ZEW Discussion Papers

This paper investigates the effects of macroeconomic volatility on non–financial firms’ cash holding behavior. Using an augmented cash buffer–stock model, we demonstrate that an increase in macroeconomic…

Based on a sample of German inovating firms that contains information on formal and informal innovation cooperation between customers and suppliers, we state that firms perceive informal cooperation as being…

This paper analyses the relationship between firm productivity and export behavior in German manufacturing firms. We examine whether productivity increases the probability of exporting, and assert that there is…

Die Arbeit untersucht den von der „Arbeitgruppe Netznutzung Strom der Kartellbehörden des Bundes und der Länder“ vorgeschlagenen Subtraktionstest, mit dessen Hilfe missbräuchlich überhöhte Netznutzungsentgelte…

New version, original title: Underdiversification in Private Companies – Required Returns and Incentive Effects

Owners of private companies often invest a substantial share of their net worth in one company,…

This study focuses on the impact of innovation policies and R&D collaboration in Germany and Finland. We consider collaboration and subsidies as heterogeneous treatments, and perform an econometric matching to…

Successful innovative activity is a major contribution to the intangible capital of firms. Although its importance is generally acknowledged, the contribution to companies’ profits is a priori unclear. We…

For small high-tech firms international orientation is regarded as crucial for growth and long-term survival. Even newly founded technology based firms (NTBFs) are often internationally active shortly after…

The present paper first discusses theoretically the different incentives of manager- versus owner-controlled firms for investment into innovative activity. In addition, the role of debt financing is analyzed.…