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Using a representative sample of European firms, this paper studies whether and to what extent financing constraints affect employers' decisions to invest in employee training. It combines survey data on investment activities with administrative data on financial statements to develop an index of financing constraints. It estimates that a 10 percent increase in this index reduces investment in training as a share of fixed assets by 2.9 to 4.5 percent and investment in training per employee by 1.8 to 2.5 percent. The paper documents that lower investment in training reduces productivity, and show that firms facing tighter financing constraints cut back the investment in training and tangible assets less than investment in R & D and software and data.
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Using a representative sample of European firms, this paper studies whether and to what extent financing constraints affect employers' decisions to invest in employee training. It combines survey data on investment activities with administrative data on financial statements to develop an index of financing constraints. It estimates that a 10 percent increase in this index reduces investment in training as a share of fixed assets by 2.9 to 4.5 percent and investment in training per employee by 1.8 to 2.5 percent. The paper documents that lower investment in training reduces productivity, and show that firms facing tighter financing constraints cut back the investment in training and tangible assets less than investment in R & D and software and data.
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Using macro and firm-level data, this paper investigates the complementarities between investment in different types of tangible assets such as machinery and buildings, and intangible assets such as software, training of employees, and business process improvements. It finds that investment in different assets types tends to be complementary, improving firm performance. Policy measures should address investment bottlenecks arising from market imperfections, while leaving it to the firm to find the most appropriate mix of assets.
Business & Economics / Free Enterprise & Capitalism --- Economics --- Economic theory --- Political economy --- Social sciences --- Economic man
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Deutsch.
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Deutsch.
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German poetry
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German poetry.
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Geschichte (Motiv).
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Geschichte
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Littérature allemande --- Sturm und Drang. --- Histoire et critique --- Lenz, Ja* --- Lenz, Jakob Michael Reinhold, --- critique et interprétation. --- Critique et interprétation.
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Using a new survey, we show that the dispersion of marginal products across firms in the European Union is about twice as large as that in the United States. Reducing it to the US level would increase EU GDP by more than 30 percent. Alternatively, removing barriers between industries and countries would raise EU GDP by at least 25 percent. Firm characteristics, such as demographics, quality of inputs, utilization of resources, and dynamic adjustment of inputs, are predictors of the marginal products of capital and labor. We emphasize that some firm characteristics may reflect compensating differentials rather than constraints and the effect of constraints on the dispersion of marginal products may hence be smaller than has been assumed in the literature. We also show that cross-country differences in the dispersion of marginal products are more due to differences in how the business, institutional and policy environment translates firm characteristics into outcomes than to the differences in firm characteristics per se.
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Egyptian firms face significant access to finance constraints. Using panel data, this paper examines the reasons why many Egyptian firms do not use formal banking services. Using data on the location of firms and bank branches, it also investigates whether access to finance constraints are linked to the crowding-out effect of bank investments in government debt.