{"title":"全球金融危机期间财政刺激与企业销售和资本支出。","authors":"Carolina Correa-Caro, Leandro Medina, Marcos Poplawski-Ribeiro, Bennett Sutton","doi":"10.1057/s41294-021-00160-5","DOIUrl":null,"url":null,"abstract":"<p><p>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.</p><p><strong>Supplementary information: </strong>The online version contains supplementary material available at 10.1057/s41294-021-00160-5.</p>","PeriodicalId":46161,"journal":{"name":"Comparative Economic Studies","volume":"63 3","pages":"489-535"},"PeriodicalIF":1.5000,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8335718/pdf/","citationCount":"1","resultStr":"{\"title\":\"Fiscal Stimulus and Firms' Sales and Capital Expenditure During the Global Financial Crisis.\",\"authors\":\"Carolina Correa-Caro, Leandro Medina, Marcos Poplawski-Ribeiro, Bennett Sutton\",\"doi\":\"10.1057/s41294-021-00160-5\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p><p>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.</p><p><strong>Supplementary information: </strong>The online version contains supplementary material available at 10.1057/s41294-021-00160-5.</p>\",\"PeriodicalId\":46161,\"journal\":{\"name\":\"Comparative Economic Studies\",\"volume\":\"63 3\",\"pages\":\"489-535\"},\"PeriodicalIF\":1.5000,\"publicationDate\":\"2021-01-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8335718/pdf/\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Comparative Economic Studies\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1057/s41294-021-00160-5\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"2021/8/4 0:00:00\",\"PubModel\":\"Epub\",\"JCR\":\"Q2\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Comparative Economic Studies","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1057/s41294-021-00160-5","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"2021/8/4 0:00:00","PubModel":"Epub","JCR":"Q2","JCRName":"ECONOMICS","Score":null,"Total":0}
Fiscal Stimulus and Firms' Sales and Capital Expenditure During the Global Financial Crisis.
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.
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).
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