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

Author

Listed:
  • Tomislav Galac

    () (The Croatian National Bank, Croatia)

Abstract

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
    as

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    File URL: http://www.hnb.hr/repec/hnb/wpaper/pdf/w-044.pdf
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    References listed on IDEAS

    as
    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

    Keywords

    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

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