Employment adjustment and financing constraints : A theoretical and empirical analysis at the micro level

Smolny, Werner ; Winker, Peter

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URL: https://ub-madoc.bib.uni-mannheim.de/1038
URN: urn:nbn:de:bsz:180-madoc-10387
Document Type: Working paper
Year of publication: 1999
The title of a journal, publication series: Discussion Papers / Institut für Volkswirtschaftslehre und Statistik
Volume: 573
Place of publication: Mannheim
Publication language: English
Institution: School of Law and Economics > Sonstige - Fakultät für Rechtswissenschaft und Volkswirtschaftslehre
MADOC publication series: Institut für Volkswirtschaftslehre und Statistik > Discussion Papers
Subject: 330 Economics
Classification: JEL: D21 D82 J23 L11 ,
Subject headings (SWD): Deutschland , Panelanalyse , Arbeitstätigkeit , Finanzierung
Abstract: Firms may face financing constraints as a result of rational behaviour of potential lenders due to asymmetric information. In this article, a theoretical model of employment adjustment is developed to derive hypotheses on the short-run impact of financing constraints on employment at the firm level. A unique firm panel data set for German manufacturing is used to assess the empirical evidence for this model. The data comprise high frequency data on employment adjustment and explicit statements on the existence of financing constraints. The estimation results reveal that financing constraints reduce employment and increase employment changes.
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