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Investitionen in der Krise? Eine empirische Analyse zum Einfluss der Finanz- und Wirtschaftskrise 2008/2009 auf Investitionsanpassungen

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  • Gerner, Von Hans-Dieter
  • Stegmaier, Jen

Abstract

In 2008 and 2009 the world economy as well as the German economy was hit by the most massive downturn since the Great Depression. It seems natural that this led also to an adjustment of planned investments as in Germany capital-intensive industries were affected most by the crisis. This study investigates the effect of the crisis on firm-level investment plans. Moreover we test for firm size and corporate governance differences. Employing German firm level data – the IAB Establishment Panel – our findings show that firms which were affected by the crisis reduced their investment plans significantly more. This relationship seems to be more pronounced in smaller firms. Additional analyses show that larger firms postponed their investments because they could not get enough debt capital whereas smaller firms delayed investments due to a fall in sales.

Suggested Citation

  • Gerner, Von Hans-Dieter & Stegmaier, Jen, 2013. "Investitionen in der Krise? Eine empirische Analyse zum Einfluss der Finanz- und Wirtschaftskrise 2008/2009 auf Investitionsanpassungen," Schmollers Jahrbuch : Journal of Applied Social Science Studies / Zeitschrift für Wirtschafts- und Sozialwissenschaften, Duncker & Humblot, Berlin, vol. 133(1), pages 67-95.
  • Handle: RePEc:aeq:aeqsjb:v133_y2013_i1_q1_p67-95
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    File URL: http://dx.doi.org/10.3790/schm.133.1.67
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    Cited by:

    1. Spyros Arvanitis & Euripidis N. Loukis, 2015. "Did the Reduction of ICT Investment Due to the 2008 Economic Crisis Affect the Innovation Performance of Firms? An Exploratory Analysis Based on Firm Data for the European Glass, Ceramics, and Cement ," KOF Working papers 15-391, KOF Swiss Economic Institute, ETH Zurich.

    More about this item

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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