Local financial development and firm performance: Evidence from Morocco

• 成果类型: Article
• 署名作者: Fafchamps, Marcel; Schuendeln, Matthias
• 署名单位: University of Oxford; Goethe University Frankfurt
• 刊物名称: JOURNAL OF DEVELOPMENT ECONOMICS
• ISSN/ISSBN: 0304-3878
• DOI: 10.1016/j.jdeveco.2013.01.010
• 发表日期: 2013
• 页码: 15-28
• 关键词: manufacturing; Credit constraint; firm size

摘要

Combining data from the Moroccan census of manufacturing enterprises with information from a commune survey, we test whether firm expansion is affected by local financial development. Our findings are consistent with this hypothesis: local bank availability is robustly associated with faster growth for small and medium-size firms in sectors with growth opportunities, with a lower likelihood of firm exit and a higher likelihood of investment. Regarding the channel, the evidence suggests that, over the study period, access to credit was used by pre-existing Moroccan firms to mobilize investment funds, with some evidence that they were partly used towards reducing labor costs. (C) 2013 Elsevier B.V. All rights reserved.