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首页> 外文期刊>Journal of institutional economics >Financial constraint, trust, and export performances: firm-level evidence from Africa
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Financial constraint, trust, and export performances: firm-level evidence from Africa

机译：财务约束，信任和出口表演：来自非洲的公司级别证据

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摘要

Several existing studies have documented a negative relationship between firm financial constraint and export activities but do not attempt to examine factors that could attenuate this relationship in Africa. In this paper, we examine the effect of financial constraint on exports in Africa and explore how the level of trust in countries where firms are located shapes this relationship. We combine the World Bank Enterprise Surveys with different measures of country-level personal and interpersonal trust computed from the Afrobarometer surveys of 19 African countries. Our results show that financial constraints negatively affect export activities. However, this negative effect is attenuated for firms that are located in trust-intensive societies. These findings are robust to different specifications. Interestingly, we find that small and medium-sized enterprises in Africa are more likely to be affected by financial constraints but also more likely to benefit from a higher level of both personal and interpersonal trust, while for larger firms only interpersonal trust matters.
机译：一些现有研究已经记录了公司财务限制和出口活动之间的负面关系，但不要试图检查可能会在非洲这些关系中讨厌这种关系的因素。在本文中，我们研究了财政限制对非洲出口的影响，并探讨了公司所在国家的信任程度如何塑造这种关系。我们将世界银行企业调查与来自19个非洲国家的Afrobarometer调查计算的不同措施。我们的研究结果表明，财务限制对出口活动产生负面影响。然而，对于位于信任密集型社会的公司来说，这种负面影响是衰减的。这些发现对于不同的规格是强大的。有趣的是，我们发现非洲中小企业更有可能受到财政限制的影响，也更有可能从个人和人际信任的更高层次受益，而对于更大的公司只有人际信任事宜。

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