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Endogenous Elements of the Firm Indebtedness in Bulgaria

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  • Ivailo Yankov

Abstract

The firm indebtedness is a extensively studied topic in the contemporary economic literature. Researchers in Bulgaria and Europe most often focus on the relations between the indebtedness and the general macroeconomic performance, the optimal choice of the firm debt structure, approaches for its restructuring, tendencies in emissions of corporate bonds and the economic effects of the deleveraging processes. The paper presents the data for some poorly studied and ignored endogenous elements of internal firm policies generating firm indebtedness, received from a study of indebtedness of non-financial enterprises in Bulgaria in 2013. These are mainly data for firm policies for delivery, firm savings, intentions for investment activity and compensation mechanisms for balancing the firm finances. The paper shows also the main firm preventive measures and practices against potential problems from accumulating indebtedness.

Suggested Citation

  • Ivailo Yankov, 2016. "Endogenous Elements of the Firm Indebtedness in Bulgaria," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 126-140.
  • Handle: RePEc:bas:econst:y:2016:i:1:p:126-140
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    References listed on IDEAS

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    1. Douglas Sutherland & Peter Hoeller & Rossana Merola & Volker Ziemann, 2012. "Debt and Macroeconomic Stability," OECD Economics Department Working Papers 1003, OECD Publishing.
    2. Fiorella De Fiore & Harald Uhlig, 2015. "Corporate Debt Structure and the Financial Crisis," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(8), pages 1571-1598, December.
    3. Douglas Sutherland & Peter Hoeller, 2012. "Debt and Macroeconomic Stability: An Overview of the Literature and Some Empirics," OECD Economics Department Working Papers 1006, OECD Publishing.
    4. Rossana Merola, 2012. "Debt and Macroeconomic Stability: Case studies," OECD Economics Department Working Papers 1004, OECD Publishing.
    5. Stephen Cecchetti & Madhusudan Mohanty & Fabrizio Zampolli, 2011. "The real effects of debt," BIS Working Papers 352, Bank for International Settlements.
    6. Volker Ziemann, 2012. "Debt and Macroeconomic Stability: Debt and the Business Cycle," OECD Economics Department Working Papers 1005, OECD Publishing.
    7. Thomas Laryea, 2010. "Approaches to Corporate Debt Restructuring in the Wake of Financial Crises," IMF Staff Position Notes 2010/02, International Monetary Fund.
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    More about this item

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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