Financiamentos do BNDES e a produtividade do trabalho: uma análise por porte de empresas

Abstract

This study sought to investigate whether there is a difference in the marginal productivity gains of micro and small enterprises (MSEs) compared to large firms in the manufacturing industry in response to receiving funds from the Brazilian Development Bank (BNDES). The estimation results supported the argument that MSEs, despite having more rudimentary production and management processes, show greater productivity gains when receiving BNDES funding. Furthermore, we emphasize that this aligns with the theory that the marginal efficiency of capital is higher in sectors where resources are scarcer, leading to more significant increases in labor productivity. In sectors and firms that are already highly productive and competitive, the effect of new investments is smaller, reflecting the diminishing marginal returns of capital.