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External financial dependence and firms' crisis performance across Europe

Eppinger, Peter S. and Neugebauer, Katja (2017) External financial dependence and firms' crisis performance across Europe. Systemic Risk Centre Discussion Papers (65). Systemic Risk Centre, The London School of Economics and Political Science, London, UK.

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Economic research has often relied on a measure of external financial dependence that is constructed using U.S. data and applied to other countries under the assumption of a stable industry ranking across countries. We exploit unique survey data from seven European countries to show that correlations of financial dependence across countries are weak, questioning this assumption. We then use the novel survey-based measure to show that the global financial crisis had a disproportionately negative impact on the real performance of financially dependent firms.

Item Type: Monograph (Discussion Paper)
Official URL:
Additional Information: © 2017 The Authors
Divisions: Systemic Risk Centre
Subjects: H Social Sciences > HC Economic History and Conditions
H Social Sciences > HG Finance
JEL classification: G - Financial Economics > G1 - General Financial Markets > G10 - General
G - Financial Economics > G3 - Corporate Finance and Governance > G30 - General
L - Industrial Organization > L2 - Firm Objectives, Organization, and Behavior > L25 - Firm Performance: Size, Diversification and Scope, Age, Profit, and Sales
F - International Economics > F1 - Trade > F10 - General
Date Deposited: 24 Mar 2017 16:33
Last Modified: 16 May 2024 12:11
Projects: ES/K002309/1
Funders: Economic and Social Research Council

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