Efecto de diferentes mecanismos de financiación en la productividad. Enfoque Financiero tipo Cobb-Douglas, 2009-2014
DOI:
https://doi.org/10.18041/libemp.v23n1.23104Palabras clave:
Función de producción, financiación, acciones, deuda, modelo anglosajón, modelo alemánResumen
Usando la función de producción Cobb-Douglas y modelos de panel, se busca medir el impacto de la financiación, crédito bancario contra emisión de acciones, sobre la producción correspondiente a 40.906 empresas inscritas en todas bolsas del mundo, pertenecientes a 97 subsectores manufactureros y a todos los países del mundo distribuidos en nueve zonas geográficas. Los modelos econométricos demuestran que para la mayoría de los sectores la productividad es mayor cuando se emiten acciones.
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2. Allen, F., Gale, D. (1999). Diversity of opinion and financing of new technologies. Journal of
Financial Intermediation 8, 68. Available online at http://www.idealibrary.com on
3. Cobb C. W. and Douglas P. H. (1928). A Theory of Production. American Economic Review, 18
(Supplement), 139-165.
4. Demirguc-Kunt, A., Feyen, E. and Levine, R. (2012). The Evolving Importance of Banks and
Securities Markets. World Bank. Washington.
5. Griliches, Z. (1996), The discovery of the residual: a historical note, Journal of Economic Literature,
vol. 34, N° 3, Nashville, Tennessee, American Economic Association.
6. Lööf, Hans. (2002). Dynamic Optimal Capital Structure and Technological Change. ZEW Discussion
Paper No. 03-06. Available at SSRN: http://ssrn.com/abstract=421460 or http://dx.doi.org/10.2139/
ssrn.421460
7. Jefferson, G.H., Rawski, T. y Zhang, Y. (2008). Productivity growth and convergence across
China’s industrial economy. Journal of Chinese Economic and Business Studies, Taylor & Francis
Journals, vol. 6(2), pages 121-140.
8. MINHACIENDA, BANCO MUNDIAL Y FEDESARROLLO: Misión de Estudios del Mercado
de Capitales: Informe final. Santafé de Bogotá. (mayo de 1996), p.4.
9. Meeusen, W. y V.D. Broeck (1977), Efficiency estimation from Cobb-Douglas production functions
with composed error. International Economic Review, vol. 18, N° 2, Wiley.
10. Romer, Paul M. (1986). Increasing Returns and Long-Run Growth. The Journal of Political
Economy, Vol. 94, No. 5, Octubre, pp. 1002-1037.
11. Solow, Robert. (1957). “Technical Change and the Aggregate Production Function”; Review of
Economics and Statistics 39: 312-20.
12. Treier, V., Liecke, M., Heidenreich, A. M. (2009). Innovation Activities of German Companies in
the Economic Crisis. Berlin: Association of German Chambers of Industry and Commerce e. V.
(DIHK), Department for Economic Policy. 19 p.
Referencias complementarias
1. Abramovitz, M. (1986). Catching Up, Forging Ahead, and Falling Behind, Journal of Economic
History 46: 386-406.
2. Abramovitz, M. (1994). The Origins of the Postwar Catch-Up and Convergence Boom, in
Fagerberg, J.. B. Verspagen and N. von Tunzelmann (eds.) The Dynamics of Technology, Trade
and Growth, Aldershot: Edward Elgar, pp. 21-52.
3. Acemoglu, D., Zilibotti, F. (1997). Was Prometheus unbound by chance? Risk, diversification,
and growth. Journal of Political Economy 105, 709-775.
4. Aghion, P. and P. Howitt.(1992). A Model of Growth Through Creative Destruction, Econometrica
60: 323-351
5. Alchian, A.A. (1950). Uncertainty, Evolution and Economic Theory, Journal of Political Economy
58: 211-222
6. Allen, Franklin, Gale, Douglas. (1995). A welfare comparison of the German and U.S. financial
systems. European Economic Review 39, 179-209
Gómez, A.
88 Universidad Libre - Cali
7. Allen, Franklin, Gale, Douglas. (1997). Financial markets, intermediaries, and intertemporal
smoothing. Journal of Political Economy 105, 523-546.
8. Allen, Franklin, Gale, Douglas. (2000). Comparing Financial Systems. MIT Press, Cambridge,
MA.
9. Ancori, B., A Bureth and P. Cohendet. (2000). The Economics of Knowledge: The Debate about
Codification and Tacit Knowledge, Industrial Dynamics and Corporate Change 9: 255-287.
10. Andersen, E. S. (1994). Evolutionary Economics, Post-Schumpeterian Contributions, London:
Pinter
11. Andersen, E. S. (2001). Towards a Multiactivity Generalisation of the Nelson-Winter Model,
Paper presented at the 2001 Nelson-Winter Conference organized by DRUID, June 12-15 2001,
Aalborg, Denmark
12. Arthur, W. B. (1994). Increasing Returns and Path Dependency in the Economy, Ann Arbor: The
University of Michigan Press
13. Association of German Chambers of Industry and Commerce e. V. (DIHK), Department for
Economic Policy DIHK Berlin. Authors: Dr. Volker Treier, Michael Liecke, Anna Maria
Heidenreich Berlin, September 2009.
14. Beck, T., Levine, R. (2002). Industry growth and capital accumulation: Does having a market- or
bank-based system matter?. Journal of Financial Economics 64, 147-180.
15. Beck, T., Levine, R. (2004). Stock markets, banks, and growth: Panel evidence. Journal of Banking
and Finance 28, 423-442.
16. Bencivenga, V.R. & Smith, B.D., (1990). Deficits, Inflation, and The Banking System In
Developing Countries: The Optimal Degree Of Financial Repression. RCER Working Papers
214, University of Rochester - Center for Economic Research (RCER).
17. Bergemann, Dirk, and Ulrich Hege. (2005). The Financing of Innovation: Learning and Stopping.
RAND Journal of Economics 36, pp. 719-752.
18. Bergemann, Dirk, Ulrich Hege, and Liang Peng. (2008). Venture Capital and Sequential
Investments.Working Paper.
19. Bond, S., D. Harhoff, and J Van Reenen. (1999), Investment, R&D and Financial Constraints in
Britain and Germany. Institute of Fiscal Studies Working Paper no 99/5.
20. Boot, A.W.A., Thakor, A. (1997). Financial system architecture. Review of Financial Studies 10,
693-733.
21. Bottazzi, G., Grazzi, M., Secchi, A. Tamagni, F. (2009). Financial and Economic Determinants
of Firm Default. FINNOV Discussion Paper.
22. Bottazzi, G., Secchi, A. and Tamagni, F. (2006). Financial Fragility and Growth Dynamics of
Italian Business Firms. LEM Working Papers 2006/07, Scuola Superiore Sant’Anna.
23. Bougheras, S., H. Goerg, and Eric Strobl. (2001). Is R&D Financially Constrained? Theory and
Evidence from Irish Manufacturing. University of Nottingham.
24. Boyd, J.H., Smith, B.D. (1998). The evolution of debt and equity markets in economic
development. Economic Theory 12, 519-560.
Gómez, A.
Vol. 12 No. 1, Enero - Junio de 2015 89
25. Brown, W. (1997). R&D Intensity and Finance: Are Innovative Firms Financially Constrained?
London School of Economics Financial market Group.
26. Cobb C W and Douglas P H (1928) “A Theory of Production”, American Economic Review, 18
(Supplement), 139-165.
27. Conlisk, J. (1989). An Aggregate Model of Technical Change, Quarterly Journal of Economics
104: 787-821.
28. Cornwall, J. (1977). Modern Capitalism: its Growth and Transformation, London: St. Martin’s
Press.
29. Cosh, A., Hughes, A., Bullock, A. and Milner, I. (2009). SME Finance and Innovation in the
Current Economic Crisis. Centre for Business Research, University of Cambridge.
30. Cornwall, J. (1977). Modern Capitalism: its Growth and Transformation, London: St. Martin’s
Press.
31. Demirel, P. and Mazzucato, M. (2009a). Survey on Innovation and Economic Performance.
FINNOV Discussion Paper (2.1).
32. Demirel, P. and Mazzucato, M. (2010). Firm Growth Dynamics Under Different Knowledge
Regimes: Implications for Regional Dynamics. FINNOV Discussion Paper (2.7).
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Efecto de diferentes mecanismos de financiación en la productividad. Enfoque Financiero tipo Cobb-Douglas, 2009-2014. (2015). Libre Empresa, 12(1), 63-93. https://doi.org/10.18041/libemp.v23n1.23104
