@TechReport{iza:izadps:dp4834,
            	author={Coricelli, Fabrizio and Driffield, Nigel and Pal, Sarmistha and Roland, Isabelle},
            	title={Excess Leverage and Productivity Growth in Emerging Economies: Is There A Threshold Effect?},
            	year={2010},
	month={Mar},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={4834},
            	url={https://www.iza.org/publications/dp4834},
	abstract={The paper examines the relationship between leverage and growth in a group of emerging central and eastern European countries, who are at different levels of financial market development. We hypothesize a non-linear relationship in that moderate leverage could boost growth while very high leverage could lower it by increasing the likelihood of financial distress and bankruptcy. Estimates of a Threshold model confirm the non-linear relationship in our sample, after controlling for various firm, industry and financial market characteristics. We also endogenously determine a threshold level of leverage beyond which further increases in leverage could lower TFP growth.},
	keywords={bank efficiency;market capitalization;TFP growth;Threshold model;non-linear relationship;excess leverage;transition experience},
            }