An Empirical Investigation of German Firms’ Financial Structure and Ensuing Risks / Finanzierungsstruktur und Risiken im Unternehmenssektor der Bundesrepublik Deutschland. Eine empirische Bestandsaufnahme

Größl Ingrid (), Stahlecker Peter () and Wohlers Eckhardt ()
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Größl Ingrid: Hochschule für Wirtschaft und Politik, Von-Melle-Park 9, D-20146 Hamburg
Stahlecker Peter: Universität Hamburg, Institut für Statistik und Ökonometrie, Von- Melle-Park 5, D-20146 Hamburg
Wohlers Eckhardt: HWWA - Hamburg Institute of International Economics, Neuer Jungfernstieg 21, D-20347 Hamburg

Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), 2001, vol. 221, issue 5-6, 491-529

Abstract: This paper focuses on the question whether West German firms have experienced an increase in their financial risk position with due implications for the macroeconomy. The investigation is based on a special evaluation of the balance sheet statistics by the Deutsche Bundesbank broken down into firm size and legal form. Empirical findings suggest that owing to positive trends of various financial ratios, above all small and medium sized firms have been exposed to significantly higher risks in the time period 1987-1996. Further tests reveal that for this firms’ size investment and financial risk are negatively correlated. Considering the macroeconomic significance of small and medium sized enterprises, these empirical findings bear serious risks for growth, employment and the effectiveness of monetary policy.

Keywords: Corporate Finance; Aggregation; SME; Unternehmensfinanzierung; Aggregation; KMU (search for similar items in EconPapers)
Date: 2001
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:jns:jbstat:v:221:y:2001:i:5-6:p:491-529

DOI: 10.1515/jbnst-2001-5-605

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