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The European Union's massive efforts to rebuild after the coronavirus pandemic present a unique opportunity to transform its economy, making it more green and digital – and ultimately more competitive. The Investment Report 2020-2021 looks at the toll the pandemic took on European firms’ investment and future plans, as well as their efforts to meet the demands of climate change and the digital revolution. The report’s analysis is based on a unique set of databases and data from a survey of 12 500 firms conducted in the summer of 2020, in the midst of the COVID-19 crisis. While providing a snapshot of the heavy toll the pandemic took on some forms of investment, the report also offers hope by pointing out the economic areas in which Europe remains strong, such as technologies that combine green and digital innovation

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Private finance --- Eastern and Central Europe --- Business enterprises --- Finance --- 336.71 <4-11> --- 336.71 <4-14> --- 658.15 <4-11> --- EEU / Central & Eastern Europe --- 658.40 --- 339.312.3 --- 658.41 --- 650 --- 347.720.40 --- -Business enterprises --- -330.05 --- 658.4 --- Business organizations --- Businesses --- Companies --- Enterprises --- Firms --- Organizations, Business --- Business --- Bankwezen--Oost-Europa --- Bankwezen--?<4-14> --- Private financial management. Financial administration of enterprises--Oost-Europa --- Financieel beheer van de bedrijven: algemeenheden. --- Financiering van de bedrijven. --- Herkomst van het kapitaal der bedrijven. --- Theorieën en grondbeginselen. Management. --- Vertegenwoordiging en beheer van vennootschappen: algemeenheden. --- 336.71 <4-14> Bankwezen--?<4-14> --- 336.71 <4-11> Bankwezen--Oost-Europa --- 330.05 --- Finance, --- Financiering van de bedrijven --- Vertegenwoordiging en beheer van vennootschappen: algemeenheden --- Theorieën en grondbeginselen. Management --- Financieel beheer van de bedrijven: algemeenheden --- Herkomst van het kapitaal der bedrijven --- Business enterprises - Europe, Eastern - Finance --- Business enterprises - Europe, Central - Finance

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Using a new survey, we show that the dispersion of marginal products across firms in the European Union is about twice as large as that in the United States. Reducing it to the US level would increase EU GDP by more than 30 percent. Alternatively, removing barriers between industries and countries would raise EU GDP by at least 25 percent. Firm characteristics, such as demographics, quality of inputs, utilization of resources, and dynamic adjustment of inputs, are predictors of the marginal products of capital and labor. We emphasize 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. We also show 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.

Zonder onderwerpscode: economie

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During the COVID-19 crisis, the European corporate ecosystem avoided major disruptions, and corporate bankruptcy rates even declined. This outcome mostly resulted from the strength of support from monetary, financial supervisory and fiscal policies. Using the 2021 vintage of the EIB Investment Survey (EIBIS) matched with balance sheet data on firms' profits and losses, this paper investigates what has driven the allocation of fiscal policy support and the impact of this support during the investment recovery. It finds that support was largely directed towards firms that were most affected by the crisis in terms of lost sales, and was not tilted firms already weak before the crisis. It also shows that the firms that benefitted from this support tend to be more optimistic in their investment plans, especially with regard to digital technologies.

Business & Economics / Corporate Finance --- Economics --- Economic theory --- Political economy --- Social sciences --- Economic man