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Will the crisis affect the economic recovery in eastern European countries ? evidence from firm level data

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  • Correa, Paulo
  • Iootty, Mariana

Abstract

Two sources of growth are firm learning and innovation. Using a unique panel data for 1,686 firms in six countries (Bulgaria, Hungary, Latvia, Lithuania, Romania, and Turkey), this paper applies panel data estimatorsand Juhn-Murphy Pierce decomposition in order to identify the effects of the global economic crisis on sales growth of innovative and young enterprises in Eastern European countries. The results show that innovative and young firms were significantly more affected by the crisis than non innovative and older enterprises. The authors interpret these results as an indication that the achievement of pre-crisis growth rates in those countries may be difficult.

Suggested Citation

  • Correa, Paulo & Iootty, Mariana, 2010. "Will the crisis affect the economic recovery in eastern European countries ? evidence from firm level data," Policy Research Working Paper Series 5278, The World Bank.
    • Handle: RePEc:wbk:wbrwps:5278
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    Citations

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    Cited by:

    1. Jagoda Kaszowska-Mojsa, 2021. "Innovation Strategies of Polish Manufacturing Companies through the Business Cycle," Ekonomista, Polskie Towarzystwo Ekonomiczne, vol. 2, pages 39-65, April.
    2. Massimo G. Colombo & Evila Piva & Anita Quas & Cristina Rossi-Lamastra, 2016. "How high-tech entrepreneurial ventures cope with the global crisis: changes in product innovation and internationalization strategies," Industry and Innovation, Taylor & Francis Journals, vol. 23(7), pages 647-671, October.
    3. Clarke, George R.G. & Cull, Robert & Kisunko, Gregory, 2012. "External finance and firm survival in the aftermath of the crisis: Evidence from Eastern Europe and Central Asia," Journal of Comparative Economics, Elsevier, vol. 40(3), pages 372-392.
    4. Katharina Friz & Jutta Günther, 2021. "Innovation and economic crisis in transition economies," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 11(4), pages 537-563, December.
    5. Daniele Curzi & Valentina C. Materia & Cristina Vaquero‐Piñeiro, 2023. "Innovation as a resilience strategy to economic crises for international food and drink firms," Agribusiness, John Wiley & Sons, Ltd., vol. 39(2), pages 303-321, March.
    6. Paunov, Caroline, 2012. "The global crisis and firms’ investments in innovation," Research Policy, Elsevier, vol. 41(1), pages 24-35.
    7. Klaus Friesenbichler & Jürgen Janger & Agnes Kügler & Andreas Reinstaller, 2020. "Auswirkungen der COVID-19-Pandemie auf die Forschungs- und Innovationsaktivität," WIFO Studies, WIFO, number 66049, March.
    8. Jagoda Kaszowska-Mojsa, 2021. "Innovation Strategies of Polish Manufacturing Companies through the Business Cycle," Ekonomista, Polskie Towarzystwo Ekonomiczne, issue 2, pages 39-65.
    9. World Bank, 2012. "KCP Perspectives 2(1)," World Bank Publications - Reports 21704, The World Bank Group.
    10. Anna Wziątek-Kubiak & Marek Pęczkowski, 2021. "Strengthening the Innovation Resilience of Polish Manufacturing Firms in Unstable Environments," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 12(2), pages 716-739, June.

    More about this item

    Keywords

    Microfinance; Achieving Shared Growth; E-Business; Small Scale Enterprise; Economic Growth;
    All these keywords.

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