این مقاله علمی پژوهشی (ISI) به زبان انگلیسی از نشریه الزویر مربوط به سال ۲۰۲۲ دارای ۱۳ صفحه انگلیسی با فرمت PDF می باشد در ادامه این صفحه لینک دانلود رایگان مقاله انگلیسی و بخشی از ترجمه فارسی مقاله موجود می باشد.
کد محصول: M1274
سال نشر: ۲۰۲۲
نام ناشر (پایگاه داده): الزویر
نام مجله: Journal of Development Economics
نوع مقاله: علمی پژوهشی (Research articles)
تعداد صفحه انگلیسی: ۱۳ صفحه PDF
عنوان کامل فارسی:
مقاله انگلیسی ۲۰۲۲ : تأثیر توسعه مالی بر برون سپاری و بهره وری کل
عنوان کامل انگلیسی:
Impact of financial development on outsourcing and aggregate productivity
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This study examines how costly financial contracting and weak contract enforcement influence firms’ outsourcing decisions. A multisector neoclassical model in which external investors can play a role in monitoring suppliers is developed. Financial development improves investors’ monitoring efficiency and encourages firms to outsource more production, particularly to suppliers that are more dependent on external finance. The global financial crisis is used along with firm-level data from the United Kingdom to provide causal evidence of this channel. The model is then calibrated to match the borrowing costs of 88 countries and is used to quantify the effects of financial development on total factor productivity. Setting borrowing costs to the level in the United States leads to an average 7 percent increase in aggregate productivity for these countries.
Keywords: Financial friction, Outsourcing, Productivity
Modern economies are characterized by the interdependence of production across firms. Firms outsource some of their production processes to external suppliers, who, in turn, outsource some of their production process to other suppliers. Financial frictions make it costly to obtain external finance and distort firms’ outsourcing decisions. For example, a firm that faces high costs from outsourcing financially dependent inputs may decide to purchase cheaper, but less suitable, substitutes or vertically integrate the production process and produce inputs in house. In an interdependent economy, such firmlevel distortions are amplified, leading to lower total factor productivity (TFP).
This study examines how costly financial contracting and weak contract enforcement influence firms’ outsourcing decisions. It develops a multisector neoclassical model in which firms outsource production to suppliers, and external investors can play a role in financing and monitoring suppliers. The model generates predictions about how the development of capital markets affects firms’ use of outsourcing and organization of production. I test these predictions by using firm-level data from the United Kingdom (UK). Then, I use a calibrated version of the model to quantify the impact of financial development on aggregate productivity…
In this study, I investigated the effects of financial development on outsourcing and the resulting implications on aggregate productivity and found two outcomes. First, using the 2008 financial crisis as a source of plausibly exogenous variation in credit supply, I provided causal evidence that financial development increases the outsourcing of firms. Specifically, I showed that the large credit contraction in 2008 disproportionately reduced outsourcing in firms whose suppliers were more dependent on external finance. The reason for this result was that credit contraction increased the cost of procuring financially dependent inputs, inducing firms to substitute outsourcing with in-house production. Second, I showed that financial and contracting frictions lower aggregate productivity through outsourcing to the extent that is relevant to the macro scale. In particular, I showed that setting the borrowing costs of 88 countries to the US level leads to an average 7 percent increase in aggregate productivity for these countries.
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