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Development of the Cash Flow Margin 2009 Determined by the Economic Crisis. Cash Flow and Equity Ratio of the Austrian Manufacturing Sector


  • Werner Hölzl



The earning power of the Austrian manufacturing sector was considerably affected by the global economic crisis. According to the WIFO estimates using a dynamic panel econometric model the cash flow-to-sales ratio has declined by more than a third (from 11.2 percent in 2008 to 7.5 percent in 2009). The equity ratio in 2008 was, at 36.4 percent, within the European average. In 2009 it probably was, other than the cash flow ratio, still stable.

Suggested Citation

  • Werner Hölzl, 2010. "Development of the Cash Flow Margin 2009 Determined by the Economic Crisis. Cash Flow and Equity Ratio of the Austrian Manufacturing Sector," Austrian Economic Quarterly, WIFO, vol. 15(3), pages 268-276, October.
  • Handle: RePEc:wfo:wquart:y:2010:i:3:p:268-276

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    References listed on IDEAS

    1. מחקר - ביטוח לאומי, 2008. "Annual Survey 2007," Working Papers 19, National Insurance Institute of Israel.
    2. anonymous, 2008. "2008 Survey of community banks," TEN, Federal Reserve Bank of Kansas City, issue Win, pages 1-37.
    3. Megginson, William Leon, 2005. "The Financial Economics of Privatization," OUP Catalogue, Oxford University Press, number 9780195150629, June.
    4. Margit Schratzenstaller, 2009. "The Tax Reform 2009-10," Austrian Economic Quarterly, WIFO, vol. 14(4), pages 217-232, December.
    5. Markus Marterbauer, 2010. "Sluggish Cyclical Recovery. Economic Outlook for 2010 and 2011," Austrian Economic Quarterly, WIFO, vol. 15(2), pages 133-145, May.
    6. Friedrich Schneider, 2009. "Size and Development of the Shadow Economy in Germany, Austria and Other oecd-Countries. Some Preliminary Findings," Revue économique, Presses de Sciences-Po, vol. 60(5), pages 1079-1116.
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