On the real effects of financial pressure: Evidence from euro area firm-level employment during the recent financial crisis

Filipa Fernandes, Alexandros Kontonikas () and Serafeim Tsoukas

No 2014-028, SIRE Discussion Papers from Scottish Institute for Research in Economics (SIRE)

Abstract: Using a large panel of unquoted euro-area firms over the period 2003-11, this paper examines the impact of financial pressure on firms’ employment. The analysis finds evidence that financial pressure negatively affects firms’ employment decisions. This effect is stronger during the 2007-2009 financial crisis, especially for firms in the periphery area compared to their counterparts in the core European economies. We also find that impact of financial pressure on employment is more potent for firms classified as financially constrained and operating in periphery economies during the financial crisis.

Keywords: Financial pressure; Firm employment; Euro area; Financial crisis (search for similar items in EconPapers)
Date: 2014-08-01
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Persistent link: https://EconPapers.repec.org/RePEc:edn:sirdps:584

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