:10.1016/j.jeconom.2004.02.005.
  • Wiwattanakantang, Y. 1999. “An Empirical Study on the Determinants of the Capital Structure of Thai Firms.” Pacific-Basin Finance Journal 7 (3–4): 371–403. doi:10.1016/S0927-538X(99)00007-4.
  • Wooldridge, J. M. 2009. “On Estimating Firm-Level Production Functions Using Proxy Variables to Control for Unobservables.” Economics Letters 104 (3): 112–114. doi:10.1016/j.econlet.2009.04.026.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.