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Do investments in human and physical capital respond differently to financing constraints?

Using a representative sample of European firms, we study whether financing constraints affect employers’ investments in employee training and physical capital differently. We measure financing constraints with an index that combines survey and balance sheet data. We instrument this index with the n...

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Autores principales: Brunello, Giorgio, Gereben, Áron, Rückert, Désirée, Weiss, Christoph, Wruuck, Patricia
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Springer International Publishing 2022
Materias:
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9056112/
https://www.ncbi.nlm.nih.gov/pubmed/35528701
http://dx.doi.org/10.1186/s41937-022-00090-8
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author Brunello, Giorgio
Gereben, Áron
Rückert, Désirée
Weiss, Christoph
Wruuck, Patricia
author_facet Brunello, Giorgio
Gereben, Áron
Rückert, Désirée
Weiss, Christoph
Wruuck, Patricia
author_sort Brunello, Giorgio
collection PubMed
description Using a representative sample of European firms, we study whether financing constraints affect employers’ investments in employee training and physical capital differently. We measure financing constraints with an index that combines survey and balance sheet data. We instrument this index with the non-performing loans ratio of the bank that provided the last loan to the firms or with the average ratio of banks in the local area. We find that financing constraints have no effect on investment in training, but substantially reduce investment in physical capital.
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spelling pubmed-90561122022-05-02 Do investments in human and physical capital respond differently to financing constraints? Brunello, Giorgio Gereben, Áron Rückert, Désirée Weiss, Christoph Wruuck, Patricia Swiss J Econ Stat Original Article Using a representative sample of European firms, we study whether financing constraints affect employers’ investments in employee training and physical capital differently. We measure financing constraints with an index that combines survey and balance sheet data. We instrument this index with the non-performing loans ratio of the bank that provided the last loan to the firms or with the average ratio of banks in the local area. We find that financing constraints have no effect on investment in training, but substantially reduce investment in physical capital. Springer International Publishing 2022-05-01 2022 /pmc/articles/PMC9056112/ /pubmed/35528701 http://dx.doi.org/10.1186/s41937-022-00090-8 Text en © The Author(s) 2022 https://creativecommons.org/licenses/by/4.0/Open AccessThis article is licensed under a Creative Commons Attribution 4.0 International License, which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons licence, and indicate if changes were made. The images or other third party material in this article are included in the article's Creative Commons licence, unless indicated otherwise in a credit line to the material. If material is not included in the article's Creative Commons licence and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. To view a copy of this licence, visit http://creativecommons.org/licenses/by/4.0/ (https://creativecommons.org/licenses/by/4.0/) .
spellingShingle Original Article
Brunello, Giorgio
Gereben, Áron
Rückert, Désirée
Weiss, Christoph
Wruuck, Patricia
Do investments in human and physical capital respond differently to financing constraints?
title Do investments in human and physical capital respond differently to financing constraints?
title_full Do investments in human and physical capital respond differently to financing constraints?
title_fullStr Do investments in human and physical capital respond differently to financing constraints?
title_full_unstemmed Do investments in human and physical capital respond differently to financing constraints?
title_short Do investments in human and physical capital respond differently to financing constraints?
title_sort do investments in human and physical capital respond differently to financing constraints?
topic Original Article
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9056112/
https://www.ncbi.nlm.nih.gov/pubmed/35528701
http://dx.doi.org/10.1186/s41937-022-00090-8
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