Entrepreneurial Reinvestment: Local Governance, Ownership, and Financing Matter—Evidence from Vietnam
研究了地方治理质量和外部融资对越南小企业再投资的影响，发现地方治理质量与再投资正相关，但只有非正规融资促进再投资，政府贷款和银行贷款则替代再投资，且不同所有权和规模的企业存在差异。
This study investigates the relative importance of local governance and external financing on small firms' reinvestments. Using a set of more than 300,000 Vietnamese firm‐level observations from 2006 to 2015, this study finds that local governance quality is positively associated with small firms' reinvestments. However, regarding external funds, only informal finance is positively associated with reinvestments while government loans and bank loans serve as substitutes to reinvestments. Also, this study suggests that there is significant heterogeneity among ownership sectors and between micro‐enterprises and small firms in the way they value the relative importance of local governance arrangements and financing sources.