Working Papers   152

Firm-Level Performance in Cambodia: An Economic Census-Based Diagnostics


Published: 18-Dec-2025
Keyword: Firm performance, informality, digital adoption, industrial upgrading, enterprise dynamics

Abstract/Summary

Cambodia’s enterprise landscape remains structurally dualistic, characterised by an extensive base of micro and informal firms coexisting with a narrow segment of large, often foreign-owned enterprises. Using the Economic Census of Cambodia 2022, this study examines the determinants of firm performance and the structural conditions shaping business outcomes nationwide. The findings confirm that formal registration, digital adoption, and ownership structure are strongly associated with higher revenues, greater productivity, and stronger profit performance. Foreign-owned and formally registered firms consistently outperform domestic and informal enterprises, while firms that adopt digital tools gain measurable advantages in competitiveness and operational efficiency. Yet these gains remain unevenly distributed: most Cambodian firms are micro-sized, operate informally, and remain disconnected from modern production ecosystems, reinforcing a persistent “missing middle.” Spatial patterns further highlight concentrated industrial activity in Phnom Penh and strategic economic corridors, where firms benefit from better infrastructure and supply-chain linkages. The findings highlight the need for policies that support domestic firm upgrading, incentivise formalisation, accelerate technology adoption, and strengthen domestic-foreign linkages to promote inclusive industrial growth.

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