The aim of this paper is twofold; first, to identify the variables that mostly affect rapid sales growth in Greek manufacturing small and medium sized enterprises (SMEs); second, to examine the potential influence upon business growth and performance outcomes of those variables representing...

Ever since the financial crisis of the banking system of 2008 - 2010 the paradigm that deposits or other exposures towards major banks are safe has been fundamentally questioned. This put industrial corporates, who to support their business usually need to manage significant cash holdings or...

Das Handwerk ist mit seinen vielen kleinen und mittelgroßen Betrieben ein Kernstück der regionalen Wirtschaft; die Finanzierung der Handwerksbetriebe aufgrund von unternehmens- und branchenspezifischen Besonderheiten jedoch oft schwierig. Eine aktuelle Untersuchung der Niederlassung Dresden...

Using a stochastic frontier model and a comprehensive dataset, we study factors that affect corporate efficiency in Europe. We find that (i) larger firms are less efficient than smaller firms, (ii) greater leverage contributes to corporate efficiency, and (iii) high competition is less...

This paper analyzes the technological efficiency of companies in the European Union (EU). Our extensive database covers more than 4 million firm/year observations from many EU countries including both manufacturing and service sectors in 2001–2007. Methodologically we apply a model of a...

In this paper we analyze the evolution of firm efficiency in the Czech Republic. Using a large panel of more than 190,000 Czech firm/years we study whether firms fully utilize their resources, how firm efficiency evolves over time, and how firm efficiency is determined by ownership structure. We...

We use broad-based yet detailed data from the economy's goods-producing sectors to investigate firms' ownership of production chains. It does not appear that vertical ownership is primarily used to facilitate transfers of goods along the production chain, as is often presumed: roughly one-half...

We use producer-level data to evaluate the role of financial frictions in determining total factor productivity (TFP). We study a model of establishment dynamics in which financial frictions reduce TFP through two channels. First, finance frictions distort entry and technology adoption...

This paper examines the effect of capital structure on the competitive position of firms in the product market, as measured by the market share. Theoretical predictions suggest that this effect depends on whether Cournot or Bertrand competition determines firms' interactions. We present evidence...

The aim of this paper is analysing the role of internal and external financial constraints in the firms’ joint decision to export and invest in R&D. Our empirical strategy consists of estimating a bivariate probit that explicitly acknowledges that a firm R&D and export decisions are...