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French Firms in the face of the 2008/2009 crisis

Author

Listed:
  • P.-Y. CABANNES

    (Insee)

  • V. COTTET

    (Insee)

  • Y. DUBOIS

    (Insee)

  • C. LELARGE

    (Insee)

  • M. SICSIC

    (Insee)

Abstract

During the 2008/2009 crisis French businesses were hit by a slump in domestic and world demand, while French banks encountered difficulties that may have encouraged them to tighten their credit conditions. This crisis strongly affected the number of business start-ups as well as the initial size of these start-ups; firm growth was also slashed, in particular that of the most promising among them. In 2008 and 2009 subsidiaries of groups experienced a sharper drop in activity than independent enterprises, particularly in the manufacturing industry. The companies that were least likely to be affected by financial constraints were those that most adjusted their short-term output, as well as their employment and investment levels. These elements suggest that in France, unlike in the United States, enterprises suffered more from a demand shock than from a credit shock.

Suggested Citation

  • P.-Y. Cabannes & V. Cottet & Y. Dubois & C. Lelarge & M. Sicsic, 2013. "French Firms in the face of the 2008/2009 crisis," Documents de Travail de l'Insee - INSEE Working Papers g2013-13, Institut National de la Statistique et des Etudes Economiques.
    • Handle: RePEc:nse:doctra:g2013-13
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    File URL: https://www.bnsp.insee.fr/ark:/12148/bc6p06zr6qn/f1.pdf
    File Function: Document de travail de la DESE numéro G2013-13
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    More about this item

    Keywords

    Financial crisis; financing constraints; firm growth;
    All these keywords.

    JEL classification:

    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies

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