We analyse whether and to what extent the quality of regional institutions has a differential effect on firms’ growth driven by heterogeneity in firm value chain positioning. We analyse turnover growth during the period 2010–2013 for a sample of manufacturing firms located in four European countries—France, Germany, Italy and Spain. We distinguish final firms serving end markets from suppliers serving other firms. Our instrumental variable estimates point to high-quality regional institutions enhancing the growth performance of only locally embedded suppliers with operations confined to the own regional market—that is, the ‘weakest’ node of the value chain.

中文翻译：

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欧洲的价值链、区域机构和企业成长

我们分析了区域制度的质量是否以及在何种程度上对公司价值链定位的异质性驱动的公司增长产生不同的影响。我们分析了 2010 年至 2013 年期间位于四个欧洲国家（法国、德国、意大利和西班牙）的制造公司样本的营业额增长情况。我们将服务于终端市场的最终公司与服务于其他公司的供应商区分开来。我们的工具变量估计表明，高质量的区域机构提高了仅本地嵌入供应商的增长绩效，这些供应商的业务仅限于自己的区域市场——即价值链的“最薄弱”节点。