The corporate perspective on the German fiscal stimulus package: Insights from earnings calls

Alexander Hillert and Denise Rößler

No 115, SAFE Policy Letters from Leibniz Institute for Financial Research SAFE

Abstract: How have top decision-makers at publicly listed German companies assessed the Special Fund for Infrastructure and Climate Neutrality (SFICN) since its announcement? Based on a systematic text analysis of 1,204 earnings calls that took place between January 2024 and March 2026, we show that the announcement of the SFICN in March 2025 surprised executives and was immediately addressed in the earnings calls. Subsequently, the discussion stabilized at a moderate level: Since then, the SFICN has been discussed in about 13% of the earnings calls, lagging behind other macroeconomic factors such as tariffs. The assessment varies by sector: Financial, basic materials, and industrial companies view the program as relevant and predominantly positive, while assessments are more cautious in other industries, particularly among cyclical consumer goods firms.

Keywords: Special Fund for Infrastructure and Climate Neutrality; earnings conference calls; text analysis; Financial Research; Earnings calls; Manager sentiment (search for similar items in EconPapers)
Date: 2026
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