JOURNAL ARTICLE
Cite JOURNAL ARTICLE
Style
Format
Innovation and Investment Funding in the post-crisis period: have financing patterns and financial constraints of German firms changed?
Schäfer, Dorothea | Stephan, Andreas
Vierteljahrshefte zur Wirtschaftsforschung, Vol. 86 (2017), Iss. 1 : pp. 129–142
3 Citations (CrossRef)
Additional Information
Article Details
Author Details
German Institute for Economic Research DIW Berlin, CeFEO at Jönköping International Business School, Jönköping University, and CERBE Center for Relationship Banking and Economics, Rom
Jönköping International Business School, Ratio Institute, and German Institute for Economic Research DIW Berlin
Cited By
-
The effect of subsidies on R&D in the financial crisis—the role of financial constraints of firms and banks
Giebel, Marek | Kraft, KorneliusIndustrial and Corporate Change, Vol. (2023), Iss.
https://doi.org/10.1093/icc/dtad071 [Citations: 1] -
Subsidies and Innovation in the Recent Financial Crisis
Giebel, Marek | Kraft, KorneliusSSRN Electronic Journal , Vol. (2021), Iss.
https://doi.org/10.2139/ssrn.3996191 [Citations: 0] -
Contemporary Developments in Entrepreneurial Finance
Innovation and Investment Finance in Comparison
Zimmermann, Volker
2020
https://doi.org/10.1007/978-3-030-17612-9_3 [Citations: 1]
Abstract
This study examines the actual funding behavior of German innovative firms in the pre- and post-crisis period. Specifically, we investigate if and how the funding patterns and financial constraints of German small and medium enterprises (SME) changed during and since the financial crisis. The purpose of our analysis is to assess whether the aims of the European CMU action plan, funding innovation and investment activities, complements the behavior of German SMEs. We find fairly stable funding patterns over the years and there is no indication that financial constraints have become tighter in the post-crisis period. Consequently, realizing the CMU"s central goal of broadening the funding mix could leave the funding behavior of German SMEs largely unaffected.