External financing constraints and firm’s innovative activities during the financial crisis


Giebel, Marek ; Kraft, Kornelius


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URL: https://ub-madoc.bib.uni-mannheim.de/43819
URN: urn:nbn:de:bsz:180-madoc-438194
Document Type: Working paper
Year of publication: 2017
The title of a journal, publication series: ZEW Discussion Papers
Volume: 17-064
Place of publication: Mannheim
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: G01 , G21 , G30 , O16 , O30 , O31,
Keywords (English): Financial crisis , financial constraints of banks , financing of innovation , innovation activity
Abstract: We investigate the effect of individual banks’ liquidity shocks during the recent financial crisis of 2008/2009 on the innovation activities of their business customers. Individual banks’ liquidity shocks are identified by the degree of interbank market usage. We use a difference-in-differences approach to identify the effect of interbank reliance during the crisis on total innovation expenditures in comparison to the periods before. Our results imply that those firms which have a business relation to a bank with higher interbank market reliance reduce their innovation activities during the financial crisis to a higher degree than other firms.

Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.




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Giebel, Marek ; Kraft, Kornelius (2017) External financing constraints and firm’s innovative activities during the financial crisis. Open Access ZEW Discussion Papers Mannheim 17-064 [Working paper]
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