02156nam 22004333a 450 991064598660332120211214195608.092-861-4675-2https://doi.org/10.2867/509592(CKB)5490000000052484(ScCtBLL)6a1d5a0d-802c-41df-b0c0-ddff2015d910(EXLCZ)99549000000005248420211214i20202020 uu enguru||||||||||txtrdacontentcrdamediacrrdacarrierEIB Working Paper 2020/05 - Financing constraints and employers' investment in trainingChristoph Weiss, Giorgio Brunello, European Investment Bank, Áron Gereben, Patricia WruuckVolume 2020/5Luxembourg :European Investment Bank,2020.1 online resource (1 p.)EIB Working PapersUsing a representative sample of European firms, this paper studies whether and to what extent financing constraints affect employers' decisions to invest in employee training. It combines survey data on investment activities with administrative data on financial statements to develop an index of financing constraints. It estimates that a 10 percent increase in this index reduces investment in training as a share of fixed assets by 2.9 to 4.5 percent and investment in training per employee by 1.8 to 2.5 percent. The paper documents that lower investment in training reduces productivity, and show that firms facing tighter financing constraints cut back the investment in training and tangible assets less than investment in R&D and software and data.EIB Working PapersBusiness & Economics / FinancebisacshEconomicsBusiness & Economics / FinanceEconomicsWeiss Christoph220910Brunello GiorgioGereben ÁronWruuck PatriciaEuropean Investment BankScCtBLLScCtBLLBOOK9910645986603321EIB Working Paper 20203007935UNINA