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Firm financial soundness and knowledge externalities: A comparative regional analysis

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  • Lara Abdel Fattah
  • Giuseppe Arcuri
  • Aziza Garsaa
  • Nadine Levratto

Abstract

This paper investigates the role of the regional context with regard to the influence of human capital and knowledge spillovers on SMEs' financial soundness. Our empirical setting is based on a multilevel analysis of panel data, which allows superior treatment of hierarchical data. The analysis is applied to SMEs belonging to the manufacturing sector and operating in four European countries over the period 2010–2015. We find that a combination of individual and regional‐level characteristics explains firm soundness better than individual features alone. Furthermore, we find that a high local educational level and knowledge spillovers improve firm soundness and that their effects vary according to the regional level of knowledge. These results are confirmed by several robustness tests. Este artículo investiga el papel del contexto regional en relación a la influencia de los spillovers de conocimiento y de capital humano sobre la solidez financiera de las PYMES. La configuración empírica se basa en un análisis multinivel de datos de panel, ya que permite un mejor tratamiento de datos jerárquicos. El análisis se aplicó a PYMES del sector manufacturero y que operaban en cuatro países europeos en el período 2010‐2015. Se encontró que una combinación de características a nivel individual y regional explica mejor la solidez de las empresas que las características individuales por sí solas. Además, se observa que un alto nivel educativo local y los spillovers de conocimiento mejoran la solidez de las empresas y que sus efectos varían según el nivel regional de conocimientos. Estos resultados se pudieron confirmar mediante varias pruebas de robustez. 本稿では、中小企業の財務健全性に対する人材と知識のスピルオーバーの影響に関する地域コンテキストの役割を検討する。本研究の実証セッティングはパネルデータのマルチレベル分析に基づくものであり、これによって階層データの優良な処理が可能になる。2010~2015年の期間で、欧州の4つの国で稼働している製造業の中小企業を対象に分析を行う。企業個別の特性だけでなく、それと地域レベルの特性を組み合わせた方が、企業の健全性がよく説明されることがわかる。さらに、地域の教育レベルの高さと知識スピルオーバーが企業の健全性を高めること、また知識スピルオーバーの影響は地域の知識レベルによって異なることが考えられる。この結果は、複数の検定により頑健性が確認された。

Suggested Citation

  • Lara Abdel Fattah & Giuseppe Arcuri & Aziza Garsaa & Nadine Levratto, 2020. "Firm financial soundness and knowledge externalities: A comparative regional analysis," Papers in Regional Science, Wiley Blackwell, vol. 99(5), pages 1459-1486, October.
    • Handle: RePEc:bla:presci:v:99:y:2020:i:5:p:1459-1486
    DOI: 10.1111/pirs.12539
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