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Podnikový sektor - vybrané aspekty empirické analýzy zemí Evropské unie
[Corporate Sector-Selected Aspects of Empirical Analysis of the EU Member States]

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  • Vratislav Izák

Abstract

Corporate Sector-Selected Aspects of Empirical Analysis of the EU Member States The paper attempts to shed light on selected problems of mainly non-fi nancial corporations of EU Member States in the period 1995-2013 (2014) using financial balance sheets (SNA, 2008). The relations between domestic sectors and non-residents have revealed that the Member States have been mainly debtors during the examined period. Having measured leverage (ratio of debt to GDP created in the sector of non-financial corporations) we have found out the increase of the ratio in the crisis period (2008-2013) in the sample of 17 member states. As concerns the ratio of debt to shares we have stressed the heterogeneity in the sample of 8 eurozone countries. The heterogeneity has been discovered also examining the role of trade credit as an alternative source of financing in the random effects model (panel analysis).

Suggested Citation

  • Vratislav Izák, 2016. "Podnikový sektor - vybrané aspekty empirické analýzy zemí Evropské unie [Corporate Sector-Selected Aspects of Empirical Analysis of the EU Member States]," Politická ekonomie, Prague University of Economics and Business, vol. 2016(2), pages 161-175.
    • Handle: RePEc:prg:jnlpol:v:2016:y:2016:i:2:id:1061:p:161-175
    DOI: 10.18267/j.polek.1061
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    References listed on IDEAS

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    1. Òscar Jordà & Moritz Schularick & Alan M Taylor, 2011. "Financial Crises, Credit Booms, and External Imbalances: 140 Years of Lessons," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 59(2), pages 340-378, June.
    2. Stewart C. Myers, 2001. "Capital Structure," Journal of Economic Perspectives, American Economic Association, vol. 15(2), pages 81-102, Spring.
    3. Douglas Sutherland & Peter Hoeller & Rossana Merola & Volker Ziemann, 2012. "Debt and Macroeconomic Stability," OECD Economics Department Working Papers 1003, OECD Publishing.
    4. Romain Bouis & Ane Kathrine Christensen & Boris Cournède, 2013. "Deleveraging: Challenges, Progress and Policies," OECD Economics Department Working Papers 1077, OECD Publishing.
    5. Carmen M. Reinhart & Kenneth S. Rogoff, 2011. "From Financial Crash to Debt Crisis," American Economic Review, American Economic Association, vol. 101(5), pages 1676-1706, August.
    6. Mr. Brad Setser & Nouriel Roubini & Mr. Christian Keller & Mr. Mark Allen & Mr. Christoph B. Rosenberg, 2002. "A Balance Sheet Approach to Financial Crisis," IMF Working Papers 2002/210, International Monetary Fund.
    7. Philippe Burger, 2003. "Sustainable Fiscal Policy and Economic Stability," Books, Edward Elgar Publishing, number 3285.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    trade credit; non-financial corporations; leverage; financial balance sheets;
    All these keywords.

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • H32 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Firm

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