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Uncertainty Determinants of Corporate Liquidity
Baum, Christopher F.; Caglayan, Mustafa; Stephan, Andreas; … - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2006
This paper investigates the link between the optimal level of non-financial firms' liquid assets and uncertainty. We develop a partial equilibrium model of precautionary demand for liquid assets showing that firms alter their liquidity ratio in response to changes in either macroeconomic or...
Persistent link: https://www.econbiz.de/10004963667
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Macroeconomic Uncertainty and Firm Leverage
Baum, Christopher F.; Stephan, Andreas; Talavera, Oleksandr - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2004
This paper investigates the link between the optimal level of nonfinancial firms' leverage and macroeconomic uncertainty. We develop a structural model of a firm's value maximization problem that predicts that as macroeconomic un-certainty increases the firm will decrease its optimal level of...
Persistent link: https://www.econbiz.de/10004963696
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Hard and Soft Locational Factors, Innovativeness and Firm Performance: An Empirical Test of Porter's Diamond Model at the Micro-Level
Eickelpasch, Alexander; Lejpras, Anna; Stephan, Andreas - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2007
This paper investigates predictions of Porter's Diamond model regarding the impact of locational factors on innovativeness and performance at the firm level. We formulate a structural equation model based on the relationships between locational conditions, e.g., transportation infrastructure,...
Persistent link: https://www.econbiz.de/10005068746
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What Drives the Productive Efficiency of a Firm?: The Importance of Industry, Location, R&D, and Size
Badunenko, Oleg; Fritsch, Michael; Stephan, Andreas - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2008
This paper investigates the factors that explain the level and dynamics of manufacturing firm productive efficiency. In our empirical analysis, we use a unique sample of about 39,000 firms in 256 industries from the German Cost Structure Census over the years 1992-2005. We estimate the...
Persistent link: https://www.econbiz.de/10005068831
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Product Policy and the East-West Productivity Gap: Evidence from German Manufacturing Firms
Görzig, Bernd; Gornig, Martin; Voshage, Ramona; … - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2009
international division of labour. We concentrate on the question, to what extent they have caught up with the productivity level of … their Western counterparts of similar size and sector and how this productivity difference is related to changes in their … policy and productivity information for individual manufacturers from both parts of the country. Using a decomposition …
Persistent link: https://www.econbiz.de/10008527282
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Why Do Firms Switch Their Main Bank?: Theory and Evidence from Ukraine
Stephan, Andreas; Tsapin, Andriy; Talavera, Oleksandr - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2009
We examine why firms change their main bank and how this affects loans, interest payments and firm performance after switching. Using unique firm-bank matched Ukrainian data, the treatment effect estimates suggest that more transparent and riskier companies are more likely to switch their main...
Persistent link: https://www.econbiz.de/10005068870
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How Has the Global Financial Crisis Affected Syndicated Loan Terms in Emerging Markets?: Evidence from China
Caporale, Guglielmo Maria; Lodh, Suman; Nandy, Monomita - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2015
a leading emerging market, namely China, using difference-in-differences and GARCH approaches. Before the crisis China …
Persistent link: https://www.econbiz.de/10011276389
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Consolidating the Water Industry: An Analysis of the Potential Gains from Horizontal Integration in a Conditional Efficiency Framework
Zschille, Michael - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2012
The German potable water supply industry is regarded as being highly fragmented, thus inhibiting high potentials for efficiency improvements through consolidation. Focusing on a hypothetical restructuring of the industry, we apply Data Envelopment Analysis (DEA) to analyze the potential...
Persistent link: https://www.econbiz.de/10009646239
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Technology Portfolio and Market Value
Schmidt-Ehmcke, Jens; Zloczysti, Petra - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2008
This paper discusses the impact of a firm's technology portfolio on its market value. Two concepts are used to characterize a firm's portfolio: the number of technological fields and the degree of relatedness within the portfolio characterized by the amount of joint occurrences of patents in...
Persistent link: https://www.econbiz.de/10004963929
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Do External Technology Acquisitions Matter for Innovative Efficiency and Productivity?
Gantumur, Tseveen; Stephan, Andreas - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2010
technology affects the efficiency and productivity in innovation of technology acquiring firms. Using the stochastic frontier … innovative productivity than non-acquiring firms do. Thus, this study provides evidence on complementarity between internal and … efficiency. Moreover, we find that firm size significantly contributes to innovative efficiency and productivity of external …
Persistent link: https://www.econbiz.de/10008539928