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| Author: | Grössl, I. Stahlecker, P. Wohlers, E. |
| Title: | An empirical investigation of German firms' financial structure and ensuing risks |
| Journal: | Jahrbücher für Nationalökonomie und Statistik
2001 : OCT, VOL. 221:5-6, p. 491-529 |
| Index terms: | Macroeconomics Companies Financial structure Financial risk Germany |
| Language: | eng |
| Abstract: | The paper focuses on the question whether West German firms have experienced an increase in their financil risk position with due implications for the macroeconomy. The investigation is based on a special evaluation of the balance sheet statistics by the Deutsche Bundesbank broken down into firm size and legal form. Findings suggest that owing to positive trends of various financial ratios, above all small and medium sized firms have been exposed to significantly higher risks in the time period 1987-1996. Further tests reveal that for this firms' size investment and financial risk are negatively correlated. ratios, above all small and medium sized firms have been exposed to significantly higher risks in the time period 1987-1996. Further tests reveal that for this firms' size investment and financial risk are negatively correlated. |
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