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Finance, Managerial Inputs, and Misallocation
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DOI：10.1257/aeri.20220285.png)
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Abstract
En 中文
In standard macrofinance models, financial constraints mainly affect mechanism, and the dispersion of marginal revenue product of capital (MRPK) of a firm cohort is less persistent than in the data. We extend a standard model by allowing firms to hire managers, and large firms hire disproportionately more managers, consistent with persist, and even large firms are likely to be constrained. The productivity loss from financial frictions is also substantially amplified.
Keywords:
AGGREGATE PRODUCTIVITY
QUANTITATIVE-ANALYSIS
MANAGEMENT-PRACTICES
POLICY DISTORTIONS
FIRMS
DYNAMICS
INNOVATION
SELECTION
Journal
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11.6
Papers:
5.0K
Citations:
7.5W
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Misallocation, Selection, and Productivity: A Quantitative Analysis With Panel Data From China.png)
ECONOMETRICA
OAAI
ECONOMETRICAIF7.1
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