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Global value chains, financial constraints, and innovation
Small Business Economics ( IF 7.096 ) Pub Date : 2022-09-26 , DOI: 10.1007/s11187-022-00685-8
Rawan Elshaarawy, Riham A. Ezzat

This paper analyzes the effect of firms engaging in global value chains (GVCs) and suffering from financial constraints on innovation. To explore this relationship, this study relies on firm-level data from World Bank Enterprise Surveys (WBES) for 146 countries during the period between 2006 and 2020. The aim of this paper is to empirically link two literature strands, the one of GVC participation and that of financial constraints, and to examine their individual effects, in addition to the effect of their interaction on innovation. Extended probit model is used to account for the endogeneity problem that may arise when studying the effect of GVC participation and financial constraints on innovation, by using a set of instrumental variables. This paper controls for heterogeneity among firms (by country, region, and industry), firms’ characteristics, reverse causality, and sample selection. The results of this paper show that financial constraints impede firms’ probability of innovation even if the firm is participating in GVC. This means that the negative effects of financial constraints outweigh the positive effects of GVC participation on innovation.



中文翻译:

全球价值链、财务约束和创新

本文分析了参与全球价值链 (GVC) 并遭受财务限制的企业对创新的影响。为了探索这种关系,本研究依赖于 2006 年至 2020 年期间来自 146 个国家的世界银行企业调查 (WBES) 的公司层面数据。本文的目的是实证地将两个文献链联系起来,即参与 GVC和财务约束,并检查它们的个体效应,以及它们相互作用对创新的影响。扩展概率模型用于通过使用一组工具变量来解释在研究 GVC 参与和财务约束对创新的影响时可能出现的内生性问题。本文控制了公司之间的异质性(按国家、地区和行业),企业特征、反向因果关系和样本选择。本文的结果表明,即使公司参与了全球价值链,财务约束也会阻碍公司创新的可能性。这意味着金融约束的负面影响超过了全球价值链参与对创新的正面影响。

更新日期:2022-09-27
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