Dependence on External Finance By Manufacturing Sector: Examining the Measure and its Properties

Furstenberg, George M. von; Kalckreuth, Ulf von

doi:10.2139/ssrn.955891

SSRN Journal

2007

DOI: 10.2139/ssrn.955891

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Dependence on External Finance By Manufacturing Sector: Examining the Measure and its Properties

George M. von Furstenberg

Ulf von Kalckreuth

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2021

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“… 4 In related work, von Furstenberg and von Kalckreuth ( 2006 , 2007 ) use US data to investigate whether the Compustat index reflects fundamental industry characteristics. …”

mentioning

confidence: 99%

External financial dependence and firms’ crisis performance across Europe

Eppinger

Neugebauer

2021

Empir Econ

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How do financial market conditions affect real economic performance? Empirical investigations of this question have often relied on measures of external financial dependence (EFD) that are constructed using US data and applied to other countries under the assumption of a stable industry ranking across countries. This paper exploits unique, comparable survey data from seven European countries to show that correlations of EFD across countries are weak, casting some doubt on this assumption. We then use the novel survey-based EFD index to show that the global financial crisis had a disproportionately negative impact on the real performance of financially dependent firms. Further investigations highlight the importance of supply chains in propagating the credit shock.

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“… 4 In related work, von Furstenberg and von Kalckreuth ( 2006 , 2007 ) use US data to investigate whether the Compustat index reflects fundamental industry characteristics. …”

mentioning

confidence: 99%

External financial dependence and firms’ crisis performance across Europe

Eppinger

Neugebauer

2021

Empir Econ

View full text Add to dashboard Cite

show abstract

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Dependence on External Finance By Manufacturing Sector: Examining the Measure and its Properties

Cited by 1 publication

References 19 publications

External financial dependence and firms’ crisis performance across Europe

External financial dependence and firms’ crisis performance across Europe

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