IDEAS home Printed from
   My bibliography  Save this paper

Microeconomic Aspects of the Impact of the Global Crisis on the Growth of Non-financial Corporations in the Republic of Croatia


  • Tomislav Galac

    () (The Croatian National Bank, Croatia)


The conducted research shows linear relationships between individual corporation characteristics before the outbreak of the global financial and economic crisis in 2008 and corporation growth measured by the number of employed persons during the economic crisis in the period 2009 – 2013. The most important conclusion is that the characteristics associated with faster corporation growth in the pre-crisis period (2003 – 2007) were mainly the same as those associated with faster growth during the crisis, from 2009 – 2013, but only if corporation management during crisis is not factored in. The second most important conclusion is that corporation management during the crisis is relevant for growth. However, even when corporation management during the crisis is factored in, it can be concluded that smaller corporations, state-owned enterprises, corporations that engaged at least to some extent in exporting and corporations that relied less on internal funding, operated on a more efficient scale and were less labourintensive before the crisis, grew faster during the crisis. The relationships found to exist at this stage of research between growth and other corporation characteristics are only partial correlations in the context of assumed linear models.

Suggested Citation

  • Tomislav Galac, 2015. "Microeconomic Aspects of the Impact of the Global Crisis on the Growth of Non-financial Corporations in the Republic of Croatia," Working Papers 44, The Croatian National Bank, Croatia.
  • Handle: RePEc:hnb:wpaper:44

    Download full text from publisher

    File URL:
    Download Restriction: no

    References listed on IDEAS

    1. Enrico Santarelli, 2002. "Is subsidizing entry an optimal policy?," Industrial and Corporate Change, Oxford University Press, vol. 11(1), pages 39-52, February.
    2. Pradhan, Jaya Prakash, 2009. "Firm Performance during Global Economic Slowdown: A View from India," MPRA Paper 17145, University Library of Munich, Germany.
    3. Kolasa, Marcin & Rubaszek, Michal & Taglioni, Daria, 2010. "Firms in the great global recession: The role of foreign ownership and financial dependence," Emerging Markets Review, Elsevier, vol. 11(4), pages 341-357, December.
    4. Miljana Valdec & Jurica Zrnc, 2015. "The direction of causality between exports and firm performance: microeconomic evidence from Croatia using the matching approach," Financial Theory and Practice, Institute of Public Finance, vol. 39(1), pages 1-30.
    Full references (including those not matched with items on IDEAS)

    More about this item


    global crisis; Croatia; corporation growth;

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • J23 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Demand
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance

    NEP fields

    This paper has been announced in the following NEP Reports:


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hnb:wpaper:44. 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: (Romana Sinković). General contact details of provider: .

    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 CitEc recognized a reference but did not link an item in RePEc 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 RePEc Author Service 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.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.