BNDES FINANCING AND LABOR PRODUCTIVITY IN BRAZIL: AN ANALYSIS BY COMPANY SIZE
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Resumen
ABSTRACT
The question of productivity gains among micro and small enterprises in response to economic incentives remains underexplored in the academic literature. What exists is a multitude of unresolved questions. This applied study seeks to shed light on a topic that has long been overlooked in discussions about the efficiency of public spending in general —and the role of the Banco Nacional de Desenvolvimento Econômico e Social (BNDES) in particular— in fostering corporate productivity. Accordingly, this research set out to examine the effects of BNDESfinancing on the productivity of Brazilian firms, segmented by size and sector. The analysis employed both traditional econometric models (ordinary least squares and fixed effects) and system GMM models to address endogeneity issues. The results support the argument that micro and small enterprises —despite having more rudimentary production and management structures— experience greater productivity gains when granted access to BNDES funding.
EL FINANCIAMIENTO DEL BNDES Y LA PRODUCTIVIDAD LABORAL EN BRASIL: UN ANÁLISIS POR TAMAÑO DE EMPRESA
RESUMEN
La cuestión del aumento de la productividad en las micro y pequeñas empresas en respuesta a incentivos económicos sigue siendo poco explorada en la literatura académica. Existe una multitud de preguntas sin resolver. Este estudio aplicado busca arrojar luz sobre un tema que durante mucho tiempo se ha pasado por alto en los debates sobre la eficiencia del gasto público en general, y el papel del Banco Nacional de Desenvolvimento Econômico e Social (BNDES), en particular, en el fomento de la productividad empresarial. Por consiguiente, esta investigación propone examinar los efectos de la financiación del BNDES en la productividad de las empresas brasileñas, segmentadas por tamaño y sector. El análisis empleó modelos econométricos tradicionales (mínimos cuadrados ordinarios y efectos fijos) y modelos de sistema GMM para abordar cuestiones de endogeneidad. Los resultados respaldan el argumento de que las micro y pequeñas empresas, a pesar de contar con estructuras de producción y gestión más rudimentarias, experimentan mayores aumentos de productividad cuando acceden al financiamiento del BNDES.
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