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Results and financial situation of firms in 2012

Author

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  • David Vivet

    (National Bank of Belgium)

Abstract

This article looks at the financial situation of non-financial corporations in Belgium over the period from 1 January to 31 December 2012. After briefly describing the methodology and the population studied, it presents an extrapolation of the main operating result items for 2012, with a sectoral and size breakdown. It shows that operating results deteriorated, but more for big companies than for SMEs. The article assesses then the financial situation of companies as regards profitability and solvency. The last section presents an analysis of the corporate tax burden, according to the concept of implicit tax rate. There is a clear trend to the erosion of this rate, but a light revival is observed in the recent years mainly due to the restrictions applied to the notional interest deduction regime.

Suggested Citation

  • David Vivet, 2013. "Results and financial situation of firms in 2012," Economic Review, National Bank of Belgium, issue iii, pages 77-99, December.
  • Handle: RePEc:nbb:ecrart:y:2013:m:december:i:iii:p:77-99
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    File URL: https://www.nbb.be/doc/oc/repec/ecrart/ecoreviii2013_h5.pdf
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    References listed on IDEAS

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    1. Mark Gertler & Jordi Gali & Richard Clarida, 1999. "The Science of Monetary Policy: A New Keynesian Perspective," Journal of Economic Literature, American Economic Association, vol. 37(4), pages 1661-1707, December.
    2. Olivier Blanchard & Jordi Galí, 2007. "Real Wage Rigidities and the New Keynesian Model," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 39(s1), pages 35-65, February.
    3. Matheson, Troy & Stavrev, Emil, 2013. "The Great Recession and the inflation puzzle," Economics Letters, Elsevier, vol. 120(3), pages 468-472.
    4. Lars E. O. Svensson, 2015. "The Possible Unemployment Cost of Average Inflation below a Credible Target," American Economic Journal: Macroeconomics, American Economic Association, vol. 7(1), pages 258-296, January.
    5. Claudio E. V. Borio & Andrew Filardo, 2007. "Globalisation and inflation: New cross-country evidence on the global determinants of domestic inflation," BIS Working Papers 227, Bank for International Settlements.
    6. Andre Meier, 2010. "Still Minding the Gap—Inflation Dynamics during Episodes of Persistent Large Output Gaps," IMF Working Papers 10/189, International Monetary Fund.
    7. Coenen, Günter, 2003. "Downward nominal wage rigidity and the long-run Philips Curve: simulation-based evidence for the euro area," Working Paper Series 270, European Central Bank.
    8. Giorgio E. Primiceri, 2005. "Time Varying Structural Vector Autoregressions and Monetary Policy," Review of Economic Studies, Oxford University Press, vol. 72(3), pages 821-852.
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    Citations

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    Cited by:

    1. Claude Mathys, 2014. "Economic importance of the Belgian ports: Flemish maritime ports, Liège port complex and the port of Brussels – Report 2012," Working Paper Document 260, National Bank of Belgium.

    More about this item

    Keywords

    firms’ results; financial structure; sectoral analysis; regional analysis; corporate tax;

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
    • L60 - Industrial Organization - - Industry Studies: Manufacturing - - - General
    • L80 - Industrial Organization - - Industry Studies: Services - - - General
    • K34 - Law and Economics - - Other Substantive Areas of Law - - - Tax Law

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