Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/249376 
Year of Publication: 
2022
Series/Report no.: 
DICE Discussion Paper No. 379
Publisher: 
Heinrich Heine University Düsseldorf, Düsseldorf Institute for Competition Economics (DICE), Düsseldorf
Abstract: 
This article analyzes the impact of institutional investors on firm productivity duringthe financial crisis 2008/09 across European manufacturing industries. Using propen-sity score matching combined with a difference in differences estimator I find a positivesignificant effect of 2% of foreign institutional ownership. Employing a variety of prox-ies for financial constraints, the article shows that the effect is driven by industries,countries, and firms that are more financially constrained indicating that foreign insti-tutional ownership prevents the known productivity slowdown during the financial crisisby alleviating financial constraints.
Subjects: 
Institutional Investors
Financial Crisis
Productivity
Financial Constraints
JEL: 
F61
G23
G32
G01
L25
D22
D24
ISBN: 
978-3-86304-378-0
Document Type: 
Working Paper

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