Menu Expand

Das Finanzierungsverhalten deutscher Unternehmen – Hinweise auf eine Kreditklemme?

Cite JOURNAL ARTICLE

Style

Lenger, S., Ernstberger, J. Das Finanzierungsverhalten deutscher Unternehmen – Hinweise auf eine Kreditklemme?. Credit and Capital Markets – Kredit und Kapital, 44(3), 367-392. https://doi.org/10.3790/kuk.44.3.367
Lenger, Stephanie and Ernstberger, Jürgen "Das Finanzierungsverhalten deutscher Unternehmen – Hinweise auf eine Kreditklemme?" Credit and Capital Markets – Kredit und Kapital 44.3, 2011, 367-392. https://doi.org/10.3790/kuk.44.3.367
Lenger, Stephanie/Ernstberger, Jürgen (2011): Das Finanzierungsverhalten deutscher Unternehmen – Hinweise auf eine Kreditklemme?, in: Credit and Capital Markets – Kredit und Kapital, vol. 44, iss. 3, 367-392, [online] https://doi.org/10.3790/kuk.44.3.367

Format

Das Finanzierungsverhalten deutscher Unternehmen – Hinweise auf eine Kreditklemme?

Lenger, Stephanie | Ernstberger, Jürgen

Credit and Capital Markets – Kredit und Kapital, Vol. 44 (2011), Iss. 3 : pp. 367–392

2 Citations (CrossRef)

Additional Information

Article Details

Author Details

Stephanie Lenger, Ruhr-Universität Bochum, Lehrstuhl für Accounting, insb. Auditing, Universitätsstraße 150, D-44801 Bochum

Prof. Dr. Jürgen Enstberger, Ruhr-Universität Bochum, Lehrstuhl für Accounting, insb. Auditing, Universitätsstraße 150, D-44801 Bochum

Cited By

  1. The impact of Basel II on the debt costs of German SMEs

    Schindele, Alexandra | Szczesny, Andrea

    Journal of Business Economics, Vol. 86 (2016), Iss. 3 P.197

    https://doi.org/10.1007/s11573-015-0775-3 [Citations: 15]
  2. Financial Constraints on German Firms after the Crisis: Evidence from Threshold Panel Estimation

    Tarassow, Artur

    Oxford Bulletin of Economics and Statistics, Vol. 80 (2018), Iss. 5 P.972

    https://doi.org/10.1111/obes.12206 [Citations: 0]

Abstract

The Financing Behavior of German Firms – Indications of a Credit Crunch?

This article examines the financing behavior of German firms in the period 2000–2006. The analyses show that the investment volumes of non-listed small and medium-sized firms, which – insofar as external sources of finance are concerned – depend on bank lendings to an especially large extent, are strongly determined by internal resources. Moreover, small and medium-sized firms – unlike listed and large non-listed firms – are not able to substitute other financial resources for bank loans. The results of this article suggest that the decline in the aggregated credit volume in the period under review does not exclusively represent a response to structural changes on the demand side. They rather indicate the existence of supply-oriented disturbances in the credit market ("credit crunch„) adversely affecting the firms examined to varying degrees.