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The Employment-Financing Nexus: Evidence from a Panel of West German Firms

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Author Info
 Funke, Michael, et al

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Abstract

The objective of the paper is to investigate the linkage between financial factors and employment decisions of West German firms. The underlying model is based upon rational expectations and convex adjustment costs. The time series, cross-section estimates for the period 1989-94 are obtained using information on individual firms contained in business surveys. We find that financial constraints can indeed restrain the level of employment in small firms. On the contrary, there is no evidence that this result applies to larger firms as well. Copyright 1998 by Kluwer Academic Publishers

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Publisher Info
Article provided by Springer in its journal Small Business Economics.

Volume (Year): 11 (1998)
Issue (Month): 3 (November)
Pages: 225-35
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Handle: RePEc:kap:sbusec:v:11:y:1998:i:3:p:225-35

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  1. Josep A. Tribó, 2005. "An analysis of the length of labour and financial contracts: a study for Spain," Applied Economics, Taylor and Francis Journals, vol. 37(8), pages 905-916, May. [Downloadable!] (restricted)
  2. Michael Funke & Holger Strulik, 1998. "Leverage as a Conditioning Variable for Employment: An Analysis of a Panel of West German Manufacturing Firms," Quantitative Macroeconomics Working Papers 19804, Hamburg University, Department of Economics. [Downloadable!]
  3. Smolny, Werner & Winker, Peter, . "Employment adjustment and financing constraints - A theoretical and empirical analysis at the micro level," IVS discussion paper series 573, Institut für Volkswirtschaft und Statistik (IVS), University of Mannheim. [Downloadable!]
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This page was last updated on 2009-12-22.

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