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Littérature scientifique sur le sujet « Corporate debt – Germany »

Auteur : Grafiati

Publié le 10 mars 2023

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Articles de revues sur le sujet "Corporate debt – Germany"

Ruf, Martin, et Dirk Schindler. « Debt Shifting and Thin-Capitalization Rules – German Experience and Alternative Approaches ». Nordic Tax Journal 2015, n^o 1 (1 septembre 2015) : 17–33. http://dx.doi.org/10.1515/ntaxj-2015-0002.

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Abstract This paper presents the general design of thin-capitalization rules and summarizes the economic effects of such rules as identified in theoretical models. We review empirical studies providing evidence on the experience with (German) thin-capitalization rules as well as on the adjustment of German multinationals to foreign thin-capitalization rules. Special emphasis is given to the development in Germany, because Germany went a long way in limiting interest deductibility by enacting a drastic change in its thin-capitalization rules in 2008, and because superb German data on multinational finance allows for testing several aspects consistently. We then discuss the experience of the Nordic countries with thin-capitalization rules. Briefly reviewing potential alternatives as well, we believe that the arm’s-length principle is administratively too costly and impracticable, whereas we argue that controlled-foreign-company rules might be another promising avenue for limiting internal debt shifting. Fundamental tax reforms towards a system with either "allowance for corporate equity" (ACE) or a "comprehensive business income tax" (CBIT) should also eliminate any thin-capitalization incentive.

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Bhankaraully, Shabneez. « Contested firm governance, institutions and the undertaking of corporate restructuring practices in Germany ». Economic and Industrial Democracy 40, n^o 3 (8 janvier 2018) : 511–36. http://dx.doi.org/10.1177/0143831x17748754.

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This article investigates the undertaking of corporate restructuring practices (employee downsizing and wage moderation) in Germany from 2008 to 2015. The article presents a political perspective that draws on the insights of the power resources approach and of institutional analyses. The theoretical framework highlights how institutional arrangements structure power relations within companies by empowering, in an asymmetrical manner, different categories of firm stakeholders (employees, managers and shareholders) as well as shaping how they relate to each other in an interactive manner. The article’s empirical findings point to the importance of extensive, but contingent, corporate restructuring in Germany. Companies are more likely to implement ‘defensive’ corporate restructuring practices under conditions of high leverage/debt than when confronted by shareholder value driven investors, thereby reflecting the presence of overlapping interests between employees and managers.

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Grishunin, Sergei, Alesya Bukreeva, Svetlana Suloeva et Ekaterina Burova. « Analysis of Yields and Their Determinants in the European Corporate Green Bond Market ». Risks 11, n^o 1 (6 janvier 2023) : 14. http://dx.doi.org/10.3390/risks11010014.

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The green bond market helps to mobilize financial sources toward sustainable investments. Green bonds are similar to conventional bonds but are specifically designed to raise money to finance environmental projects. The feature of green bonds is the existence of greenium, or the lower yield compared to “conventional” bonds of the same risk. The relevance of the paper is underpinned by the mixed evidence on the existence of ‘greenium’, especially in corporate green bond markets; there has been limited research on the topic and a narrow focus on global, US, or Chinese green bond markets. Instead, the greenium in European debt markets remains underexplored. The objective of this study is to investigate the existence of greenium and its key determinants in European corporate debt capital markets, including the local markets of the United Kingdom (UK), France, Netherlands, and Germany. The sample included 3851 corporate bonds, both green and conventional ones, between 2007 and 2021 from 33 European countries. Linear regression was applied for the analysis. The results show that the climate corporate bonds in Europe are priced at a discount to the same-risk conventional corporate bonds. The magnitude of greenium is around 3 bps. Determinants of greenium include the presence of an ESG rating and belonging to the utility and financial industry. The remaining drivers of bond yields in the European corporate debt market are the credit quality (expressed by the level of credit rating), the coupon size, the bond tenor, the market liquidity, and macroeconomic variables (growth of gross domestic product and consumer price index). For the local corporate debt markets, our results are controversial. In all markets under consideration except for the UK and the Netherlands, we did not find sustainable evidence of greenium. The results of the research lead to a better understanding of the green bond market for investors, researchers, regulators, and potential issuing companies.

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Hall, Bronwyn H. « Corporate Restructuring and Investment Horizons in the United States, 1976–1987 ». Business History Review 68, n^o 1 (1994) : 110–43. http://dx.doi.org/10.2307/3117017.

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Many observers of the corporate restructurings that reached major proportions in the United States in the 1980s have believed that the market for corporate control had a serious negative impact on companies' long-term investment, which in turn contributed to the United States's decline in global competitiveness. In the following study, the author looks carefully at the effects of financial restructurings on investment, especially at expenditures on R&D, in a large set of companies categorized according to their level of technology and the length of their investment horizon. She then compares the U.S. situation with that in the United Kingdom, Germany, and Japan. She concludes that, though many such events occasioned no change at all in investment strategies, restructuring pressures and declines in investment tended to concentrate in certain industries. She also finds that investment decisions were usually rational, given high interest rates and a tax environment that favored debt over equity.

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Rasoolpur, Gurnam Singh. « An Empirical Analysis of Capital Structure Determinants : Evidence from The Indian Corporate Sector ». INTERNATIONAL JOURNAL OF MANAGEMENT & ; INFORMATION TECHNOLOGY 1, n^o 3 (27 septembre 2012) : 1–12. http://dx.doi.org/10.24297/ijmit.v1i3.1420.

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Existing empirical research on the determinants of capital structure has been largely restricted to the advanced countries like United States, Japan, France, U. K., Germany etc. The present paper makes an empirical attempt to study the determinants of capital structure of developing countries through a case of the Indian corporate sector by using a panel data approach. The present study, although an exploratory effort, is limited to 298 out of top 500 manufacturing firms selected on the basis of the turnover for the year 2004-2005 which covers the time span of eleven years commencing from 1995-96 to 2005-06. The results of the study demonstrate that that uniqueness and liquidity are the important determinants of capital structure of the Indian corporate sector during the period under study. It is also found that earning rate, cash flow coverage ratio, size (total assets), growth of assets, non-debt tax shield, dividend payout ratio and operating leverage are having a little influence on the capital structure of the Indian corporate sector during the period under study.

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Eisenschmidt, Karsten, et Ute Vanini. « Compliance with the German Corporate Governance Code : Can the heterogeneous implementation be explained ? » Zeszyty Teoretyczne Rachunkowości 2019, n^o 101 (157) (25 mars 2019) : 167–200. http://dx.doi.org/10.5604/01.3001.0013.0761.

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Starting with the Cadbury code in 1992, various national and international Corporate Governance (CG) codes have been issued all over the world. So far, empirical studies have revealed mixed results concerning the effects and outcomes of code implementation and thus supported the hypothesis of a ‘one system does not fit all’ approach in CG. Therefore, this paper empirically analyses influence factors on compliance with the German Corporate Governance Code for a large sample of 306 listed firms in 2015. We chose German companies because of the specific institutional settings in Germany, e.g., the strong influence of founder families on a firm’s management or the relevance of debt financing. It is assumed that the country-specific institutional setting limits the transferability of results of US and UK studies. Thus, we used the German setting to derive relevant influence factors on Code compliance. In addition, we applied a more sophisticated measure of Code implementation than previous studies. Overall, we find a significant positive effect of ownership dispersion and firm size on Code compliance, whereas the other influence factors, e.g., family influence or the supervisory board’s size, reveal the right direction of impact but not the required level of statistically significance. In contrast to institutional theory, we find a negative although statistically insignificant impact of the strength of foreign investors’ influence on Code compliance. Overall, our results indicate that the institutional setting is not decisive for Code compliance. Instead, we assume that the main rationale for Code compliance is not the reduction of agency conflicts but the alignment with peer group practices as indicated by the variable company size. Future research should investigate the peer effects on the level of Code compliance in detail.

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Behringer, Jan, et Till van Treeck. « Income Distribution and Growth Models : A Sectoral Balances Approach ». Politics & ; Society 47, n^o 3 (22 juillet 2019) : 303–32. http://dx.doi.org/10.1177/0032329219861237.

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This article revisits the macroeconomic foundations and political economy of national growth models. It argues that the neo-Kaleckian model, which inspired the emergent growth model perspective and focuses primarily on the functional income distribution, can be usefully complemented by theories of private household consumption that focus on the personal distribution of income. The examples of the export-led and debt-led growth models of Germany and the United States, respectively, show how institutional differences help to explain why different countries developed different patterns of income distribution and how income distribution and institutions interacted to generate financial imbalances in different sectors of the economy (i.e., the private household sector, the private corporate sector, and the government sector).

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Gibbard, Peter, et Ibrahim Stevens. « Corporate debt and financial balance sheet adjustment : a comparison of the United States, the United Kingdom, France and Germany ». Annals of Finance 7, n^o 1 (12 février 2010) : 95–118. http://dx.doi.org/10.1007/s10436-010-0146-6.

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S.R., Vishwanath, Kulbir Singh, Jaskiran Arora et Durga Prasad. « Restructuring at Suzlon Energy Ltd ». CASE Journal 13, n^o 2 (6 mars 2017) : 218–48. http://dx.doi.org/10.1108/tcj-05-2016-0035.

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Synopsis The case highlights the ambitious growth strategy of Suzlon, an Indian company specializing in non-conventional (wind) energy. In 2007, Suzlon announced the acquisition of REpower of Germany, one of the top wind power companies in the world. It issued zero coupon and coupon bearing foreign currency (US dollar) convertible bonds (FCCB) amounting to $760 million to finance the acquisition. These bonds were listed in Singapore. Due to deteriorating business conditions the company experienced a sharp decline in profitability and stock price resulting in a debt overhang. At the same time, the Indian rupee depreciated from INR44 to INR55 leading to losses on largely unhedged, foreign currency coupon payments. The company had to restructure its capital structure to escape bankruptcy. Since FCCB holders did not agree to restructure the terms of the instrument, the company had to turn to senior lenders to restructure debt. Eventually Suzlon had to sell-off REpower to reduce leverage. Research methodology The case is based on interviews of market intermediaries and published information. The information relating to the restructuring has been taken from the information statement filed with the Securities Exchange Board of India and the Stock Exchanges. The timeline of events were constructed from the information available in company press releases. Financial statements and other details are from the documents filed with the regulators and supplemented with the information available in Prowess database. The stock price and stock market index data are from the websites of Bombay Stock Exchange and the National Stock Exchange of India. Exchange rates, inflation and interest rates have been taken from Bloomberg and the Reserve Bank of India website. Valuation inputs like multiples are from Prowess database and security analyst reports. Sources of information are documented appropriately in the case and instructor’s manual. Although we interviewed the investment bankers involved in the restructuring we have not included any private information in the case to preserve confidentiality. Relevant courses and levels This case can be used in a corporate finance course or in a module on debt restructuring in a corporate restructuring course or in the financing module in an advanced corporate finance course or in an International Finance course. It can also be used to teach an integrated approach to valuation and financing in a valuation course. Theoretical bases The case highlights the rationale for issuing FX convertible debt, parity conditions in international finance and the use of alternate valuation models.

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Succurro, Marianna. « Financial Bankruptcy across European Countries ». International Journal of Economics and Finance 9, n^o 7 (12 juin 2017) : 132. http://dx.doi.org/10.5539/ijef.v9n7p132.

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The aim of this research is to describe corporate bankruptcy across Western European countries and propose a simple and reliable default prediction model for private manufacturing firms in six EU member states. Using firm-level accounting data taken from the Orbis-Europe Database, published by Bureau Van Dijk, we first propose a simple Indebtedness index which considers the multifaceted aspects of debt and allows to make interesting comparison among firms, countries, industrial sectors and over time. Second, we estimate a logit model, based on both the first step computed Indebtedness score and additional non-financial firms’ characteristics, which allows to compute firms’ predicted probabilities of default in each country. The empirical findings show that the Indebtedness score is statistically significant in explaining bankruptcy and it enters all the regressions with the highest coefficient and level of significance. However, while the indebtedness score is a valuable bankruptcy predictor for Italy, Germany, Portugal and Spain, which are bank-based economies, it is relatively less important for France and UK, being countries more strongly oriented toward the financial market. The overall evidence highlights a good reliability of our multi-country model for the prediction of corporate bankruptcies across Europe.

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Thèses sur le sujet "Corporate debt – Germany"

Schmidt, Florian. « The Impact of the Euro Crisis on Corporate Capital Sources in France, Germany, Switzerland and the United Kingdom ». Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-277259.

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This study investigates the effect of the European sovereign debt crisis on alternative capital sources of public companies from France, Germany, Switzerland and the United Kingdom. Specifically, it studies which financing choices expose a company to potential bank lending and demand shocks during the Euro crisis. To this end, the study employs average treatment effect estimations and difference-in-differences regressions to show whether financially more (less) constrained companies use more (less) alternative capital than matching control companies. I find that two of three financially more constrained company groups show higher use of alternative capital sources than matched companies due to evidence for bank lending shocks in Germany and France. Companies with a high financial dependence behave against the expectation because of high cash holdings and lower need for alternative capital. Companies with high cash holdings showed signs of a demand shock. Swiss and British companies appear to be much less affected by the Euro crisis because of weaker financial ties with the most affected southern Eurozone economies.

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Wallberg, Martin, et David La. « Optimal kapitalstruktur : En undersökning tillämpad på skandinaviska och tyska företag ». Thesis, Uppsala universitet, Nationalekonomiska institutionen, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-156767.

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This paper describes and develops a trade off model of optimal capital structure by Bradley et al. (1984). The model is then tested to examine how changes in corporate tax rates affect the optimal capital structure of firms. Based on theoretical implications of the model, four hypotheses are derived stating that firms’ optimal debt-to-value ratio is (1) negatively related to financial distress costs, (2) negatively related to non-debt tax shields, (3) negatively related to firm volatility and (4) positively related to the corporate tax rate. Based on the results of two regression models applied on 753 Scandinavian and German firms, we find empirical support for hypothesis 1 and 3 while we find no empirical support for hypothesis 2 and 4. These results can be explained by problematic empirical proxies and in the light of the pecking-order theory.

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KIEFER, Ranier. « Essays on corporate distress and the German financial system ». Doctoral thesis, 2003. http://hdl.handle.net/1814/4975.

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Defence date: 19 May 2003
Examining board: James Dow, London Business School, Supervisor ; Andrea Ichino, EUI ; Julian Franks, London Business School ; Jan Krahen, Johann Wolfgang Goethe-Universität Frankfurt
PDF of thesis uploaded from the Library digitised archive of EUI PhD theses completed between 2013 and 2017
-- Legal aspects of corporate distress in Germany -- Wealth transfers during distressed equity issues -- Survival of German firms in bankruptcy -- Do financial insitutions add value as shareholders of large German corporations?

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Chapitres de livres sur le sujet "Corporate debt – Germany"

von Kuhlwein, Nils, et Michael Richthammer. « Distressed Debt in Germany from the Banks’ Point of View ». Dans Corporate Restructuring, 89–104. Berlin, Heidelberg : Springer Berlin Heidelberg, 2006. http://dx.doi.org/10.1007/3-540-33075-5_8.

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Pfister, Benjamin, et Manfred Schwaiger. « Assessing the Impact of Corporate Reputation on Firms’ Cost of Debt : An Empirical Study of German DAX 30 Companies ». Dans Marketing Challenges in a Turbulent Business Environment, 45–46. Cham : Springer International Publishing, 2016. http://dx.doi.org/10.1007/978-3-319-19428-8_15.

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Rodrigo, Olivares-Caminal, Guynn Randall D, Kornberg Alan W, Paterson Sarah et Singh Dalvinder. « Part I Corporate Debt Restructuring, 2 The European Restructuring Directive ». Dans Debt Restructuring. Oxford University Press, 2022. http://dx.doi.org/10.1093/law/9780192848109.003.0002.

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Chapter 2 provides an overview and analysis of the European Restructuring Directive. It starts with an analysis of the motivations for the Directive and of criticisms which have been advanced in the scholarship. The chapter then continues with an analysis of the provisions of the Directive. There is a particular focus on difficult issues which arise in interpreting the language of the Directive, and on the optionality which the Directive provides Member States. Examples of implementation from Germany and the Netherlands are also included. The chapter concludes with a brief analysis of avenues for cross-border recognition of European restructuring plans.

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