Impak Kekangan Kewangan dan Pemilikan ke atas Produktiviti Firma di Malaysia

Mohd Adib Ismail and Sharlily Shahira Mat Nasir ()
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Mohd Adib Ismail: Fakulti Ekonomi dan Pengurusan Universiti Kebangsaan Malaysia 43600 UKM Bangi Selangor MALAYSIA
Sharlily Shahira Mat Nasir: Fakulti Ekonomi dan Pengurusan Universiti Kebangsaan Malaysia 43600 UKM Bangi Selangor MALAYSIA

Jurnal Ekonomi Malaysia, 2019, vol. 53, issue 1, 47-58

Abstract: Financial resources are an important factor in investment decisions. Access to financial resources is a key determinant to increase productivity and consequently generate firm growth. This paper aims to investigate the impact of financial constraints, ownership types and structures on firm productivity. This study used annual data of firms listed on the main board of Bursa Malaysia from 2000 to 2015. This study employed system generalized method of moments (GMM) to analyze the impact of financial constraints, ownership and other control variables on productivity. The results show that financial constraints, and the ownership types and structures cause different impacts on firm productivity. Using the sub-sample analyses of government, private and foreign firms, the results indicates that foreign firms are most affected by financial constraints followed by government firms and private firms. In the negative liquidity situation, the financial constraints faced by government and private firms have increased. Meanwhile, exports have managed to reduce the impact of financial constraints on foreign firms. The analysis of ownership structure analysis finds that it does not affect firm productivity. Hence, to boost domestic economic growth policy makers should formulate strategies that support firm financial aspect to ensure increased productivity and growth of local firms in Malaysia.

Keywords: Kekangan kewangan; kaedah momen teritlak; kos agensi; pemilikan; produktiviti firma (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:ukm:jlekon:v:53:y:2019:i:1:p:47-58

DOI: 10.17576/JEM-2019-5301-5

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