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Slight Reduction in Cash-Flow-to-Sales Ratio. Profitability of Austrian Manufacturing in 2013


  • Werner Hölzl


  • Klaus S. Friesenbichler

    (Austrian Institute of Economic Research)

  • Kerstin Hölzl

    (Austrian Institute for SME Research)


In 2013, the cash-flow-to-sales ratio of the Austrian manufacturing sector reached an estimated 9.0 percent, a value significantly below the long-run average of 9.6 percent. The persistently muted performance of the manufacturing sector has affected the cash-flow-to-sales ratio, which declined substantially in the aftermath of the financial crisis. The sector's real value added growth amounted to a mere 1.2 percent in 2012 and 2013. According to the estimates of a dynamic panel-econometric model at industry level, the cash-flow-to-sales ratio in manufacturing declined slightly against 2012 (2012: 9.2 percent).

Suggested Citation

  • Werner Hölzl & Klaus S. Friesenbichler & Kerstin Hölzl, 2014. "Slight Reduction in Cash-Flow-to-Sales Ratio. Profitability of Austrian Manufacturing in 2013," WIFO Monatsberichte (monthly reports), WIFO, vol. 87(8), pages 569-580, August.
  • Handle: RePEc:wfo:monber:y:2014:i:8:p:569-580

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    References listed on IDEAS

    1. Bun, Maurice J. G. & Kiviet, Jan F., 2003. "On the diminishing returns of higher-order terms in asymptotic expansions of bias," Economics Letters, Elsevier, vol. 79(2), pages 145-152, May.
    2. Kiviet, Jan F., 1995. "On bias, inconsistency, and efficiency of various estimators in dynamic panel data models," Journal of Econometrics, Elsevier, vol. 68(1), pages 53-78, July.
    3. Adelina Gschwandtner & Val E. Lambson, 2006. "Sunk Costs, Profit Variability, and Turnover," Economic Inquiry, Western Economic Association International, vol. 44(2), pages 367-373, April.
    4. Lambson, Val Eugene & Jensen, Farrell E, 1995. "Sunk Costs and the Variability of Firm Value over Time," The Review of Economics and Statistics, MIT Press, vol. 77(3), pages 535-544, August.
    5. Klaus S. Friesenbichler, 2009. "Cash-Flow Margin of Austrian Manufacturers Still Resilient in 2008," Austrian Economic Quarterly, WIFO, vol. 14(3), pages 144-153, September.
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    Cited by:

    1. repec:wfo:wblltn:y:2018:i:11:p:96-106 is not listed on IDEAS
    2. Klaus S. Friesenbichler & Werner Hölzl & Kerstin Hölzl, 2016. "Cash-Flow-to-Sales Ratio Unchanged in 2015. Profitability of Austrian Manufacturing," WIFO Bulletin, WIFO, vol. 21(14), pages 136-145, November.
    3. repec:wfo:monber:y:2017:i:8:p:619-628 is not listed on IDEAS
    4. repec:wfo:wblltn:y:2017:i:13:p:123-132 is not listed on IDEAS
    5. repec:wfo:monber:y:2018:i:8:p:555-564 is not listed on IDEAS

    More about this item


    Cash-Flow; Ertragskraft; Eigenkapital; Österreich;


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