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Corporate Indebtedness of Non-Financial Corporations in Bulgaria

Yanko Hristozov ()

Economic Alternatives, 2020, issue 4, 536-566

Abstract: Corporate indebtedness is a particularly important indicator of the financial condition of enterprises, but its analysis is often underestimated, especially when it comes to its levels for entire economies. An example of this is Bulgaria, which does not analyze the indicator and does not prepare statistics on the issue. This is despite the signals in several consecutive EC reports of excessive levels of corporate indebtedness. The aim of the article is to analyze the corporate indebtedness at the macro level for the period 2008-2018 using absolute and relative indicators and looking for correlations with other economic indicators. The object of study are non-financial enterprises in Bulgaria. The research thesis is based on the assumption that the assessment of corporate indebtedness based only on absolute indicators is wrong and would distort the conclusions and opinions of the users interested in this information. Therefore, to assess corporate indebtedness, absolute indicators, absolute indicators per one enterprise and relative indicators must be combined and analyzed, and their relationships with other key macroeconomic and financial indicators should be identified.

Keywords: Corporate Debt; Indebtedness; Intercompany Indebtedness (search for similar items in EconPapers)
JEL-codes: G30 (search for similar items in EconPapers)
Date: 2020
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Handle: RePEc:nwe:eajour:y:2020:i:4:p:536-566