Although it is widely accepted that financial development is associated with higher growth, the evidence on the channels through which credit affects growth at the microeconomic level is scant. Using data from a cross section of Bulgarian firms, we estimate the impact of access to credit, as...

This paper examines the impact of regulatory reform on productivity growth and its components for Indian banks from 1992 to 2009. We estimate parametric and nonparametric efficiency frontiers, followed by Divisia and Malmquist indexes of total factor productivity, respectively. To account for...

This paper advances the study of Fiordelisi and Molyneux (2010) by examining the shareholder value efficiency and its determinants for a large sample of Japanese banks between 1999 and 2011. A new, specifically tailored measure of the Economic Value Added approach, based on the shadow price of...

A quantitative investigation of financial intermediation in the United States over the past 130 years yields the following results: (i) the finance industry's share of gross domestic product (GDP) is high in the 1920s, low in the 1960s, and high again after 1980; (ii) most of these variations can be...

This paper uses dynamic panel estimation approaches to investigate the relationship between shareholder value and efficiency for a large sample of commercial banks in 14 Asia-Pacific economies between 2003 and 2010. In general, the results indicate that shareholder value is positively linked to...

Policies that spur more efficient corporate restructuring can revive productivity growth by targeting three inter-related sources of labour productivity weakness: the survival of “zombie” firms (low productivity firms that would typically exit in a competitive market), capital misallocation...

We examine the relationship between lax monetary policy, access to high-yield bond markets and productivity in the US between 2008 and 2016. Using monetary policy surprises, obtained from changes in interest rates futures in narrow windows around FOMC announcements, we isolate the increased...

The purpose of this paper is to estimate a model that incorporates the effects of financial decisions on production, profitability, and productivity growth. Asymmetric information generates agency costs of debt and signaling benefits of dividends which then influence production decisions. The...

Ce modèle étudie les effets joints de l'irréversibilité et des coûts de faillite sur la décision d'investissement. Les coûts de faillite supportés par le prêteur accentuent son conflit d'intérêt avec l'emprunteur: il est principalement concerné par la partie basse de la distribution...

Firms undertaking innovative activities typically hold a larger share of immaterial assets and have a different capital structure. Differences in the propensity to innovate are likely to translate in different TFP levels. We use data on a panel of firms to study the relationship between firms'...