Constraints or Complaints? Business Climate and Firm Performance Perceptions in Uganda
利用乌干达季度商业环境数据，识别出宏观经济不稳定、需求稳定、融资、腐败和天气变化是影响企业绩效的关键约束，而税收约束虽常被提及却未发现与企业绩效相关。
This paper identifies the business constraints that are most binding for firm performance. Using panel methods on novel quarterly Ugandan business climate data, we exploit perceived changes in business climate constraints to account for changes in firm performance. Not all identified constraints are binding for firm performance. Macroeconomic instability, demand stability, access to finance, corruption/bribery, and weather variability are found to be binding constraints. Firms’ expectations about future performance outcomes are associated with current perceptions about these constraints, alleviating endogeneity concerns to some extent. While taxation constraints are usually highly ranked, we do not find evidence linking them to firm performance.