This report analyses and reviews the corporate finance structure of non-financial corporations (NFCs) in the euro area, including how they interact with the macroeconomic environment. Special emphasis is placed on the crisis that began in 2007-08, thus underlining the relevance of financing and credit conditions to investment and economic activity in turbulent times. When approaching such a broad topic, a number of key questions arise. How did the corporate sector’s capital structure, internal and external financing sources, and its tendency to leverage, evolve in the euro area over the last decade and in the run-up to the financial crisis in particular? Did these developments contribute to and/or exacerbate the financial crisis? Did the corporate sector’s response to various shocks and vulnerabilities support or encumber the euro area economy, both during the financial crisis and in its aftermath?
Rodriguez-Palenzuela, Diego and Darracq Paries, Matthieu and Carboni, Giacomo and Ferrando, Annalisa and Köhler Ulbrich, Petra and Zachary, Marie-Denise and Geiger, Felix and Rupprecht, Manuel and Rupprecht, Manuel and Raudsaar, Taavi and McCann, Fergal and Georgakopoulos, Vasileios and Martinez-Carrascal, Carmen and Carluccio, Juan and Horny, Guillaume and Finaldi Russo, Paolo and Kapatais, Demetris and Wintr, Ladislav and Caruana Briffa, Elaine and Metzemakers, Paul and van der Veer, Koen and Waschiczek, Walter and Alcoforado Farinha, Maria Luísa and Herman, Uros and Karsay, Alexander and Mäki-Fränti, Petri and Servant, Francois and De Socio, Antonio and De Fiore, Fiorella and Hertkorn, Andreas and Lenza, Michele and Vitale, Giovanni and Karma, Branislav, Corporate Finance and Economic Activity in the Euro Area: Structural Issues Report 2013 (June 26, 2013). ECB Occasional Paper No. 151, Available at SSRN: https://ssrn.com/abstract=2285524 or http://dx.doi.org/10.2139/ssrn.2285524
European Economics: Macroeconomics & Monetary Economics eJournal
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Corporate Governance: Capital Raising, Investments, Distributions, & Market Trading eJournal
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