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Corporate Finance in Europe from 1986 to 1996


  • Michel DELBREIL

    (Banque de France)


    (Banco de España)


    (Deutsche Bundesbank)

  • Bernard PARANQUE

    (Banque de France)

  • Franz PARTSCH

    (Österreichische Nationalbank)

  • Franco VARETTO

    (Centrale dei Bilanci)


After publishing its first report in September 1997, the Own Funds Working Group, in agreement with the European Committee of Central Balance Sheet Offices, decided to continue its work in order to gain a better understanding of the differences in financing structures between countries. To this end, the Group decided firstly to broaden the review period from 1986 to 1996. The compilation of figures and ratios over a longer period is advantageous in a number of ways. It not only enables an assessment of trends in financing structures in each country, but also of any changes in the ranking of the different countries involved. Furthermore, it gives an insight into the influence of cyclical and structural factors on this ranking. The Group also set itself the objective of not only taking a closer look at the influence of institutional factors The study was based, as the previous study, on incorporated companies (partnerships and sole proprietorships are therefore excluded) of the manufacturing industry, which is uniformly defined across all the countries. Once again, five size brackets according to turnover expressed in euros are analyzed. The size-based approach is essential because the aggregate values conceal the diversity of the situations in the various countries, especially in Germany where the results are strongly influenced by large firms. The two statistical parameters used are the weighted mean and the median. Moreover, to gain a better understanding of the influence of financing needs, assets have been broken down into their main items. As previously, efforts have been made to align methodologies so that the analyses cover variables that are as homogenous as possible from country to country.

Suggested Citation

  • Michel DELBREIL & Ana ESTEBAN & Hans FRIDERICHS & Bernard PARANQUE & Franz PARTSCH & Franco VARETTO, 2000. "Corporate Finance in Europe from 1986 to 1996," Finance 0004011, EconWPA.
  • Handle: RePEc:wpa:wuwpfi:0004011

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    References listed on IDEAS

    1. Schwert, G William, 1989. " Why Does Stock Market Volatility Change over Time?," Journal of Finance, American Finance Association, vol. 44(5), pages 1115-1153, December.
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    Cited by:

    1. Coeurderoy Régis, 2001. "Is There a Size Gap in Corporate Leverage?. A European Comparison / Gibt es eine Kluft im Leverage europäischer Unternehmen?. Ein europäischer Vergleich," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 221(5-6), pages 672-688, October.

    More about this item


    corporate finance; capital structure; europe; financial systme; credit; bankrutcy;

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • F3 - International Economics - - International Finance
    • G - Financial Economics
    • L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior
    • M2 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics

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