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An international cohort comparison of size effects on job growth

Anyadike-Danes, Michael; Bjuggren, Carl-Magnus; … - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2014

The contribution of different-sized businesses to job creation continues to attract policymakers' attention, however, it has recently been recognized that conclusions about size were confounded with the effect of age. We probe the role of size, controlling for age, by comparing the cohorts of...

Persistent link: https://www.econbiz.de/10011095352

Are there financing constraints for R&D and investment in German manufacturing firms?

Harhoff, Dietmar - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 1996

Using a newly constructed panel dataset of German enterprises, I estimate R&D and capital investment equations for the time period from 1990 to 1994. Simple accelerator specifications indicate considerable sensitivity of R&D and investment to cash flow for relatively small firms. Much of this...

Persistent link: https://www.econbiz.de/10008567560

The R&D Investment-Uncertainty Relationship: Do Competition and Firm Size Matter?

Toole, Andrew A.; Czarnitzki, Dirk - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2008

This paper investigates how competition and firm size affect the relationship between market uncertainty and R&D investment. We use an intuitively appealing measure of firm-specific uncertainty along with panel data to show that firms invest less in current R&D as uncertainty about market...

Persistent link: https://www.econbiz.de/10005097745

Finanzierungsstrukturen im Vergleich - Eine Analyse europäischer Unternehmen -

Ramb, Fred - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 1998

Kapitalstruktur analysiert. Für die meisten der analysierten Länder - darunter Deutschland, Frankreich, Spanien und die Niederlande … - können keine wesentlichen Unterschiede hinsichtlich der Determinanten der Kapitalstruktur von Aktiengesellschaften und Nicht … structure due to legal forms. For the most countries, including Germany, France, Spain, and the Netherland, legal form exerts …

Persistent link: https://www.econbiz.de/10005098404

Do residential property companies systematically adjust their capital structure? The case of Germany

Kurzrock, Björn-Martin; Mokinski, Frieder; Schindler, Felix - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2011

This paper analyzes whether predominantly non-listed corporations in the residential property industry systematically adjust their capital structure to changing financing requirements. Since previous research almost exclusively focused on listed companies, little is known about the...

Persistent link: https://www.econbiz.de/10008869214

Capital structure choice and company taxation: A meta-study

Feld, Lars P.; Heckemeyer, Jost H.; Overesch, Michael - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2011

This paper provides a quantitative review of the empirical literature on the tax impact on corporate debt financing. Synthesizing the evidence from 46 previous studies, we find that this impact is substantial. In particular, the tax rate proxy determines the outcome of primary analyses. Measures...

Persistent link: https://www.econbiz.de/10009646599

The rat race of capital structure research for REITs and REOCs: Two spotlights on leverage

Hohenstatt, Ralf; Steininger, Bertram - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2011

This paper presents a dynamic multi-equation model based on a balance sheet identity, where technical aspects of capital structure are highlighted through separately observing debt and equity and their relationship to investment. Additionally, leverage dynamics are interpreted in their role for...

Persistent link: https://www.econbiz.de/10009646611

The interdependence of R&D activity and debt financing of young firms

Fryges, Helmut; Kohn, Karsten; Ullrich, Katrin - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2012

We investigate the interdependence of debt financing and R&D activities of young firms. Using micro-level data of the KfW/ZEW Start-up Panel, our estimation results show that firm characteristics are more important than personal characteristics of the founders for explaining young firms'...

Persistent link: https://www.econbiz.de/10010957587

M&A and the tax benefits of debt-financing

Scheuering, Uwe - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2014

The deductibility of interest expenses from the corporate tax base creates an incentive for acquiring companies to finance a takeover with debt. In this paper, I investigate the impact of profit taxation on the financing decision in corporate acquisitions for the first time for a sample of...

Persistent link: https://www.econbiz.de/10010957629

Empirical evaluation of interest barrier effects

Dreßler, Daniel; Scheuering, Uwe - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2012

We analyze the impact of changes in thin capitalization rules on corporations' capital structure. Thin capitalization rules prevent firms from deducting excessive interest expenses from their tax base. As of 2008, Germany has severely changed its thin capitalization rule by targeting interest...

Persistent link: https://www.econbiz.de/10010985619