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The impact of the financial crisis on investments in innovative firms
Giebel, Marek; Kraft, Kornelius - 2015
This paper investigates the impact of the financial crisis on investment decisions in innovative versus non-innovative firms. Firms are defined as being innovative if they have introduced a new product to the market. The empirical test is based on data for the years before and after the recent...
Persistent link: https://www.econbiz.de/10011335977
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M&As, investment and financing constraints
Stiebale, Joel; Wößner, Nicole - 2017
We use a panel data set of European firms to analyse the effects of domestic and international M&As on target firms' investment, growth and financial constraints. Combining propensity score matching with a difference-in-differences estimator, our results indicate that upon acquisition, target...
Persistent link: https://www.econbiz.de/10011671647
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Bank Credit Supply and Firm Innovation
Giebel, Marek - 2018
financial crisis 2008/2009 on their business customers' innovation activity. Using a matched bank-firm data set for Germany, we … find that having relations with a more severely affected bank seriously hampers firms' current innovation activities due to … initiate new product and process innovations and to reallocate human resources to innovation during the financial crisis …
Persistent link: https://www.econbiz.de/10012926239
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Are Excess Cash Holdings More Valuable to Firms in Times of Crisis? Financial Constraints and Governance Matter
Chang, Yanhao - 2014
This study examines the impact of cash holdings on firm value before and during the 2008 financial crisis. In answering this question, our analysis assesses the conditioning effect of financial constraints and corporate governance. In our core finding we show that the equity market places a...
Persistent link: https://www.econbiz.de/10013058798
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Are Excess Cash Holdings More Valuable to Firms in Times of Crisis? Financial Constraints and Governance Matter
Chang, Yanhao - 2014
This study examines the impact of cash holdings on firm value before and during the 2008 financial crisis. In answering this question, our analysis assesses the conditioning effect of financial constraints and corporate governance. In our core finding we show that the equity market places a...
Persistent link: https://www.econbiz.de/10013061567
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Kreditvergabe und Innovationsaktivität in der Finanzkrise
Kipar, Stefan - In: Vierteljahrshefte zur Wirtschaftsforschung 80 (2011) 3, pp. 111-130
Banken an Unternehmen des Verarbeitenden Gewerbes in Deutschland während der Finanzkrise und die Folgen für die … verschiedenen Geschäftsmodelle höchst unterschiedlich von der Finanzkrise getroffen. Unternehmen erfuhren ebenfalls unterschiedliche … restrictive bank lending on firm innovation. …
Persistent link: https://www.econbiz.de/10010377985
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Kreditvergabe und Innovationsaktivität in der Finanzkrise
Kipar, Stefan - In: Vierteljahrshefte zur Wirtschaftsforschung / Quarterly … 80 (2011) 3, pp. 111-130
restrictive bank lending on firm innovation. Unter Verwendung eines einzigartigen Datensatzes zeigt dieser Beitrag die Entwicklung … der Kreditvergabebereitschaft von Banken an Unternehmen des Verarbeitenden Gewerbes in Deutschland während der Finanzkrise … unterschiedlicher Art aufgrund ihrer verschiedenen Geschäftsmodelle höchst unterschiedlich von der Finanzkrise getroffen. Unternehmen …
Persistent link: https://www.econbiz.de/10009371856
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Financial Constraints and Corporate Investments During the Current Financial and Economic Crisis : The Credit Crunch and Investment Decisions of Slovenian Firms
Crnigoj, Matjaz - 2017
We investigate the effect of financial constraints on the investment decisions of Slovenian firms during the current financial and economic crisis. By estimating the error-correction model and the Euler-equation specification, we found that corporate investments were significantly affected by...
Persistent link: https://www.econbiz.de/10012970755
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Financial Constraints and Corporate Investments During the Current Financial and Economic Crisis : The Credit Crunch and Investment Decisions of Slovenian Firms
Crnigoj, Matjaz - 2017
We investigate the effect of financial constraints on the investment decisions of Slovenian firms during the current financial and economic crisis. By estimating the error-correction model and the Euler-equation specification, we found that corporate investments were significantly affected by...
Persistent link: https://www.econbiz.de/10012974270
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Microeconometric evidence of financing frictions and innovative activity
Tiwari, Amaresh K.; Mohnen, Pierre A.; Palm, Franz C.; … - 2014
Using Dutch data we empirically investigate how financing and innovation vary across firm characteristics. We find that … when firms face financial constraints, debt financing and innovation choices are not independent of firm characteristics …
Persistent link: https://www.econbiz.de/10010249680