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  • 1
    Online Resource
    Online Resource
    Corruption, The Business Environment, And Small Business Growth In India (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (31 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Honorati, Maddalena Corruption, The Business Environment, And Small Business Growth In India
    Keywords: Access to Finance ; Credit rationing ; Econometrics ; Economic Development ; Economic Growth ; Economic growth ; Environment ; Environmental Economics and Policies ; Finance and Financial Sector Development ; Labor Markets ; Labor Policies ; Labor markets ; Macroeconomics and Economic Growth ; Political Economy ; Productivity growth ; Property rights ; Social Protections and Labor ; Wage Differentials ; Wage rates ; Access to Finance ; Credit rationing ; Econometrics ; Economic Development ; Economic Growth ; Economic growth ; Environment ; Environmental Economics and Policies ; Finance and Financial Sector Development ; Labor Markets ; Labor Policies ; Labor markets ; Macroeconomics and Economic Growth ; Political Economy ; Productivity growth ; Property rights ; Social Protections and Labor ; Wage Differentials ; Wage rates ; Access to Finance ; Credit rationing ; Econometrics ; Economic Development ; Economic Growth ; Economic growth ; Environment ; Environmental Economics and Policies ; Finance and Financial Sector Development ; Labor Markets ; Labor Policies ; Labor markets ; Macroeconomics and Economic Growth ; Political Economy ; Productivity growth ; Property rights ; Social Protections and Labor ; Wage Differentials ; Wage rates
    Abstract: This paper estimates a dynamic business growth equation on a sample of small-scale manufacturers. The results suggest that excessive labor regulation, power shortages, and problems of access to finance are significant influences on industrial growth in India. The expected annual sales growth rate of an enterprise is lower where labor regulation is greater, power shortages are more severe, and cash flow constraints are stronger. The effects of each of the three factors on business growth seem also to depend on a fourth element, namely, corruption. Specifically, labor regulation affects the growth only of enterprises for which corruption is not a factor in business decisions. By contrast, power shortages seem to be a drag on the growth only of enterprises self-reportedly held back by corruption. Lastly, sales growth is constrained by cash flow only in businesses that are not affected by labor regulation, power shortages, or corruption. The analysis uses corruption as a proxy for the quality of "property rights institutions" and considers labor regulation and small business financing as instances of "contracting institutions." The findings on the interaction between corruption and other aspects of business environment then seems to indicate that the quality of property rights institutions exerts more abiding influence on economic outcomes than the quality of contracting institutions. Moreover, there might also be a hierarchy among contracting institutions in their effect on manufacturing growth
    URL: Volltext  (Deutschlandweit zugänglich)
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    MPI Ethno. Forsch.
  • 2
    Online Resource
    Online Resource
    Corruption, Business Environment, And Small Business Fixed Investment In India (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (35 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Honorati, Maddalena Corruption, Business Environment, And Small Business Fixed Investment In India
    Keywords: Access to Finance ; Credit rationing ; Debt ; Economic Theory and Research ; Economic growth ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Finance and Financial Sector Development ; Labor Policies ; Labor markets ; Macroeconomics and Economic Growth ; Marginal cost ; Price elasticity of demand ; Private Sector Development ; Productivity growth ; Property rights ; Social Protections and Labor ; Tax rates ; Wage rates ; Access to Finance ; Credit rationing ; Debt ; Economic Theory and Research ; Economic growth ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Finance and Financial Sector Development ; Labor Policies ; Labor markets ; Macroeconomics and Economic Growth ; Marginal cost ; Price elasticity of demand ; Private Sector Development ; Productivity growth ; Property rights ; Social Protections and Labor ; Tax rates ; Wage rates ; Access to Finance ; Credit rationing ; Debt ; Economic Theory and Research ; Economic growth ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Finance and Financial Sector Development ; Labor Policies ; Labor markets ; Macroeconomics and Economic Growth ; Marginal cost ; Price elasticity of demand ; Private Sector Development ; Productivity growth ; Property rights ; Social Protections and Labor ; Tax rates ; Wage rates
    Abstract: This paper estimates a structural dynamic business investment equation and an error correction model of fixed assets growth on a sample of predominantly small and mid-size manufacturers in India. The results suggest that excessive labor regulation, power shortages, and problems of access to finance are all significant factors in industrial growth in the country. The estimated effects of labor regulation, power shortages and access to finance on the rate of business investment all vary by states' levels of industrial development and. Perhaps more importantly, they also depend on a fourth institutional factor, namely, corruption. The rate of fixed investment is significantly lower where power shortages are more severe and labor regulation is stronger over the full sample, but each of these impacts is also greater for businesses self-reportedly affected by corruption. Although access to finance does not seem to influence the rate of investment for most firms, there is evidence that investment decisions are constrained by cash flow in enterprises that are unaffected by corruption or power shortages. There are nuances to this story as we take into account regional specificity, but the key result always holds that labor regulation, power shortages and access to finance influence the rate of fixed investment in ways that depend on the incidence of corruption. In interpreting this finding, we would like to think of corruption as a proxy for the quality of property rights institutions in the sense of Acemoglu and Johnson (2005). On the other hand, we regard labor regulation and the financial environment of small businesses in India as instances of what Acemoglu and Johnson (2005) call 'contracting institutions'. The analysis finds that the interaction between corruption and other aspects of the institutional environment of fixed investment decisions could be seen consistent with the Acemoglu-Johnson view that the quality of property rights institutions exerts more abiding influence on economic outcomes than the quality of contracting institutions
    URL: Volltext  (Deutschlandweit zugänglich)
    Library Location Call Number Volume/Issue/Year Availability
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    Online Resource
    MPI Ethno. Forsch.
  • 3
    Online Resource
    Online Resource
    Informality Among Formal Firms : Firm-Level, Cross-Country Evidence On Tax Compliance And Access To Credit (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (37 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Gatti, Roberta Informality Among Formal Firms
    Keywords: Access To Credit ; Access To External Finance ; Access to Finance ; Balance Sheets ; Bankruptcy and Resolution of Financial Distress ; Banks ; Banks and Banking Reform ; Debt Markets ; Economic Theory and Research ; Exclusion ; External Finance ; Finance and Financial Sector Development ; Financial Institutions ; Financial Market ; International Bank ; Macroeconomics and Economic Growth ; Social Security ; Access To Credit ; Access To External Finance ; Access to Finance ; Balance Sheets ; Bankruptcy and Resolution of Financial Distress ; Banks ; Banks and Banking Reform ; Debt Markets ; Economic Theory and Research ; Exclusion ; External Finance ; Finance and Financial Sector Development ; Financial Institutions ; Financial Market ; International Bank ; Macroeconomics and Economic Growth ; Social Security ; Access To Credit ; Access To External Finance ; Access to Finance ; Balance Sheets ; Bankruptcy and Resolution of Financial Distress ; Banks ; Banks and Banking Reform ; Debt Markets ; Economic Theory and Research ; Exclusion ; External Finance ; Finance and Financial Sector Development ; Financial Institutions ; Financial Market ; International Bank ; Macroeconomics and Economic Growth ; Social Security
    Abstract: The authors use firm-level, cross-county data from Investment Climate surveys in 49 developing countries to investigate an important channel through which informality can affect productivity: access to credit and external finance. Informality is measured as self-reported lack of tax compliance in a sample of registered firms that also answered questions on a large set of other characteristics. The authors find that more tax compliance is significantly associated with more access to credit both in OLS and in country fixed effects estimates. In particular, the link between credit and formality is stronger in high-formality countries. This suggests that firms' balance sheets are relatively more informative for financial institutions in environments where signal extraction is a less noisy process. The authors' results are robust to the inclusion of a wide array of correlates and to two-stage estimation
    URL: Volltext  (Deutschlandweit zugänglich)
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    MPI Ethno. Forsch.
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