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Financial inclusion, financial innovation, and firms’ sales growth

Chien-Chiang Lee (), Chih-Wei Wang and Shan-Ju Ho

International Review of Economics & Finance, 2020, vol. 66, issue C, 189-205

Abstract: This paper examines the effect of financial inclusion on firms’ sales growth in developing countries and also investigates how this effect varies depending on different subsamples (such as during a crisis versus a non-crisis, Asia versus non-Asia, manufacturing versus non-manufacturing, and small- and medium-sized firms versus large- and medium-sized firms). Our first finding is that financial inclusion helps firms increase their sales growth during normal times and in non-Asia regions. After using interaction terms between financial inclusion and financial innovation, our second finding is that financial innovation has a negative impact on the sales growth rate of firms engaging in financial inclusion. Our results provide insights and implications for policy makers and regulators.

Keywords: Financial innovation; Financial inclusion; Developing countries; Firm’s sales growth; Access to finance (search for similar items in EconPapers)
JEL-codes: G01 G21 G30 O16 (search for similar items in EconPapers)
Date: 2020
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DOI: 10.1016/j.iref.2019.11.021

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