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Does financing spur small business productivity? : evidence from a natural experiment

Author: Karthik Krishnan; Debarshi Nandy; Manju Puri; National Bureau of Economic Research,
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2014.
Series: Working paper series (National Bureau of Economic Research), no. 20149.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
We analyze how increased access to financing affects firm total factor productivity (TFP) by exploiting a natural experiment following interstate banking deregulations which increased access to bank financing. We find that firms' TFP increases after their states implement these deregulations. Using a regression discontinuity approach based on Small Business Administration's funding eligibility criteria, we show that  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Karthik Krishnan; Debarshi Nandy; Manju Puri; National Bureau of Economic Research,
OCLC Number: 881739980
Notes: "May 2014"
Description: 1 online resource (33 numbered pages, 20 unnumbered pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 20149.
Responsibility: Karthik Krishnan, Debarshi Nandy, Manju Puri.

Abstract:

We analyze how increased access to financing affects firm total factor productivity (TFP) by exploiting a natural experiment following interstate banking deregulations which increased access to bank financing. We find that firms' TFP increases after their states implement these deregulations. Using a regression discontinuity approach based on Small Business Administration's funding eligibility criteria, we show that TFP increases following the deregulations are significantly greater for financially constrained firms. Our results suggest that greater access to financing allows financially constrained firms to invest in productive projects that may otherwise not be taken up.

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