How do companies respond to repeated crises?

We look at the situations in the euro zone and France. It is likely that the recurrence of crises will increasingly drive companies to protect themselves against the risk of bankruptcy in the event of a crisis. This should lead them to: Accumulate cash reserves during expansion periods, which is an inefficient use of savings; Limit investment to that which can be financed out of equity; Hir e primarily in the form of short-term employment contracts; Automate to reduce employment. All this is bad for potential growth and for the labour market situation.