Performance of Publicly Listed Chilean Firms During the 2008-2009 Global Financial Crisis

Yi Wu

No 2012/261, IMF Working Papers from International Monetary Fund

Abstract: This paper examines publicly listed Chilean firms’ performance during the 2008–09 crisis. In particular, it studies the effects from changes in external financing conditions, aggregate demand, and international trade on firms’ investment, sales, and profits, using firm-specific characteristics measured prior to the crisis. The evidence suggests that the crisis had a larger negative impact on firms with greater reliance on external financing, and firms with higher sensitivity to aggregate demand and exports. Firms with more foreign currency debt also had larger declines in sales, although their investment or profits did not differ significantly from other firms.

Keywords: WP; firm; utilities firm; financing needs; firm performance; financial crisis; firms; external financing; firm Summary statistics; cash flow; Government liabilities; Exports; Foreign currency debt; Demand elasticity; Global (search for similar items in EconPapers)
Pages: 17
Date: 2012-10-31
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Citations: View citations in EconPapers (4)

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