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Rodriguez-Palenzuela, Diego
Darracq-Pariès, Matthieu
Carboni, Giacomo
Ferrando, Annalisa
Ulbrich, Petra Köhler
Zachary, Marie-Denise
Geiger, Felix
Rupprecht, Manuel
Raudsaar, Taavi
McCann, Fergal
Georgakopoulos, Vasileios
Martínez-Carrascal, Carmen
Carluccio, Juan
Horny, Guillaume
Russo, Paolo Finaldi
Kapatais, Demetris
Wintr, Ladislav
Briffa, Elaine Caruana
Metzemakers, Paul
van der Veer, Koen
Waschiczek, Walter
Farinha, Luisa
Herman, Uroš
Karšay, Alexander
Mäki-Fränti, Petri
Servant, François
Socio, Antonio De
Fiore, Fiorella De
Hertkorn, Andreas
Lenza, Michele
Vitale, Giovanni
Karmazin, Branislav
Year of Publication: 
Series/Report no.: 
ECB Occasional Paper 151
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?
corporate finance
Document Type: 
Research Report
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