How does warfare affect firms' productivity?
利用哥伦比亚内战数据，研究发现战争使服务业企业全要素生产率提升最高12.68%，而制造业等非服务业企业下降最高3.64%，原因在于智力资本增长和服务企业从客户投入中创造价值的能力。
Warfare afflicts millions and creates unparalleled operational challenges in the developing world. With data from war‐torn Colombia, I examine the effects of civil war on firms' total factor productivity (TFP) using propensity score and conflict hotspot models. I find that warfare increases TFP in service firms, such as public administration and defense, by up to 12.68%, whereas it decreases TFP in manufacturing and other nonservice companies by up to 3.64% a year after a violent episode occurs. This effect stems from intellectual capital growth and service firms' ability to create value from customer input.