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CEP Discussion Paper
Productivity Growth in UK Companies
Stephen Nickell, S Wadhwani and M Wall
March 1991
Paper No' CEPDP0026:

The main empirical conclusion of this paper are: (i) Higher levels of debt are associated with increases in both the level and the growth rate of productivity (ii) Increases in market share are associated with falls in the level of productivity, while companies with a higher market share experience higher productivity growth. (iii) Productivity growth was higher in union firms during 1979-89, and might have been lower during 1975-78.