In this paper, we empirically explore the impact of financial constraints on firms’ efficiency. To this end, we estimate a stochastic production frontier model, addressing input endogeneity and incorporating “environmental” variables that may impact efficiency. Using four distinct financial constraint indexes, we show that firms facing such constraints may be more efficient. This can be attributed to the accumulation of internal funds as a precautionary measure and improved resource allocation. In addition, our findings highlight differential impacts across financial constraint indexes, shedding light on the complex relationship between financial constraints and firms’ efficiency levels.

中文翻译：

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财务约束与企业效率：进一步的实证证据


在本文中，我们实证探讨了财务约束对公司效率的影响。为此，我们估计了一个随机生产前沿模型，解决了输入内生性问题并纳入了可能影响效率的“环境”变量。使用四种不同的财务约束指数，我们表明面临此类约束的公司可能更有效率。这可以归因于作为预防措施的内部资金积累和改进的资源配置。此外，我们的研究结果强调了不同财务约束指数的不同影响，阐明了财务约束与公司效率水平之间的复杂关系。