French Firms in the face of the 2008/2009 crisis

Les ajustements des entreprises françaises pendant la crise de 2008/2009

Pierre-Yves Cabannes, Vincent Cottet, Yves Dubois, Claire Lelarge () and Michaël Sicsic ()
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Pierre-Yves Cabannes: INSEE - Institut national de la statistique et des études économiques (INSEE)
Vincent Cottet: INSEE - Institut national de la statistique et des études économiques (INSEE)
Yves Dubois: INSEE - Institut national de la statistique et des études économiques (INSEE)
Claire Lelarge: INSEE - Institut national de la statistique et des études économiques (INSEE)
Michaël Sicsic: INSEE - Institut national de la statistique et des études économiques (INSEE)

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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.

Keywords: Financial crisis; financing constraints; firm growth; Crise financière; contraintes de financement; croissance des entreprises. (search for similar items in EconPapers)
Date: 2013-11
Note: View the original document on HAL open archive server: https://insee.hal.science/hal-05462368v1
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