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

Ersahin, Nuri

doi:10.2139/ssrn.2953718

Cited by 6 publications

(4 citation statements)

References 16 publications

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“…7 Regarding the legal determinants of economic outcomes in development, Djankov et al (2008), as mentioned, indicate that there is a strong association between the efficiency of bankruptcy procedures and per capita income. Further, the aforementioned empirical works of Ponticelli and Alencar (2016) and Erashin (2020) illustrate that the strengthening of creditor protection in bankruptcy procedures could have a positive impact on investment and productivity, respectively. 8 However, other empirical studies such as Acharya and Subramanian (2009) and Acharya et al (2011) show that stronger creditor rights could have an adverse effect by reducing firms' risk-taking and investment into innovation.…”

Section: Related Literaturementioning

confidence: 99%

“…Ponticelli and Alencar (2016) show that a bankruptcy reform that increased creditors' protection in Brazil increased firms' access to finance and investment when the quality of court enforcement was high. Erashin (2020) shows that the strengthening of creditor rights in bankruptcy increased firms' productivity in the US, by prompting them to invest in new capital and information technology.…”

Section: Introductionmentioning

confidence: 99%

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Bankruptcy costs, idiosyncratic risk, and long-run growth

Acosta‐Ormaechea

Morozumi²

2022

Macroecon. Dynam.

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This paper analyzes how idiosyncratic risk, measured by the variance of firm-level idiosyncratic shocks, affects long-run growth when bankruptcy costs are present. These costs are incurred by creditors during the bankruptcy procedure of failing firms. In an endogenous growth model with bankruptcy costs where firms privately observe the outcome of idiosyncratic shocks, an increase in idiosyncratic risk reduces long-run growth. This happens because, when bankruptcy costs are present, higher idiosyncratic risk enlarges the wedge between the rental rate of capital and its marginal product, thereby slowing down capital accumulation. This growth-reducing effect of idiosyncratic risk is stronger when bankruptcy costs are higher. Empirical support for these propositions is provided in a growth regression that exploits cross-country variations in the dispersion of firms’ real sales growth as a proxy for idiosyncratic risk along with recovery rates as a measure that proxies the inverse of bankruptcy costs.

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Section: Related Literaturementioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Bankruptcy costs, idiosyncratic risk, and long-run growth

Acosta‐Ormaechea

Morozumi²

2022

Macroecon. Dynam.

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“…Diğer taraftan, literatürde uluslararası yönetişimle Ar-Ge harcamaları arasındaki ilişki incelenmiş ve yönetişim kalitesinin Ar-Ge harcamalarını etkilediği gösterilmiştir (Pindado ve diğerleri, 2015;Rapp ve diğerleri, 2017;Alam ve diğerleri, 2019;Rodrigues ve diğerleri, 2020). Ayrıca, uluslararası alacaklı hakları ile Ar-Ge harcamaları arasında da ülkelerin finansal sistemlerine göre farklı sonuçlar bulunmaktadır (Seifert ve Gonenc, 2012;Ersahin, 2020).…”

Section: Ar-ge Harcamalarıunclassified

The Impact of the Global Financial Crisis on Adjustment Speed of Research-Development Expenses

Tekin

Polat

2021

Verimlilik Dergisi

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Verimlilik artışını uzun vadede etkileyen Araştırma-Geliştirme (Ar-Ge) yatırımları hem şirketler hem de ülkeler düzeyinde son derece önemlidir. Küresel Finansal Kriz gibi ekonomik belirsizliğin arttığı bir dönemde firmaların yatırım kararları da bu belirsizlikten etkilenmektedir. Bu çalışmanın amacı, 2008Bu çalışmanın amacı, -2009 Küresel Finansal Krizinin Borsa İstanbul'da listelenen şirketlerin, Ar-Ge harcamalarının ayarlama hızlarını nasıl değiştirdiğini analiz etmektir. Yöntem: Veri seti Thomson Reuters Datastream veri tabanından yıllık olarak çekilmiştir. Firma düzeyinde oluşturulan panel veri 908 şirket-yılını kapsamaktadır. Geliştirilmiş Momentler Metodu (GMM) yardımıyla içsellik problemi en aza indirgenmeye çalışılmıştır. Bulgular: 2003-2018 yılları için şirketlerin Ar-Ge harcamaları ayarlama hızlarının nispeten yavaş olduğu görülmüştür. Bununla birlikte, şirketler Küresel Finansal Kriz sonrasında Ar-Ge harcamaları ayarlama hızlarını artırmışlardır. Genel olarak, zaman içinde Ar-Ge harcamalarını optimal bir düzeye getirmek isteyen şirket sahipleri ve yöneticileri ayarlama maliyetlerini ve belirsizliğin arttığı finansal krizleri göz önünde bulundurmalıdırlar. Özgünlük: Bu çalışma Borsa İstanbul'da listelenen şirketlerin ilk kez Ar-Ge ayarlama hızlarını hesaplayarak kriz dönemi gibi belirsizlik dönemini de kapsayarak literatüre katkıda bulunmaktadır.

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“…In most tests, employment is measured as the three-year average change in employment expenditures (salaries and wages, i.e., payroll) scaled by the lagged plant-level capital stock. Plant-level capital stock is estimated using the perpetual inventory method following Brav et al (2015), and described in detail in Ersahin (2018). At the firm level, employment expenditures are summed across all of the firm's plants.…”

Section: Datamentioning

confidence: 99%

Do Short-Term Incentives Affect Long-Term Productivity?

et al. 2019

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The research program of the Center for Economic Studies (CES) produces a wide range of economic analyses to improve the statistical programs of the U.S. Census Bureau. Many of these analyses take the form of CES research papers. The papers have not undergone the review accorded Census Bureau publications and no endorsement should be inferred. Any opinions and conclusions expressed herein are those of the author(s) and do not necessarily represent the views of the U.S. Census Bureau. All results have been reviewed to ensure that no confidential information is disclosed. Republication in whole or part must be cleared with the authors. To obtain information about the series, see www.census.gov/ces or contact

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

Cited by 6 publications

References 16 publications

Bankruptcy costs, idiosyncratic risk, and long-run growth

Bankruptcy costs, idiosyncratic risk, and long-run growth

The Impact of the Global Financial Crisis on Adjustment Speed of Research-Development Expenses

Do Short-Term Incentives Affect Long-Term Productivity?

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