A Further Empirical Investigation of German Firms’ Financial Structure and Ensuing Risks / Finanzierungsstrukturen und Risiken im Unternehmenssektor der Bundesrepublik Deutschland – Weitere Ergebnisse anhand von Unternehmensdaten

Kirchesch Kai (), Sommer Marc and Stahlecker Peter ()
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Kirchesch Kai: Dipl.-Volkswirt, HWWA, Internationale Makroökonomie, Neuer Jungfernstieg 21, D-20347 Hamburg
Sommer Marc: Universität Hamburg, Institut für Statistik und Ökonometrie, Von-Melle-Park 5, D-20146 Hamburg
Stahlecker Peter: Universität Hamburg, Institut für Statistik und Ökonometrie, Von-Melle-Park 5, D-20146 Hamburg

Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), 2001, vol. 221, issue 5-6, 530-555

Abstract: The changes in the financial structures of West German industrial enterprises have been investigated in Größl/Stahlecker/Wohlers (2001). The empirical analysis confirmed the hypothesis that small and medium-sized enterprises are confronted with higher - and even rising - financial risks than larger enterprises. Thresholds were introduced to serve as signals for lenders to tighten credit conditions or even file for bankruptcy. Unfortunately, the empirical distribution of the financial ratios could not be quantified, because the analysis has been - due to reasons of availability - based on aggregate data. The present paper’s aim is to check the robustness of the results and to quantify the development of the financial risk measures by using firm-level data that have been the base for the Bundesbank’s special evaluation of the balance sheet statistic of West German enterprises. Our results confirm the higher risk position of small and medium-sized enterprises in the period 1987-1996.

Keywords: Corporate finance; panel data; aggregation; Unternehmensfinanzierung; Paneldaten; Aggregation (search for similar items in EconPapers)
Date: 2001
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Persistent link: https://EconPapers.repec.org/RePEc:jns:jbstat:v:221:y:2001:i:5-6:p:530-555

DOI: 10.1515/jbnst-2001-5-606

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