英文文献：Weathering the Storm: The performance of the largest industrial firms in Greece during the Great Depression-经受住风暴:大萧条时期希腊最大工业企业的表现
英文文献作者：Konstantinos Aivalis,Ioanna Sapfo Pepelasis,Stefanos
英文文献摘要：
On the basis of a new data set constructed from company balance sheets and profit and loss accounts, this paper examines the performance of the top 50 industrial joint stock companies in Greece which survived the Great Depression. This is the first analysis ever of the financial accounts of big business in Greek industry during this historical period. First- ly, we examine through descriptive statistics the trends in basic indicators (and ratios for assets, profits, leverage, liquidity, solvency, and efficiency) during the decade 1927-1936. Secondly, on the basis of panel data analysis we test for differences before (1927-1929), during (1930-1933) and after (1934-1936) the crisis and search for those financial characte- ristics that allowed certain firms within our survivor survivor cohort to perform better than others during the period under review. The main findings are that: 1) The Great Depression had a rather mild impact on the performance of big business in industry. 2) The level of leverage throughout the period was lower than the one anticipated in other economies and prescribed in theory. For our cohort followed from the beginning a leverage policy which was “as if they were” in a crisis situation. Also, l everage (financial or operating) did not produce the expected the expected benefits (i.e. higher capital investment) even at periods of increasing industrial profits as in the post crisis period. 3) The best performers had high liquidity and made prompt interest payments. In the last analysis, there was not a reversal in profitability for big busi- ness, but the sliding down into labour intensive practices, something enhanced by the import sub- stitution environment cultivated at a time of effective de-globalization.

基于从公司资产负债表和损益表构建的新数据集，本文考察了大萧条后存活下来的希腊前50家工业股份公司的业绩。这是有史以来第一次对希腊这一历史时期大企业的财务账目进行分析。首先，我们通过描述性统计研究了1927-1936年间基本指标(以及资产、利润、杠杆率、流动性、偿付能力和效率的比率)的趋势。其次，在面板数据分析的基础上，我们检验了危机前(1927-1929年)、危机期间(1930-1933年)和危机之后(1934-1936年)的差异，并寻找那些让“幸存者”队列中的某些公司在审查期间表现得比其他公司更好的金融特征。主要研究结果是:1)大萧条对工业大企业业绩的影响相当温和。2)整个期间的杠杆水平都低于其他经济体的预期水平和理论上规定的水平。我们这群人从一开始就遵循了一种杠杆政策，即“好像他们”处于危机状态。此外，即使在后危机时期工业利润增长的时期，(财务或经营)也没有产生预期的收益(即更高的资本投资)。3)表现最好的企业具有较高的流动性，并能及时支付利息。在最后的分析中，大型企业的盈利能力并没有出现逆转，而是滑向了劳动密集型实践，而在有效的去全球化时期培育的“进口替代”环境强化了这一点。