on financial stability and the real economy. We investigate the cyclicality of SME lending by local banks with vs … credit demand-side factors. The public mandate is set by local governments and stipulates a deviation from strict profit … percent less cyclical than other local banks. The result is credit supply-side driven and especially strong for savings banks …

Hidden Champions (HCs) are small- and medium-sized global market leaders that repeatedly show superior innovation … transformation than non-HCs firms. To test this hypothesis, I use data from the Mannheim Innovation Panel. This allows me to identify …

product development process. HCs do not invest more into innovation, but achieve higher innovation success. The higher … efficiency can be linked to their superior technological capabilities and to higher investment in human capital and HR management …

We show that credit supply shocks have a strong impact on firm-level as well as aggregate investment by applying the … are found to impair firm-level investment in all firms in our sample, but in particular for small firms and those with no … 20–40% of aggregate investment dynamics. …

their credit rating and second, restrictions from the supply side are identified via the firm’s main banks capital reserves …