This paper proposes one measure for the productivity of banks and studies how it affects the sensitivity of a client … firm's capital investment with respect to investment opportunity. As a direct measure for the productivity of banks, we … (Financial Intermediation Services Indirectly Measured) concept, per its operating cost. We combine such productivity panel …

and older vintages of fixed capital. To restore economic dynamism, Japan must encourage productivity growth. Using panel … quality of labor and capital that influence productivity. Our research contributes three significant findings. (1) The older … the average age of a firm’s employees or the longer their seniority, the higher the firms productivity growth, but it is …