Ownership, investment climate and firm performance

Mary Hallward‐Driemeier, Scott Wallsten and Lixin Xu
Authors registered in the RePEc Author Service: Mary Hallward-Driemeier

The Economics of Transition, 2006, vol. 14, issue 4, 629-647

Abstract: The importance of a country's ‘investment climate’ for economic growth has recently received much attention. In this paper we use a new survey of 1,500 Chinese enterprises in five cities to measure more precisely components of the investment climate and their effects on firm performance. Our firm‐level analysis reveals that both ownership and investment climate measures matter for investment, productivity and growth. In particular, firm performance is positively correlated with foreign and domestic private ownership, light regulatory burdens, limited corruption, technological infrastructure and labour market flexibility. In contrast, gains from improving banking access and physical infrastructure are quite limited.

Date: 2006
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