Wpływ globalnego kryzysu finansowego na strukturę zadłużenia europejskich korporacji
The effects of the financial crisis on EU corporate debt structure

Summary/Abstract: The aim of the paper is to verify the following hypothesis: development of common European market leaded to the unification of firms’ behavior in different EU member countries during the global financial crisis. Verification was conducted through the analysis of size and structure of indebtedness of companies in different EU member countries. According to economic theories, there are three possibilities of firms’ reaction to crisis and decrease of interest rates: rising demand for credit, sustained level of indebtedness due to the possibility of profitable rolling over existing debts and reduction of debt aimed at reducing debt/asset ratios. The hypothesis was verified negatively. Companies in various countries were behaving differently in every size range. Nearly half of the companies increased their indebtedness and the rest maintained their level of indebtedness.

• Details
• Contents