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Firms’ financing constraints: do perceptions match the actual situation?
Ferrando, Annalisa; Mulier, Klaas - 2013
This paper uses a non parametric matching procedure to match survey replies to balance sheet information. It draws on the SAFE survey on access to finance for a sample of 11886 firms in the euro area which are matched with their nearest neighbour in an extended dataset with balance sheet...
Persistent link: https://www.econbiz.de/10011605622
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Financing obstacles among euro area firms: Who suffers the most?
Ferrando, Annalisa; Griesshaber, Nicolas - 2011
In this study we investigate the determinants of financing obstacles using survey data on a sample of around 5000 firms from the euro area countries. This completely new survey – started at the end of 2009 - gives us the opportunity to test whether firm characteristics such as size, age,...
Persistent link: https://www.econbiz.de/10011605339
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Does private equity investment spur innovation? Evidence from Europe
Popov, Alexander; Roosenboom, Peter - 2009
We provide the first cross-country evidence of the effect of investment by private equity firms on innovation, focusing … funds and insurance companies across countries and over time. We also control for the standard determinants of innovation … aggregate (private equity plus R&D) industrial spending, PE accounts for as much as 12% of industrial innovation. We also …
Persistent link: https://www.econbiz.de/10011605109
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Financial constraints and productivity: evidence from euro area companies
Ferrando, Annalisa; Ruggieri, Alessandro - 2015
In this paper we consider the relation between firms’ financial structure, access to external finance and labor productivity using a large dataset of firm-level data for Euro-area countries during the period 1995-2011. Our empirical strategy is twofold. First we develop an indicator of...
Persistent link: https://www.econbiz.de/10011605868
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Identifying financial constraints
Cherchye, Laurens; De Rock, Bram; Ferrando, Annalisa; … - 2020
We propose a new methodology to recover firm-time varying financial constraints from firms' production behavior. We model financial constraints as the profitability that firms forgo when budget constraints on production inputs bind, impeding them from using the optimal level of inputs and...
Persistent link: https://www.econbiz.de/10012422082
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The effect of financial development on the investment cash flow relationship: cross-country evidence from Europe
Becker, Bo; Sivadasan, Jagadeesh - 2006
We investigate financing constraints in a large cross-country data set covering most of the European economy. Firm level investment sensitivity to cash flow is used to identify financing constraints. We find that the sensitivities are significantly positive on average, controlling for country...
Persistent link: https://www.econbiz.de/10011604735
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Liquidity, innovation, and endogenous growth
Malamud, Semyon; Zucchi, Francesca - 2016
We study optimal liquidity management, innovation, and production decisions for a continuum of firms facing financing … spur investment in innovation (R&D). We characterize which firms should substitute production for innovation in the face of …
Persistent link: https://www.econbiz.de/10011605964
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Do banks practice what they preach? Brown lending and environmental disclosure in the euro area
Gambacorta, Leonardo; Polizzi, Salvatore; Reghezza, Alessio - 2023
This study examines whether the level of environmental disclosure in banks' financial reports matches less brown lending portfolios. Using granular credit register data and detailed information on firm-level greenhouse gas emission intensities, we find a negative relationship between...
Persistent link: https://www.econbiz.de/10014543606
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The globalization of climate change: Amplification of climate-related physical risks through input-output linkages
Fahr, Stephan; Senner, Richard; Vismara, Andrea - 2024
While global supply chains have recently gained attention in the context of the Covid-related crisis as well as the war in Ukraine, their role in transmitting and amplifying climate-related physical risks across countries has received surprisingly little attention. To address this shortcoming,...
Persistent link: https://www.econbiz.de/10014565218
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The low-carbon transition, climate commitments and firm credit risk
Carbone, Sante; Giuzio, Margherita; Kapadia, Sujit; … - 2021
This paper explores how the need to transition to a low-carbon economy influences firm credit risk. It develops a novel dataset which augments data on firms' green-house gas emissions over time with information on climate disclosure practices and forward-looking emission reduction targets,...
Persistent link: https://www.econbiz.de/10012819045