Informality among Formal Firms : Firm-level, Cross-country Evidence on tax Compliance and Access to Credit | |
Gatti, Roberta ; Honorati, Maddalena | |
World Bank, Washington, DC | |
关键词: ABSENCE OF CORRUPTION; ACCESS TO CREDIT; ACCESS TO EXTERNAL FINANCE; ACCESS TO FINANCE; ACCESS TO FINANCING; | |
DOI : 10.1596/1813-9450-4476 RP-ID : WPS4476 |
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学科分类:社会科学、人文和艺术(综合) | |
来源: World Bank Open Knowledge Repository | |
【 摘 要 】
The authors use firm-level, cross-countydata from Investment Climate surveys in 49 developingcountries to investigate an important channel through whichinformality can affect productivity: access to credit andexternal finance. Informality is measured as self-reportedlack of tax compliance in a sample of registered firms thatalso answered questions on a large set of othercharacteristics. The authors find that more tax complianceis significantly associated with more access to credit bothin OLS and in country fixed effects estimates. Inparticular, the link between credit and formality isstronger in high-formality countries. This suggests thatfirms' balance sheets are relatively more informativefor financial institutions in environments where signalextraction is a less noisy process. The authors'results are robust to the inclusion of a wide array ofcorrelates and to two-stage estimation.
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