Article ID Journal Published Year Pages File Type
960966 Journal of Financial Intermediation 2014 25 Pages PDF
Abstract
Using a unique survey database of 8265 firms from 25 transition economies, I find that lack of access to finance in general, and to bank credit in particular, is associated with significantly lower investment in on-the-job training. This effect is stronger in education-intensive industries and in industries facing good global growth opportunities. To address endogeneity issues, I use the structure of local credit markets as an instrument for credit constraints at the firm-level. In addition, in panel estimates, I control for the presence of unobserved firm-level heterogeneity, as well as for changes in macroeconomic conditions.
Related Topics
Social Sciences and Humanities Business, Management and Accounting Strategy and Management
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