%0 Journal Article
%J Journal of Productivity Analysis
%D 2006
%T Can Institutional Change Impact High-Technology Firm Growth:  Evidence from Germany's Neuer Markt
%A Audretsch,David  B.
%A Elston,Julie
%K Finance
%K OSU-Cascades
%X To facilitate the transformation of the German economy from the traditional manufacturing industries towards emerging new technologies, a new segment of the Frankfurt exchange was introduced in 1997 — the Neuer Markt. To examine whether the Neuer Markt was successful, we compare the relationship between firm size and growth for firms listed on the Neuer Markt and contrast the results with two benchmarks: (1) for German firms prior to the 1990s (to reflect the older traditional manufacturing sector) and (2) for the stylized results for the US. This study provides evidence that not only did many new firms obtain funding from the Neuer Markt; but that for the first time in recent history, Germany succeeded in enabling smaller firms to grow faster than larger firms. This suggests that the new policies were not only successful in promoting a new type of firm that otherwise might not exist, but in transforming the sources of growth and innovation within the German economy.
%B Journal of Productivity Analysis
%V 25
%P 9-23
%8 2006
%G eng
%N 1
%2 a
%4 650092544
%$ 650092544

%0 Journal Article
%J International Journal of Industrial Organization
%D 2001
%T Does firm size matter? Evidence on the impact of liquidity constraints on firm investment behavior in Germany
%A Audretsch,David  B.
%A Elston,Julie
%K Finance
%K OSU-Cascades
%X This paper examines the link between liquidity constraints and investment behavior for German firms of different sizes from 1970 to 1986. Results indicate that medium sized firms appear to be more liquidity constrained in their investment behavior than either the smallest or largest firms in the study, suggesting that the unique German infrastructure designed to assist the small firm has indeed succeeded in alleviating, to some degree, such liquidity constraints. Findings also support the hypothesis that the emerging competition and internationalism which characterized the German financial markets in the 1980s, have been improving access to capital for some groups of firms.
%B International Journal of Industrial Organization
%V 20
%P 1-17
%8 2001
%G eng
%N 1
%2 a
%4 650102784
%$ 650102784