3  Chart 4  Exports and Industrial Production 110  s.a. Real exports(CY 2015=100)  108 106  Industrial production(CY 2010=100)  104 102 100 98 96 94 92 90 CY 10  11  12  13  14  15  16  17  4  Sources: Bank of Japan; Ministry of Finance; Ministry of Economy, Trade and Industry.
This finding suggests that it is critical to understand the drivers that underlie these changes. The report rightly emphasises the impact that corporate finance decisions may exert on productivity. Four financial strategies are identified that make a difference between high and low productivity growth at a company level: higher spending on R&D; lower debt-to-equity ratio; higher free cash flow; and more M&A deals.