Small and vulnerable: SME productivity in the great productivity slowdown

• 成果类型: Article
• 署名作者: Chen, Sophia; Lee, Do
• 署名单位: International Monetary Fund; New York University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2022.09.007
• 发表日期: 2023
• 页码: 49-74
• 关键词: Credit constraint; Global financial crisis; PRODUCTIVITY; Intangible capital; SME

摘要

We show that the TFP growth of European micro, small, and medium-sized firms (SMEs) diverged from large firms after the global financial crisis. The average postcrisis TFP growth of medium-sized, small, and micro firms was, respectively, 1.1, 2.9, and 5.4 percentage points lower than that of large firms. This SME productivity gap is larger for firms with more severe credit supply shocks. The gap is partially attributable to a larger postcrisis reduction in intangible capital at SMEs than at large firms. Horseraces suggest that SME indicators are more robust and more powerful predictors of postcrisis TFP growth than other indicators.(c) 2022 International Monetary fund. Published by Elsevier B.V.