{"title":"Financial Constraints and Firm Productivity in Vietnamese Manufacturing Industries","authors":"X. Nguyen","doi":"10.1080/08853908.2023.2170931","DOIUrl":null,"url":null,"abstract":"ABSTRACT Financial constraint is detrimental to firm productivity but has been less explored in the literature. In this empirical study, I fill this gap by using a rich Vietnamese firm-level dataset for manufacturing firms over the period of 2010 to 2015 to estimate a total factor productivity (TFP) model augmented with financial factors. The estimation results indicate that sufficient internal financing and the development of the financial sector boost firm productivity, whereas the leverage ratio has a negative impact on firm productivity. I also provide the heterogeneous impact of financial development on firm productivity across different firm sizes as well as different trade modes.","PeriodicalId":35638,"journal":{"name":"International Trade Journal","volume":"37 1","pages":"331 - 343"},"PeriodicalIF":1.3000,"publicationDate":"2023-02-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Trade Journal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1080/08853908.2023.2170931","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
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Abstract
ABSTRACT Financial constraint is detrimental to firm productivity but has been less explored in the literature. In this empirical study, I fill this gap by using a rich Vietnamese firm-level dataset for manufacturing firms over the period of 2010 to 2015 to estimate a total factor productivity (TFP) model augmented with financial factors. The estimation results indicate that sufficient internal financing and the development of the financial sector boost firm productivity, whereas the leverage ratio has a negative impact on firm productivity. I also provide the heterogeneous impact of financial development on firm productivity across different firm sizes as well as different trade modes.
期刊介绍：
The International Trade Journal is a refereed interdisciplinary journal published for the enhancement of research in international trade. Its editorial objective is to provide a forum for the scholarly exchange of research findings in,and significant empirical, conceptual, or theoretical contributions to the field. The International Trade Journal welcomes contributions from researchers in academia as well as practitioners of international trade broadly defined.
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