Fiscal Stimulus and Firms' Sales and Capital Expenditure During the Global Financial Crisis.

IF 1.5 Q2 ECONOMICS

Comparative Economic Studies Pub Date : 2021-01-01 Epub Date: 2021-08-04 DOI:10.1057/s41294-021-00160-5

Carolina Correa-Caro, Leandro Medina, Marcos Poplawski-Ribeiro, Bennett Sutton

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引用次数: 1

Abstract

Using firm-level data from the Refinitiv Datastream Worldscope database for more than 17,253 non-financial firms in 45 advanced and emerging economies, this paper examines how fiscal stimulus interacted with sectoral business cycle sensitivity has affected firms' sales and capital expenditures during the global financial crisis. Cross-sectional analyses indicate that reductions in structural fiscal balances are associated with higher firms' sales and capital expenditures (as percentage of their total assets) in 2009. This result is obtained notably for the manufacturing and construction industries and for different regions depending on the firm performance variable. Our findings have key implications for the design of fiscal response to shocks at industry and firm levels, including during the current COVID-19 pandemic.

Supplementary information: The online version contains supplementary material available at 10.1057/s41294-021-00160-5.

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全球金融危机期间财政刺激与企业销售和资本支出。

本文利用Refinitiv Datastream Worldscope数据库中45个发达和新兴经济体超过17253家非金融企业的企业层面数据，研究了全球金融危机期间财政刺激与行业商业周期敏感性之间的相互作用如何影响企业的销售和资本支出。横断面分析表明，结构性财政平衡的减少与2009年企业销售额和资本支出(占总资产的百分比)的增加有关。这一结果对于制造业和建筑业以及不同地区的企业绩效变量都是显著的。我们的研究结果对行业和企业层面的财政应对冲击的设计具有重要意义，包括在当前的COVID-19大流行期间。补充信息:在线版本包含补充资料，可在10.1057/s41294-021-00160-5获得。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Comparative Economic Studies ECONOMICS-

CiteScore

2.30

自引率

12.50%

发文量

期刊介绍： Comparative Economic Studies is a journal of the Association for Comparative Economic Studies (ACES). It aims to publish papers that address several objectives: that provide original political economy analysis from a comparative perspective, that are an accessible source for state-of-the-art comparative economics thinking, that encourage cross-fertilization of ideas, that debate directions for future research in comparative economics, and that can provide materials and insights that are relevant for teaching, public policy debate and the media. Comparative Economic Studies welcome both submissions that are explicitly comparative and case studies of single countries or regions. The journal is interested in papers that investigate how economic systems respond to economic transitions, crises and to structural change, brought about by globalization, demographics, institutions, technology, politics, and the environment. While maintaining its position as an important outlet for work on Central Europe and the Former Soviet Union, the scope of Comparative Economic Studies encompasses other areas as well (European Union, Asia, Latin America, and Africa).