Mapping Firm Debt and Productivity with Spatial Analysis in the Visegrad Countries

Economic crises significantly restrict corporate access to external financing, and regional differences in recovery capacity deserve close attention. This study examines the financial structure and debt of large enterprises in the Visegrád Four (V4) countries (Hungary, Czechia, Poland, Slovakia), focusing on firms with annual revenues above €10 million. Using data from 2021 to 2023, the analysis explores the relationship between corporate debt—including total debt and loan volumes—and regional economic characteristics at the NUTS 3 level. Financial indicators are assessed in comparison with regional productivity data and a sector-specific specialization index sourced from Eurostat. The analysis targets the post-COVID-19 recovery period, which significantly influenced corporate financial behavior. The results indicate that corporate debt increased sharply at the onset of the COVID-19 pandemic and subsequently declined, while remaining strongly concentrated in capital regions. Higher firm concentration and employment scale are associated with greater regional indebtedness, whereas stronger productive capacity is linked to lower reliance on external debt outside metropolitan cores. Overall, the findings highlight pronounced structural and regional heterogeneity, illustrating how spatial concentration and underlying regional characteristics shape corporate debt dynamics during periods of economic stress.