Investitionen in der Krise? Eine empirische Analyse zum Einfluss der Finanz- und Wirtschaftskrise 2008/2009 auf Investitionsanpassungen

Von Hans-Dieter Gerner and Jens Stegmaier

Schmollers Jahrbuch : Journal of Applied Social Science Studies / Zeitschrift für Wirtschafts- und Sozialwissenschaften, 2013, vol. 133, issue 1, 67-95

Abstract: In 2008 and 2009 the world economy as well as the German economy was hit by the most massive downturn since the Great Depression. It seems natural that this led also to an adjustment of planned investments as in Germany capital-intensive industries were affected most by the crisis. This study investigates the effect of the crisis on firm-level investment plans. Moreover we test for firm size and corporate governance differences. Employing German firm level data – the IAB Establishment Panel – our findings show that firms which were affected by the crisis reduced their investment plans significantly more. This relationship seems to be more pronounced in smaller firms. Additional analyses show that larger firms postponed their investments because they could not get enough debt capital whereas smaller firms delayed investments due to a fall in sales.

JEL-codes: D22 G31 G32 (search for similar items in EconPapers)
Date: 2013
References: Add references at CitEc
Citations:

Downloads: (external link)
http://dx.doi.org/10.3790/schm.133.1.67 (application/pdf)
Access to full text is restricted to subscribers (2008 onwards); Pay-per-view access from http://www.genios.de (2000 onwards with 2 years moving wall) and http://ejournals.duncker-humblot.de/loi/schm (2008 onwards)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:aeq:aeqsjb:v133_y2013_i1_q1_p67-95

Ordering information: This journal article can be ordered from
http://www.duncker-h ... llersjahrbuch-1.html

Access Statistics for this article

Schmollers Jahrbuch : Journal of Applied Social Science Studies / Zeitschrift für Wirtschafts- und Sozialwissenschaften is currently edited by Gert G. Wagner and Joachim Wagner

More articles in Schmollers Jahrbuch : Journal of Applied Social Science Studies / Zeitschrift für Wirtschafts- und Sozialwissenschaften from Duncker & Humblot, Berlin
Bibliographic data for series maintained by Gabriele Freudenmann ( this e-mail address is bad, please contact ).