Productivity, Profitability and Performance: Introduction to Issues for Cash Flow and Productivity

Walters, David; Laffy, Dominic

doi:10.1007/978-1-349-24621-2_2

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“…The results in the GMM, FGLS, and OLS models (see Table 3, Columns 1, 2, and 3) show that the net cash flow has a significant positive correlation with labor productivity of manufacturing enterprises. Bulk of empirical study pointed out that there exists a bidirectional effect between cash flow and productivity (Xiang & Wei, 2014;Papadakis, 1996;Walters & Laffy, 1996).…”

Section: How Does the Enterprise Productivity Change With Cash Flow?mentioning

confidence: 99%

The Impact of Internal Financing on Productivity―An Empirical Study on Chinese Listed Manufacturing Firms

Liu¹,

Li²,

Xu³

2018

JEW

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Using a panel of 1,747 Chinese manufacturing firms over the period of 2001 to 2016, we examine how internal financing affects labour productivity. Value-added revenue over total employees and total factor productivity are used as proxy for labour productivity. Different regressions models including OLS, FGLS, and GMM have been implemented to conduct the empirical analysis. The results show that internal financing has positive effect on firms' productivity as a whole. What is more, whether the firms have state-owned property or not differentiates the explanation of cash-flow boosted productivity improvement as well as equity-boosted productivity improvement. This paper further took firms' location and the effect financial crisis into consideration. It discovered that the degree of regional development, which is measured by nominal GDP, has significant positive impact on labour productivity, especially for state-owned enterprises (SOEs). The 2008 financial crisis is found to have a positive influence on after-crisis labour productivity. We believe this paper shed light on firms' after-crisis financing management and government policies to improve the financing structure in the manufacturing sector.

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Section: How Does the Enterprise Productivity Change With Cash Flow?mentioning

confidence: 99%

The Impact of Internal Financing on Productivity―An Empirical Study on Chinese Listed Manufacturing Firms

Liu¹,

Li²,

Xu³

2018

JEW

View full text Add to dashboard Cite

show abstract

Productivity, Profitability and Performance: Introduction to Issues for Cash Flow and Productivity

Cited by 1 publication

References 0 publications

The Impact of Internal Financing on Productivity―An Empirical Study on Chinese Listed Manufacturing Firms

The Impact of Internal Financing on Productivity―An Empirical Study on Chinese Listed Manufacturing Firms

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