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No ha habido un consenso en la literatura sobre la relación entre capital social y firmas pequeñas. Se ha pensado que sustituyen bienes públicos a los que no pueden acceder —y hay evidencia anecdótica en el mundo de firmas pequeñas e informales— participando en asociaciones y grupos de capital social. Mediante una metodología de variables instrumentales se estima el efecto que tiene la productividad por trabajador sobre la participación en grupos de capital social. Los resultados sugieren que las firmas más productivas tienen una mayor probabilidad de pertenecer a asociaciones.

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