This study investigates the triangular relationship among state–business relations, financial access and economic performance in the Middle East and North Africa. We hypothesize that financial intermediation is a significant mediating factor in the relationship between state–business relations and firm performance. Employing a causal mediation analysis, results show that inefficient ties with the state are a cause of poor firm performance. Inefficient state–business relations reduce firm performance by 2.3 to 4.4 per cent through access to finance and by 12 to 40 per cent via its direct effect. About 3 to 16 per cent of the total effect is mediated through financial access, while the remaining is the direct effect. © 2020 John Wiley & Sons, Ltd.

中文翻译：

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国家与企业关系，财务准入和企业绩效：因果中介分析

这项研究调查了中东和北非国家与企业关系，金融准入和经济绩效之间的三角关系。我们假设金融中介是州与企业关系与公司绩效之间关系的重要中介因素。使用因果中介分析，结果表明与国家的无效联系是企业绩效不佳的原因。效率低下的州与企业之间的关系通过获得融资将企业绩效降低了2.3％至4.4％，而通过直接影响则使企业绩效降低了12％至40％。总影响中约有3％至16％是通过资金获取来调节的，而其余的是直接影响。分级为4 +©2020 John Wiley＆Sons，Ltd.