کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5089091 1478336 2014 15 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Corporate financial structure, misallocation and total factor productivity
ترجمه فارسی عنوان
ساختار مالی شرکتی، اشتباه و بهره وری کل عوامل
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی
This paper studies the quantitative relevance of the cross-sectional dispersion of corporate financial structure in explaining the intra-industry allocation efficiency of productive factors. I solve a heterogeneous firms model with financial constraints and distortions to the marginal rental-rate of capital, and develop a measure for the intra-industry misallocation of factors of production. The distribution of capital rental rate and two types of firm-level balance sheet characteristics (pledgeability and liquid asset positions) determine the extent of misallocation and industry level total factor productivity (TFP). I calibrate the model using firm-level balance sheet data from seven major industry clusters of the US economy. The counterfactual policy experiments show that weakening the observed balance sheet positions for financially constrained firms leads to a reallocation of production factors from firms with high cost distortions to firms with low cost distortions and cause quantitatively important industry level TFP losses.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Banking & Finance - Volume 39, February 2014, Pages 177-191
نویسندگان
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