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Using a representative sample of European firms, this paper studies whether and to what extent financing constraints affect employers’ decisions to invest in employee training. It combines survey data on investment activities with administrative data on financial statements to develop an index of fi...
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European Investment Bank
2020
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oapen-20.500.12657-434452023-02-01T09:34:21Z EIB Working Paper 2020/05 - Financing constraints and employers’ investment in training (Volume 2020/5) Weiss, Christoph Brunello, Giorgio Gereben, Áron Wruuck, Patricia European Investment Bank Business & Economics Finance General bic Book Industry Communication::K Economics, finance, business & management::KF Finance & accounting::KFF Finance Using a representative sample of European firms, this paper studies whether and to what extent financing constraints affect employers’ decisions to invest in employee training. It combines survey data on investment activities with administrative data on financial statements to develop an index of financing constraints. It estimates that a 10 percent increase in this index reduces investment in training as a share of fixed assets by 2.9 to 4.5 percent and investment in training per employee by 1.8 to 2.5 percent. The paper documents that lower investment in training reduces productivity, and show that firms facing tighter financing constraints cut back the investment in training and tangible assets less than investment in R&D and software and data. 2020-12-15T13:29:53Z 2020-12-15T13:29:53Z 2020 book 9789286146756 https://library.oapen.org/handle/20.500.12657/43445 eng application/pdf n/a external_content.pdf European Investment Bank European Investment Bank https://doi.org/10.2867/509592 https://doi.org/10.2867/509592 66479d04-7b84-49c0-9a4d-db552a3ecc71 b818ba9d-2dd9-4fd7-a364-7f305aef7ee9 9789286146756 Knowledge Unlatched (KU) European Investment Bank Knowledge Unlatched open access |
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Using a representative sample of European firms, this paper studies whether and to what extent financing constraints affect employers’ decisions to invest in employee training. It combines survey data on investment activities with administrative data on financial statements to develop an index of financing constraints. It estimates that a 10 percent increase in this index reduces investment in training as a share of fixed assets by 2.9 to 4.5 percent and investment in training per employee by 1.8 to 2.5 percent. The paper documents that lower investment in training reduces productivity, and show that firms facing tighter financing constraints cut back the investment in training and tangible assets less than investment in R&D and software and data. |
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European Investment Bank |
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2020 |
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