Abstract
AbstractIn a globalized world with high international factor mobility, crises often spread quickly over large parts of the world. Politicians carry a vital interest in keeping crises as small and short as possible. Against this background we study whether the type of company of owner-managed SMEs, in Germany well-known as Mittelstand firms, helps increasing an economy’s crisis resistance. We study this issue at the example of the Great Recession of the years 2008/2009. Using micro panel data from the ifo Business Survey, we study the comparative performance of Mittelstand enterprises and find supporting evidence for the hypothesis that Mittelstand firms performed more stable throughout the Great Recession than non-Mittelstand firms. We also show that owner-managed SMEs performed significantly better than SMEs and owner-managed large enterprises. Thus, it is rather the combination of firm size and owner-management that leads to more crisis resistance.
Funder
ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München e.V.
Publisher
Springer Science and Business Media LLC
Subject
Economics and Econometrics,General Business, Management and Accounting
Reference51 articles.
1. Abberger, K., Sauer, S., & Seiler, C. (eds.) (2011). Der Test der Tests im Konjunkturtest Handel. ifo Forschungsberichte No. 52. ifo Institute, Munich.
2. Alchian, A.A., & Demsetz, H. (1972). Production, information costs, and economic organization. American Economic Review, 62(5), 777–795.
3. Angelini, E., Camba-Mendez, G., Giannone, D., Reichlin, L., & Rünstler, G. (2011). Short-term forecasts of euro area GDP growth. Econometrics Journal, 14(1), 25–44. https://doi.org/10.1111/j.1368-423X.2010.00328.x.
4. Audretsch, D., & Lehmann, E. (2016). The seven secrets of Germany economic resilience in an era of global turbulence. New York: Oxford University Press.
5. Bartz, W., & Winkler, A. (2016). Flexible or fragile? The growth performance of small and young businesses during the global financial crisis – evidence from Germany. Journal of Business Venturing, 31(2), 196–215. https://doi.org/10.1016/j.jbusvent.2015.10.002.
Cited by
9 articles.
订阅此论文施引文献
订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献