Value chain, regional institutions and firm growth in Europe
研究了2010-2013年欧洲四国制造业企业数据，发现高质量区域制度仅促进本地供应商（价值链最弱环节）的增长，对面向终端市场的企业无显著影响。
Abstract We analyse whether and to what extent the quality of regional institutions has a differential effect on firms’ growth driven by heterogeneity in firm value chain positioning. We analyse turnover growth during the period 2010–2013 for a sample of manufacturing firms located in four European countries—France, Germany, Italy and Spain. We distinguish final firms serving end markets from suppliers serving other firms. Our instrumental variable estimates point to high-quality regional institutions enhancing the growth performance of only locally embedded suppliers with operations confined to the own regional market—that is, the ‘weakest’ node of the value chain.