This paper examines the impact of financial constraints on corporate behavior during the 2008 global credit crisis by surveying 1,050 CFOs in the U.S., Europe, and Asia. The survey-based measure of financial constraint is developed to assess whether firms are credit-constrained and how this affects their spending plans. The results indicate that constrained firms planned deeper cuts in tech spending, employment, and capital spending. They also burned through more cash, drew heavily on lines of credit, and sold more assets to fund operations. The inability to borrow externally led many firms to bypass attractive investment opportunities, with 86% of U.S. CFOs reporting restricted investment in attractive projects during the crisis. Similar patterns were observed in Europe and Asia. The paper also discusses liquidity management and investment policies during the crisis, highlighting how financial constraints influenced corporate decisions. The findings suggest that financial constraints had significant real effects on corporate behavior during the financial crisis.This paper examines the impact of financial constraints on corporate behavior during the 2008 global credit crisis by surveying 1,050 CFOs in the U.S., Europe, and Asia. The survey-based measure of financial constraint is developed to assess whether firms are credit-constrained and how this affects their spending plans. The results indicate that constrained firms planned deeper cuts in tech spending, employment, and capital spending. They also burned through more cash, drew heavily on lines of credit, and sold more assets to fund operations. The inability to borrow externally led many firms to bypass attractive investment opportunities, with 86% of U.S. CFOs reporting restricted investment in attractive projects during the crisis. Similar patterns were observed in Europe and Asia. The paper also discusses liquidity management and investment policies during the crisis, highlighting how financial constraints influenced corporate decisions. The findings suggest that financial constraints had significant real effects on corporate behavior during the financial crisis.