Creditor Rights, Technology Adoption, and Productivity: Plant-Level Evidence

• 成果类型: Article
• 署名作者: Ersahin, Nuri
• 署名单位: Michigan State University
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhaa038
• 发表日期: 2020
• 页码: 5784
• 关键词: information-technology; INVESTMENT EVIDENCE; access; determinants; reallocation; ENFORCEMENT; constraints; INNOVATION; finance; WORKER

摘要

I use U.S. Census microdata to analyze the effect of stronger creditor rights on productivity. Following the adoption of antirecharacterization laws that give lenders greater access to the collateral of firms in financial distress, treated plants' total factor productivity increases by 2.6%. This effect is concentrated among plants belonging to financially constrained firms. I explore the underlying mechanism and find that treated plants change the composition of their investments and their workforce toward newer capital and skilled labor. My results suggest that stronger creditor rights relax borrowing constraints and help firms adopt more efficient production technologies.