IDEAS home Printed from https://ideas.repec.org/a/wfo/monber/y2021i6p461-470.html
   My bibliography  Save this article

Unternehmerische Unsicherheit und wirtschaftspolitische Risikofaktoren in der COVID-19-Krise. Ergebnisse des Updates der WIFO-Industriebefragung vom Sommer 2020

Author

Listed:
  • Klaus S. Friesenbichler
  • Werner Hölzl
  • Agnes Kügler
  • Andreas Reinstaller

Abstract

Die ökonomische Unsicherheit nahm infolge der COVID-19-Pandemie drastisch zu. Eine im Sommer 2020 durchgeführte Befragung österreichischer Industrieunternehmen zeichnet ein detailliertes Bild der Ursachen und Wirkungen dieser Entwicklung. Als zentrale Ursache wurden neben möglichen Auswirkungen auf die Nachfrage Lieferengpässe genannt. Die Zunahme der Unsicherheit wirkte sich vor allem auf die Investitionen und die Beschäftigung dämpfend aus. Zu den wichtigsten strategischen Maßnahmen der Unternehmen, um der Unsicherheit zu begegnen, zählten neben der Digitalisierung das Liquiditäts- und Risikomanagement. Wirtschaftspolitische Aspekte der unternehmerischen Unsicherheit verloren in der COVID-19-Krise etwas an Bedeutung. Die Entwicklung der Weltwirtschaft und des internationalen Handels wurden als die wichtigsten wirtschaftspolitischen Risikofaktoren gesehen. Nationale Risikofaktoren waren für die befragten Unternehmen besser abschätzbar, wobei vor allem die Steuerpolitik und Umweltregulierungen zugleich als relevant eingestuft wurden.

Suggested Citation

  • Klaus S. Friesenbichler & Werner Hölzl & Agnes Kügler & Andreas Reinstaller, 2021. "Unternehmerische Unsicherheit und wirtschaftspolitische Risikofaktoren in der COVID-19-Krise. Ergebnisse des Updates der WIFO-Industriebefragung vom Sommer 2020," WIFO Monatsberichte (monthly reports), WIFO, vol. 94(6), pages 461-470, June.
    • Handle: RePEc:wfo:monber:y:2021:i:6:p:461-470
    Note: With English abstract.
    as

    Download full text from publisher

    File URL: https://www.wifo.ac.at/wwa/pubid/67256
    File Function: abstract
    Download Restriction: Payment required
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. N. Bloom, 2016. "Fluctuations in uncertainty," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 4.
    2. Michael Grömling & Jürgen Matthes, 2019. "Unsicherheit der Unternehmen lähmt Konjunktur [Companies Uncertainty paralyses Business Cycle]," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 99(12), pages 855-862, December.
    3. Andreas Reinstaller, 2019. "Auswirkungen der Digitalisierung und Herausforderungen für die Standortpolitik aus der Sicht der österreichischen Industrie," WIFO Monatsberichte (monthly reports), WIFO, vol. 92(9), pages 675-684, September.
    4. Paunov, Caroline, 2012. "The global crisis and firms’ investments in innovation," Research Policy, Elsevier, vol. 41(1), pages 24-35.
    5. Scott R. Baker & Nicholas Bloom & Steven J. Davis, 2016. "Measuring Economic Policy Uncertainty," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 131(4), pages 1593-1636.
    6. Klaus Friesenbichler & Jürgen Janger & Agnes Kügler & Andreas Reinstaller, 2020. "Auswirkungen der COVID-19-Pandemie auf die Forschungs- und Innovationsaktivität," WIFO Studies, WIFO, number 66049.
    7. Masayuki Morikawa, 2016. "What Types of Policy Uncertainties Matter for Business?," Pacific Economic Review, Wiley Blackwell, vol. 21(5), pages 527-540, December.
    8. Archibugi, Daniele & Filippetti, Andrea & Frenz, Marion, 2013. "Economic crisis and innovation: Is destruction prevailing over accumulation?," Research Policy, Elsevier, vol. 42(2), pages 303-314.
    9. Klaus S. Friesenbichler & Andreas Reinstaller, 2021. "Do Firms Facing Competitors from Emerging Markets Behave Differently? Evidence from Austrian Manufacturing Firms," WIFO Working Papers 625, WIFO.
    10. Christian Glocker & Werner Hölzl, 2019. "Assessing the Economic Content of Direct and Indirect Business Uncertainty Measures," WIFO Working Papers 576, WIFO.
    11. Thomas Url, 2020. "Gesamtwirtschaftliche Auswirkungen der COVID-19-Pandemie in Österreich und die Möglichkeiten der Stabilisierungspolitik," WIFO Monatsberichte (monthly reports), WIFO, vol. 93(4), pages 267-273, April.
    12. Werner Hölzl & Michael Klien & Agnes Kügler, 2021. "Konjunktureinschätzungen verbessern sich, Lieferengpässe hemmen die Produktion. Ergebnisse der Quartalsbefragung des WIFO-Konjunkturtests vom April 2021," WIFO Monatsberichte (monthly reports), WIFO, vol. 94(5), pages 361-370, May.
    13. Julia Bock-Schappelwein & Klaus Friesenbichler, 2019. "Auswirkungen der Digitalisierung auf die Beschäftigung nach Tätigkeitsschwerpunkten in Österreich. Ergebnisse auf Grundlage der unselbständigen Beschäftigung," WIFO Monatsberichte (monthly reports), WIFO, vol. 92(9), pages 697-705, September.
    14. Werner Hölzl & Susanne Bärenthaler-Sieber & Julia Bock-Schappelwein & Klaus Friesenbichler & Agnes Kügler & Andreas Reinstaller & Peter Reschenhofer & Bernhard Dachs & Martin Risak, 2019. "Digitalisation in Austria. State of Play and Reform Needs," WIFO Studies, WIFO, number 61892.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Andreas Reinstaller, 2022. "Strong Increase in Innovation Spending by Austrian Companies in the Second Year of the COVID-19 Pandemic," WIFO Reports on Austria, WIFO, issue 5, April.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Wifo, 2021. "WIFO-Monatsberichte, Heft 6/2021," WIFO Monatsberichte (monthly reports), WIFO, vol. 94(6), June.
    2. Morikawa, Masayuki, 2019. "Uncertainty over production forecasts: An empirical analysis using monthly quantitative survey data," Journal of Macroeconomics, Elsevier, vol. 60(C), pages 163-179.
    3. Morikawa, Masayuki, 2016. "How uncertain are economic policies? New evidence from a firm survey," Economic Analysis and Policy, Elsevier, vol. 52(C), pages 114-122.
    4. Lautenbacher, Stefan, 2020. "Subjective Uncertainty, Expectations, and Firm Behavior," MPRA Paper 103516, University Library of Munich, Germany.
    5. Arbatli Saxegaard, Elif C. & Davis, Steven J. & Ito, Arata & Miake, Naoko, 2022. "Policy uncertainty in Japan," Journal of the Japanese and International Economies, Elsevier, vol. 64(C).
    6. Oscar Claveria, 2021. "Uncertainty indicators based on expectations of business and consumer surveys," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 48(2), pages 483-505, May.
    7. Brautzsch, Hans-Ulrich & Günther, Jutta & Loose, Brigitte & Ludwig, Udo & Nulsch, Nicole, 2015. "Can R&D subsidies counteract the economic crisis? – Macroeconomic effects in Germany," Research Policy, Elsevier, vol. 44(3), pages 623-633.
    8. Yoshito Funashima, 2022. "Economic policy uncertainty and unconventional monetary policy," Manchester School, University of Manchester, vol. 90(3), pages 278-292, June.
    9. Bennani, Hamza, 2018. "Media coverage and ECB policy-making: Evidence from an augmented Taylor rule," Journal of Macroeconomics, Elsevier, vol. 57(C), pages 26-38.
    10. Philip Barrett & Mariia Bondar & Sophia Chen & Mali Chivakul & Deniz Igan, 2024. "Pricing protest: the response of financial markets to social unrest," Review of Finance, European Finance Association, vol. 28(4), pages 1419-1450.
    11. Zouaghi, Ferdaous & Sánchez, Mercedes & Martínez, Marian García, 2018. "Did the global financial crisis impact firms' innovation performance? The role of internal and external knowledge capabilities in high and low tech industries," Technological Forecasting and Social Change, Elsevier, vol. 132(C), pages 92-104.
    12. José Valentim Machado Vicente & Jaqueline Terra Moura Marins, 2019. "A Volatility Smile-Based Uncertainty Index," Working Papers Series 502, Central Bank of Brazil, Research Department.
    13. Zhou, Xi & Xiao, Min & Wu, Huiying & You, Jiaxing, 2024. "Does policy uncertainty travel across borders? Evidence from MNC subsidiary investment decisions," Journal of Banking & Finance, Elsevier, vol. 163(C).
    14. Joëts, Marc & Mignon, Valérie & Razafindrabe, Tovonony, 2017. "Does the volatility of commodity prices reflect macroeconomic uncertainty?," Energy Economics, Elsevier, vol. 68(C), pages 313-326.
    15. Ferguson, Andrew & Hu, Wei & Lam, Peter, 2022. "Political uncertainty and deal structure: Evidence from Australian mining project acquisitions," Pacific-Basin Finance Journal, Elsevier, vol. 73(C).
    16. Jessica L. Darby & David J. Ketchen & Brent D. Williams & Travis Tokar, 2020. "The Implications of Firm‐Specific Policy Risk, Policy Uncertainty, and Industry Factors for Inventory: A Resource Dependence Perspective," Journal of Supply Chain Management, Institute for Supply Management, vol. 56(4), pages 3-24, October.
    17. Nguyen, Minh Hong & Trinh, Vu Quang, 2023. "U.K. economic policy uncertainty and innovation activities: A firm-level analysis," Journal of Economics and Business, Elsevier, vol. 123(C).
    18. Istiak, Khandokar & Serletis, Apostolos, 2020. "Risk, uncertainty, and leverage," Economic Modelling, Elsevier, vol. 91(C), pages 257-273.
    19. Gao, Lin & Hitzemann, Steffen & Shaliastovich, Ivan & Xu, Lai, 2022. "Oil volatility risk," Journal of Financial Economics, Elsevier, vol. 144(2), pages 456-491.
    20. Danilo Cascaldi‐Garcia & Ana Beatriz Galvao, 2021. "News and Uncertainty Shocks," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 53(4), pages 779-811, June.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wfo:monber:y:2021:i:6:p:461-470. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Florian Mayr (email available below). General contact details of provider: https://edirc.repec.org/data/wifooat.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.