Legal and financial constraints and firm growth: small and medium enterprises (SMEs) versus large enterprises.

We investigate the impact of financing and legal obstacles on firm growth across different firm sizes before and after the global financial crisis (GFC). Using two enterprise surveys in Vietnam, we find firms facing higher financing obstacles have lower sales and employment growth. The smallest firms are the most adversely affected by financing obstacles. The legal obstacles impede the employment growth of SMEs more than large enterprises, which is attributable to the tendency of firms to avoid tall poppy syndrome and the scrutiny of tax officials. Furthermore, we find that the negative effects of financing obstacles on small firms' sales and employment growth reduce in the post-GFC period. We attribute it to a higher proportion of small firms being able to borrow from commercial banks after the financial crisis, partly due to the introduction of new policies supporting SMEs from the Vietnamese Government. Overall, our findings recommend to policymakers that improvement in access to finance is imperative for productivity increases and job creation for small and medium firms.

Differences in Gene Expression in Older Compared With Younger Kidney Transplant Recipients.

BACKGROUND: For the growing numbers of older transplant patients, increased incidence of infection and death compared with younger patients may limit the many benefits provided by transplantation. However, little is known about age-associated immune dysfunction in the older transplant recipient. METHODS: A cohort of 60 kidney transplant recipients, 23 older (≥ 60y) and 37 younger (30-59y), matched on antithymocyte induction and donor type (living vs deceased) was evaluated. Gene expression in peripheral blood mononuclear cells 3 months after kidney transplantation was analyzed to compare differences between older and younger patients. RESULTS: Proinflammatory genes were upregulated in older kidney transplant patients, including cytokines IL1-ß and IL-6. Downregulated genes were associated with B-cell and T-cell function, including CCR7 and CD27. Analysis of predicted transcription factor binding suggested an increase in proinflammatory transcription factor CCAAT/enhancer binding protein ß-binding sites in older patients, whereas interferon regulatory factor 2 transcription factor binding sites were less prevalent. CONCLUSIONS: Older kidney transplant recipients exhibited multiple differences in gene expression compared with younger patients, with upregulation of proinflammatory genes and downregulation of adaptive immune response genes. These findings may explain the mechanism of increased vulnerability to infection and malignancy observed in older transplant patients.