Using a representative sample of European firms, we study whether financing constraints affect employers' investments … in employee training and physical capital differently. We measure financing constraints with an index that combines … last loan to the firms or with the average ratio of banks in the local area. We find that financing constraints have no …

Supply constraints hurt the economic recovery and boosted inflation in 2021. We find that in the euro area …-2022, but given the Omicron wave, disruptions will last for longer, possibly into 2023. With supply constraints adding to …

-leverage firms varies depending on financial constraints, whether a consecutive zero-leverage period is associated with the level of … earnings management, and whether this association varies depending on financial constraints. Design/methodology/approach: Using … financial constraints. In the analysis, two types of earnings management behaviors (i.e., accrual-based and real activities …