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This study aims to investigate the determinants of labour productivity across European
non-financial entities using aggregated data from the Bank for the Accounts of Companies Harmonized (BACH) database. Focusing on six European Union countries (Belgium,
France, Italy, Portugal, Poland, and Spain). Annual information from 2010 to 2023 is used
(the last available year), including three size classes (small, medium-sized and larger entities) per division (two-digit code) by year and by country, totalling 14,188 observations. The
combination of sectors and class sizes varies from 191 to 208 by country. It uses gross value
added per employee as a proxy for labour productivity. Using a fixed-effects estimator and
panel data regression techniques, the analysis reveals that labour productivity explanatory factors, particularly firm size, profitability, financialisation, leverage, and tangibility,
have heterogeneous and sometimes contradictory effects across countries, sectors, and size
classes. Larger firms generally tend to have higher levels of labour productivity, although
this feature is not consistent among countries. Size and profitability more consistently exert
a strong positive influence, whereas financialisation and leverage typically show negative
or nonlinear effects. The results highlight the structural diversity of the European corporate
landscape and challenge the adequacy of one-size-fits-all policy measures, contributing
to the literature on productivity and offering further insights to policymakers by integrating cross-sectional, sectoral, and size-specific perspectives on labour efficiency within the
EU context.
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Albuquerque, F., Ferrão, J., & dos Santos, P. G. (2025). Labour productivity in European non-financial corporations: the roles of country, sector, and size. Journal of Risk and Financial Management, 18(11), 647. https://doi.org/10.3390/jrfm18110647