EIB papers
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Published: 1986
Total Pages: 67
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EIB Working Papers 2019/03 - Financing and obstacles for high growth enterprises: the European case
Author: European Investment Bank
Publisher: European Investment Bank
Published: 2019-05-22
Total Pages: 51
ISBN-13: 9286142323
DOWNLOAD EBOOKFirms can be identified as high growth, stable or declining. This paper investigates the links between these different phases in the life of a firm, investment activity, financing needs and financing constraints. Using the representative EIBIS survey of EU companies, it finds that firms in a high growth phase are more likely to apply for equity financing and more likely to be financially constrained. Further, it identifies firms with a high growth potential. The most severe barriers for high-growth enterprises are the availability of skilled staff and business regulations, while potential high-growth enterprises are more constrained by uncertainty about the future.
EIB Working Papers 2019/04 - Can survey-based information help to assess investment gaps in the EU?
Author: European Investment Bank
Publisher: European Investment Bank
Published: 2019-05-22
Total Pages: 82
ISBN-13: 9286142366
DOWNLOAD EBOOKInformation from surveys can be used alongside macroeconomic indicators to provide a better understanding of the obstacles to investment faced by firms. This study uses merged firm level data from the European Investment Bank Investment Survey (EIBIS) and hard data from firms' balance sheets and profit and loss information to investigate how well survey results correlate with macro-based hard data. Firms' perceptions of impediments to investment tend to be related to firms' specific characteristics: firms that are smaller, more indebted, less profitable or with less liquidity, tend to report more impediments. Nonetheless, after controlling for firm specific characteristics, the investment gaps reported by firms remain correlated with the reported impediments.
EIB Working Papers 2018/08 - Debt overhang and investment efficiency
Author: European Investment Bank
Publisher: European Investment Bank
Published: 2019-04-29
Total Pages: 56
ISBN-13: 9286140576
DOWNLOAD EBOOKUsing a pan-European data set of 8.5 million firms, this paper finds that firms with high debt overhang invest relatively more than otherwise similar firms if they are operating in sectors facing good global growth opportunities. At the same time, the positive impact of a marginal increase in debt on investment efficiency disappears if firm debt is already excessive, if it is dominated by short maturities, and during systemic banking crises. The results are consistent with theories of the disciplining role of debt, as well as with models highlighting the negative link between agency problems at firms and banks and investment efficiency.
EIB Working Papers 2019/08 - Investment: What holds Romanian firms back?
Author: European Investment Bank
Publisher: European Investment Bank
Published: 2019-10-15
Total Pages: 89
ISBN-13: 9286143591
DOWNLOAD EBOOKIn Romania, the share of firms carrying out investment is amongst the lowest in the European Union. This is despite strong economic growth in recent years and persistent needs for upgrading the capital stock in the country. This paper draws on information from two surveys – the EIB Investment Survey and a survey on access to finance conducted by the National Bank of Romania – to analyse the reasons for this subdued corporate investment activity. It also contributes to the debate on why investment in central, eastern and south eastern Europe has remained relatively subdued after the crisis.
EIB Working Papers 2018/06 - Resource Misallocation in European Firms
Author: European Investment Bank
Publisher: European Investment Bank
Published: 2018-11-22
Total Pages: 59
ISBN-13: 9286137575
DOWNLOAD EBOOKUsing EIBIS, this paper shows that the dispersion of marginal products across firms in the European Union is about twice as large as that in the United States and estimate potential increases in GDP from the removal of barriers between industries and countries. It examines the role of firm characteristics and emphasizes that some firm characteristics may reflect compensating differentials rather than constraints and the effect of constraints on the dispersion of marginal products may hence be smaller than has been assumed in the literature. It also shows that cross-country differences in the dispersion of marginal products are more due to differences in how the business, institutional and policy environment translates firm characteristics into outcomes than to the differences in firm characteristics per se.
EIB Working Papers 2018/07 - Young SMEs: Driving Innovation in Europe?
Author: European Investment Bank
Publisher: European Investment Bank
Published: 2018-11-22
Total Pages: 26
ISBN-13: 9286138253
DOWNLOAD EBOOKUsing the EIB Investment Survey, this working paper categorises EU firms according to their involvement in R&D and other innovation activities. It explores why young innovators are not more engaged in innovation, examining the role of credit constraints and public grants.
EIB Working Papers 2019/09 - The impact of international financial institutions on SMEs
Author: European Investment Bank
Publisher: European Investment Bank
Published: 2019-12-04
Total Pages: 88
ISBN-13: 9286143745
DOWNLOAD EBOOKIFIs provide funding for SMEs, but what impact does this actually have on these firms? This working paper assesses the impact of funding by the EIB on the performance of more than 5,000 SMEs in eight countries in Central and Eastern Europe during 2008-2014. Using propensity score matching and difference-in-difference estimation exercises, it indicates that EIB lending has had a positive effect on employment, revenues and profitability. This holds whether or not the economy is in a period of crisis or recovery.
EIB Working Papers 2019/01 - Blockchain, FinTechs
Author: European Investment Bank
Publisher: European Investment Bank
Published: 2019-04-29
Total Pages: 40
ISBN-13: 9286141858
DOWNLOAD EBOOKThe purpose of this working paper is to provide a primer on financial technology and on Blockchain, while sheding light on the impact they may have on the financial industry. FinTechs, the financial technology and innovation that competes with traditional financial methods in the delivery of financial services, has the potential to improve the reach of financial services to the broader public and facilitate the creation of a credit record, especially in the developing world.
