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FINANCIAL INCLUSION AND FIRM GROWTH IN ASEAN-5 COUNTRIES: A NEW EVIDENCE USING THRESHOLD REGRESSION

Rosmah Nizam, Zulkefly Abdul Karim, Tamat Sarmidi and Aisyah Abdul Rahman

Finance Research Letters, 2021, vol. 41, issue C

Abstract: This paper investigates the effect of financial inclusion on a firm's growth (889 firms) in the ASEAN-5 (Malaysia, Thailand, Philippines, Indonesia, and Vietnam) countries using a cross-section threshold estimation technique. This paper showed a non-monotonic effect on financial inclusion-firm's growth nexus. The impact of financial inclusion on firm growth is significantly negative after a certain threshold point is reached. These findings suggest that the firm's owner and banking institutions should deepen their financial inclusion efforts and limit credit access distribution within the optimum value or threshold level.

Keywords: Financial inclusion; firm growth; threshold estimation; ASEAN-5 (search for similar items in EconPapers)
JEL-codes: G3 G32 G38 O4 O49 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:41:y:2021:i:c:s1544612320316755

DOI: 10.1016/j.frl.2020.101861

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