Credit constraints and spillovers from foreign firms in China
This paper examines whether credit constraints affect Chinese firms’ absorption of productivity spillovers originating from the activity of foreign-owned firms. Using firm-level data for 2001–2005, we find evidence of positive spillovers originating from foreign-owned firms from countries other than...
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| Format: | Article |
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Elsevier
2014
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| Online Access: | https://eprints.nottingham.ac.uk/29843/ |
| _version_ | 1848793863437680640 |
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| author | Agarwal, Natasha Milner, Chris Riaño, Alejandro |
| author_facet | Agarwal, Natasha Milner, Chris Riaño, Alejandro |
| author_sort | Agarwal, Natasha |
| building | Nottingham Research Data Repository |
| collection | Online Access |
| description | This paper examines whether credit constraints affect Chinese firms’ absorption of productivity spillovers originating from the activity of foreign-owned firms. Using firm-level data for 2001–2005, we find evidence of positive spillovers originating from foreign-owned firms from countries other than Hong Kong, Macau and Taiwan for non-state owned Chinese firms operating in the same industry and province. Using an index of external finance dependence to measure credit constraints, we find that only non-state-owned firms operating in industries with external finance dependence below the index median exhibit significantly positive spillovers from the activity of foreign firms. |
| first_indexed | 2025-11-14T19:07:03Z |
| format | Article |
| id | nottingham-29843 |
| institution | University of Nottingham Malaysia Campus |
| institution_category | Local University |
| last_indexed | 2025-11-14T19:07:03Z |
| publishDate | 2014 |
| publisher | Elsevier |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | nottingham-298432020-05-04T16:43:09Z https://eprints.nottingham.ac.uk/29843/ Credit constraints and spillovers from foreign firms in China Agarwal, Natasha Milner, Chris Riaño, Alejandro This paper examines whether credit constraints affect Chinese firms’ absorption of productivity spillovers originating from the activity of foreign-owned firms. Using firm-level data for 2001–2005, we find evidence of positive spillovers originating from foreign-owned firms from countries other than Hong Kong, Macau and Taiwan for non-state owned Chinese firms operating in the same industry and province. Using an index of external finance dependence to measure credit constraints, we find that only non-state-owned firms operating in industries with external finance dependence below the index median exhibit significantly positive spillovers from the activity of foreign firms. Elsevier 2014-02-12 Article PeerReviewed Agarwal, Natasha, Milner, Chris and Riaño, Alejandro (2014) Credit constraints and spillovers from foreign firms in China. Journal of Banking & Finance, 48 . pp. 261-275. ISSN 0378-4266 Foreign direct investment; Knowledge spillovers; Credit constraints; China http://www.sciencedirect.com/science/article/pii/S0378426614000508 doi:10.1016/j.jbankfin.2014.01.036 doi:10.1016/j.jbankfin.2014.01.036 |
| spellingShingle | Foreign direct investment; Knowledge spillovers; Credit constraints; China Agarwal, Natasha Milner, Chris Riaño, Alejandro Credit constraints and spillovers from foreign firms in China |
| title | Credit constraints and spillovers from foreign firms in China |
| title_full | Credit constraints and spillovers from foreign firms in China |
| title_fullStr | Credit constraints and spillovers from foreign firms in China |
| title_full_unstemmed | Credit constraints and spillovers from foreign firms in China |
| title_short | Credit constraints and spillovers from foreign firms in China |
| title_sort | credit constraints and spillovers from foreign firms in china |
| topic | Foreign direct investment; Knowledge spillovers; Credit constraints; China |
| url | https://eprints.nottingham.ac.uk/29843/ https://eprints.nottingham.ac.uk/29843/ https://eprints.nottingham.ac.uk/29843/ |