IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this article or follow this journal

Das Finanzierungsverhalten deutscher Unternehmen – Hinweise auf eine Kreditklemme?

  • Stephanie Lenger

    (Ruhr-Universität Bochum, Lehrstuhl für Accounting, insb. Auditing, Universitätsstraße 150, D-44801 Bochum)

  • Jürgen Ernstberger

    (Ruhr-Universität Bochum, Lehrstuhl für Accounting, insb. Auditing, Universitätsstraße 150, D-44801 Bochum)

Registered author(s):

    This article examines the financing behavior of German firms in the period 2000–2006. The analyses show that the investment volumes of non-listed small and medium-sized firms, which – insofar as external sources of finance are concerned – depend on bank lendings to an especially large extent, are strongly determined by internal resources. Moreover, small and medium-sized firms – unlike listed and large non-listed firms – are not able to substitute other financial resources for bank loans. The results of this article suggest that the decline in the aggregated credit volume in the period under review does not exclusively represent a response to structural changes on the demand side. They rather indicate the existence of supply-oriented disturbances in the credit market („credit crunch“) adversely affecting the firms examined to varying degrees.

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below under "Related research" whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Article provided by Credit and Capital Markets in its journal Kredit und Kapital.

    Volume (Year): 44 (2011)
    Issue (Month): 3 ()
    Pages: 367–392

    as
    in new window

    Handle: RePEc:kuk:journl:v:44:y:2011:i:3:p:367-392
    Contact details of provider: Web page: http://www.credit-and-capital-markets.de/

    No references listed on IDEAS
    You can help add them by filling out this form.

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:kuk:journl:v:44:y:2011:i:3:p:367-392. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Credit and Capital Markets)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.