Fiscal Stimulus Impact on Firms' Profitability During the Global Financial Crisis:
Using financial statement data from the Thomson Reuter's Worldscope database for 22,333 non-financial firms in 52 advanced and emerging economies, this paper examines how fiscal stimulus (id est, changes in structural deficit) interacted with sectoral business cycle sensitivity affected corpora...
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| Main Authors: | , , |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Washington, D.C. :
International Monetary Fund,
2018.
|
| Subjects: | |
| Online Access: | DE-862 DE-863 |
| Summary: | Using financial statement data from the Thomson Reuter's Worldscope database for 22,333 non-financial firms in 52 advanced and emerging economies, this paper examines how fiscal stimulus (id est, changes in structural deficit) interacted with sectoral business cycle sensitivity affected corporate profitability during the recovery period of the global financial crisis (GFC). Using cross-sectional analyses, our findings indicate that corporate profitability improved significantly after the GFC fiscal stimulus, especially in manufacturing, utilities and retail sectors. Firm size and leverage are also found to be significant in explaining changes in corporate profitability. |
| Physical Description: | 1 online resource (39 pages) |
| ISBN: | 1484387015 9781484387016 |
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MARC
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| 505 | 0 | |a Cover; Contents; Abstract; I. Introduction; II. Literature Review; III. Methodology; A. Estimation Strategy; B. Measures of Business Cycle Sensitivity and External Financial Dependency; C. Corporate and Macroeconomic Data; D. Descriptive Statistics; IV. Results; A. Baseline Estimation; B. Testing Asymmetric Effects of the Fiscal Stimulus; C. Industry/Sectoral Analysis; D. Expenditure vs Revenue Composition of Stimulus; V. Robustness Tests; A. ILO's Alternative Measure of Discretionary Fiscal Stimulus; B. Measuring Fiscal Stimulus through Government Expenditure Forecast Errors | |
| 505 | 8 | |a VI. Concluding RemarksReferences; Tables; 1. Summary Statistics, Full Sample; 2. Summary Statistics, Advanced Economies; 3. Summary Statistics, Emerging Market Economies; 4. Results for All Countries for Profits; 5. Asymmetric effects of Fiscal Stimulus on Firms' Profitability; 6a. Horse Race Results Per Sector for Profits; 6b. Horse Race Results Per Sector for Profits; 7. Expenditure-Based Fiscal Stimulus; Figures; 1. Box-Whisker Plots: Profit (EBITDA) to Asset Ratios; 2. Box-Whisker Plots: Growth Rate of Total Assets; 3. Fiscal Impulse, 2009 | |
| 520 | 3 | |a Using financial statement data from the Thomson Reuter's Worldscope database for 22,333 non-financial firms in 52 advanced and emerging economies, this paper examines how fiscal stimulus (id est, changes in structural deficit) interacted with sectoral business cycle sensitivity affected corporate profitability during the recovery period of the global financial crisis (GFC). Using cross-sectional analyses, our findings indicate that corporate profitability improved significantly after the GFC fiscal stimulus, especially in manufacturing, utilities and retail sectors. Firm size and leverage are also found to be significant in explaining changes in corporate profitability. | |
| 650 | 0 | |a Global Financial Crisis, 2008-2009. |0 http://id.loc.gov/authorities/subjects/sh2009003683 | |
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| 650 | 6 | |a Crise financière mondiale, 2008-2009. | |
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| author | Correa-Caro, Carolina Medina, Leandro Ribeiro, Marcos Poplawski, 1977- |
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| contents | Cover; Contents; Abstract; I. Introduction; II. Literature Review; III. Methodology; A. Estimation Strategy; B. Measures of Business Cycle Sensitivity and External Financial Dependency; C. Corporate and Macroeconomic Data; D. Descriptive Statistics; IV. Results; A. Baseline Estimation; B. Testing Asymmetric Effects of the Fiscal Stimulus; C. Industry/Sectoral Analysis; D. Expenditure vs Revenue Composition of Stimulus; V. Robustness Tests; A. ILO's Alternative Measure of Discretionary Fiscal Stimulus; B. Measuring Fiscal Stimulus through Government Expenditure Forecast Errors VI. Concluding RemarksReferences; Tables; 1. Summary Statistics, Full Sample; 2. Summary Statistics, Advanced Economies; 3. Summary Statistics, Emerging Market Economies; 4. Results for All Countries for Profits; 5. Asymmetric effects of Fiscal Stimulus on Firms' Profitability; 6a. Horse Race Results Per Sector for Profits; 6b. Horse Race Results Per Sector for Profits; 7. Expenditure-Based Fiscal Stimulus; Figures; 1. Box-Whisker Plots: Profit (EBITDA) to Asset Ratios; 2. Box-Whisker Plots: Growth Rate of Total Assets; 3. Fiscal Impulse, 2009 |
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| illustrated | Not Illustrated |
| indexdate | 2025-03-18T14:28:06Z |
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| spelling | Correa-Caro, Carolina, author. http://id.loc.gov/authorities/names/no2015041986 Fiscal Stimulus Impact on Firms' Profitability During the Global Financial Crisis Washington, D.C. : International Monetary Fund, 2018. 1 online resource (39 pages) text txt rdacontent computer c rdamedia online resource cr rdacarrier Print version record. Cover; Contents; Abstract; I. Introduction; II. Literature Review; III. Methodology; A. Estimation Strategy; B. Measures of Business Cycle Sensitivity and External Financial Dependency; C. Corporate and Macroeconomic Data; D. Descriptive Statistics; IV. Results; A. Baseline Estimation; B. Testing Asymmetric Effects of the Fiscal Stimulus; C. Industry/Sectoral Analysis; D. Expenditure vs Revenue Composition of Stimulus; V. Robustness Tests; A. ILO's Alternative Measure of Discretionary Fiscal Stimulus; B. Measuring Fiscal Stimulus through Government Expenditure Forecast Errors VI. Concluding RemarksReferences; Tables; 1. Summary Statistics, Full Sample; 2. Summary Statistics, Advanced Economies; 3. Summary Statistics, Emerging Market Economies; 4. Results for All Countries for Profits; 5. Asymmetric effects of Fiscal Stimulus on Firms' Profitability; 6a. Horse Race Results Per Sector for Profits; 6b. Horse Race Results Per Sector for Profits; 7. Expenditure-Based Fiscal Stimulus; Figures; 1. Box-Whisker Plots: Profit (EBITDA) to Asset Ratios; 2. Box-Whisker Plots: Growth Rate of Total Assets; 3. Fiscal Impulse, 2009 Using financial statement data from the Thomson Reuter's Worldscope database for 22,333 non-financial firms in 52 advanced and emerging economies, this paper examines how fiscal stimulus (id est, changes in structural deficit) interacted with sectoral business cycle sensitivity affected corporate profitability during the recovery period of the global financial crisis (GFC). Using cross-sectional analyses, our findings indicate that corporate profitability improved significantly after the GFC fiscal stimulus, especially in manufacturing, utilities and retail sectors. Firm size and leverage are also found to be significant in explaining changes in corporate profitability. Global Financial Crisis, 2008-2009. http://id.loc.gov/authorities/subjects/sh2009003683 Economic development. http://id.loc.gov/authorities/subjects/sh85040804 Crise financière mondiale, 2008-2009. Développement économique. economic development. aat Economic development fast Global Financial Crisis (2008-2009) fast https://id.oclc.org/worldcat/entity/E39Qhp4vBbr3T8xBMDbJhDhGmm 2008-2009 fast Medina, Leandro, author. http://id.loc.gov/authorities/names/no2004080991 Ribeiro, Marcos Poplawski, 1977- author. https://id.oclc.org/worldcat/entity/E39PCjvhdpqfJygcyJYdJHDW9P http://id.loc.gov/authorities/names/no2008083080 has work: Fiscal Stimulus Impact on Firms' Profitability During the Global Financial Crisis (Text) https://id.oclc.org/worldcat/entity/E39PCY7dqDf6YVXMFCM4KXP84q https://id.oclc.org/worldcat/ontology/hasWork Print version: Correa-Caro, Carolina. Fiscal Stimulus Impact on Firms' Profitability During the Global Financial Crisis. Washington, D.C. : International Monetary Fund, ©2018 |
| spellingShingle | Correa-Caro, Carolina Medina, Leandro Ribeiro, Marcos Poplawski, 1977- Fiscal Stimulus Impact on Firms' Profitability During the Global Financial Crisis Cover; Contents; Abstract; I. Introduction; II. Literature Review; III. Methodology; A. Estimation Strategy; B. Measures of Business Cycle Sensitivity and External Financial Dependency; C. Corporate and Macroeconomic Data; D. Descriptive Statistics; IV. Results; A. Baseline Estimation; B. Testing Asymmetric Effects of the Fiscal Stimulus; C. Industry/Sectoral Analysis; D. Expenditure vs Revenue Composition of Stimulus; V. Robustness Tests; A. ILO's Alternative Measure of Discretionary Fiscal Stimulus; B. Measuring Fiscal Stimulus through Government Expenditure Forecast Errors VI. Concluding RemarksReferences; Tables; 1. Summary Statistics, Full Sample; 2. Summary Statistics, Advanced Economies; 3. Summary Statistics, Emerging Market Economies; 4. Results for All Countries for Profits; 5. Asymmetric effects of Fiscal Stimulus on Firms' Profitability; 6a. Horse Race Results Per Sector for Profits; 6b. Horse Race Results Per Sector for Profits; 7. Expenditure-Based Fiscal Stimulus; Figures; 1. Box-Whisker Plots: Profit (EBITDA) to Asset Ratios; 2. Box-Whisker Plots: Growth Rate of Total Assets; 3. Fiscal Impulse, 2009 Global Financial Crisis, 2008-2009. http://id.loc.gov/authorities/subjects/sh2009003683 Economic development. http://id.loc.gov/authorities/subjects/sh85040804 Crise financière mondiale, 2008-2009. Développement économique. economic development. aat Economic development fast |
| subject_GND | http://id.loc.gov/authorities/subjects/sh2009003683 http://id.loc.gov/authorities/subjects/sh85040804 |
| title | Fiscal Stimulus Impact on Firms' Profitability During the Global Financial Crisis |
| title_auth | Fiscal Stimulus Impact on Firms' Profitability During the Global Financial Crisis |
| title_exact_search | Fiscal Stimulus Impact on Firms' Profitability During the Global Financial Crisis |
| title_full | Fiscal Stimulus Impact on Firms' Profitability During the Global Financial Crisis |
| title_fullStr | Fiscal Stimulus Impact on Firms' Profitability During the Global Financial Crisis |
| title_full_unstemmed | Fiscal Stimulus Impact on Firms' Profitability During the Global Financial Crisis |
| title_short | Fiscal Stimulus Impact on Firms' Profitability During the Global Financial Crisis |
| title_sort | fiscal stimulus impact on firms profitability during the global financial crisis |
| topic | Global Financial Crisis, 2008-2009. http://id.loc.gov/authorities/subjects/sh2009003683 Economic development. http://id.loc.gov/authorities/subjects/sh85040804 Crise financière mondiale, 2008-2009. Développement économique. economic development. aat Economic development fast |
| topic_facet | Global Financial Crisis, 2008-2009. Economic development. Crise financière mondiale, 2008-2009. Développement économique. economic development. Economic development |
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