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Firm Productivity, innovation and Financial Development
Geneviève VerdierErasmus KerstingMs. Era Dabla-Norris
出版International Monetary Fund, 2010-02-01
主題Business & Economics / Economics / MacroeconomicsBusiness & Economics / Economics / GeneralBusiness & Economics / International / Economics
ISBN145198720X9781451987201
URLhttp://books.google.com.hk/books?id=3nrUP4fJYVYC&hl=&source=gbs_api
註釋How do firm-specific actions-in particular, innovation-affect firm productivity? And what is the role of the financial sector in facilitating higher productivity? Using a rich firm-level dataset, we find that innovation is crucial for firm performance as it directly and measurably increases productivity. Moreover, its effects on productivity are mediated through the financial sector; firms reap the maximum benefits from innovation in countries with well-developed financial sectors. This effect is particularly important for firms in high-tech sectors, which typically have higher external financing needs.