Has the ECB's monetary policy prompted companies to invest, or pay dividends?
This paper focuses on the influence of the European Central Bank's (ECB) monetary policies on non-financial firms. It sheds light on non-financial firms' decisions regarding leverage, and on how the ECB's conventional and unconventional policies may have affected them. The paper also...
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| Veröffentlicht in: | Applied economics 2019-09, Vol.51 (45), p.4920-4938 |
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| container_title | Applied economics |
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| creator | Cohen, Lior Gómez-Puig, Marta Sosvilla-Rivero, Simón |
| description | This paper focuses on the influence of the European Central Bank's (ECB) monetary policies on non-financial firms. It sheds light on non-financial firms' decisions regarding leverage, and on how the ECB's conventional and unconventional policies may have affected them. The paper also examines how these policies influenced non-financial firms' decisions on capital allocation - primarily capital spending and shareholder distribution (for example, dividends and share repurchases). We use an exhaustive and unique dataset comprised of income statements and balance sheets of leading non-financial firms operating in the European Economic and Monetary Union (EMU). The main results suggest that ECB's monetary policies have encouraged firms to raise their debt burden, especially after the global recession of 2008. Finally, the ECB's policies, especially after 2011, also seem to have led non-financial firms to allocate more resources not just to capital spending but to shareholder distribution as well. |
| doi_str_mv | 10.1080/00036846.2019.1602715 |
| format | Article |
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Finally, the ECB's policies, especially after 2011, also seem to have led non-financial firms to allocate more resources not just to capital spending but to shareholder distribution as well.</description><subject>Capital</subject><subject>capital expenditure</subject><subject>Capital expenditures</subject><subject>capital structure</subject><subject>Central banks</subject><subject>Companies</subject><subject>dividend's policy</subject><subject>Dividends</subject><subject>ECB's monetary policy</subject><subject>Economic analysis</subject><subject>Economic theory</subject><subject>Euro</subject><subject>European Monetary Union</subject><subject>Expenditures</subject><subject>Leverage</subject><subject>Monetary policy</subject><subject>Monetary unions</subject><subject>Política monetària</subject><subject>quantitative easing</subject><subject>Resource allocation</subject><subject>shareholder yield</subject><subject>Stockholders</subject><issn>0003-6846</issn><issn>1466-4283</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2019</creationdate><recordtype>article</recordtype><sourceid>XX2</sourceid><recordid>eNp9kMuLUzEUh4MoWKt_ghBw4cZbc_LOykeZhzDDbBTchTQPzNDe1OR2pP_95NLK7GYRDge-38k5H0LvgayAaPKZEMKk5nJFCZgVSEIViBdoAVzKgVPNXqLFzAwz9Bq9ae2-t0CZWqDba9fw9Cfii_X3jw3vyhgnV494X7bZ91LLbj_FgH2vbsyxwwXn8SG26RMuFe_dEYf8kEMcQ_vyFr1Kbtviu3Ndol-XFz_X18PN3dWP9bebwQtQ0yAoT3ojgCixScHHFLjjURuRlOYkKWDRmZCCikAkF4QSbcwGBNfaKCYjWyI4zfXt4G2NPlbvJltcfmrmR4milkkwXcISfThl-k1_D31_e18OdexrWkq5pmCA8k6J8-RaWqsx2X3Nu27EArGzbfvftp1t27PtnsOnXPRlzO0pJQ2nUhD2uyNfT0geU6k796_UbbCTO25LTdWNvsfY8788Avp4jqc</recordid><startdate>20190926</startdate><enddate>20190926</enddate><creator>Cohen, Lior</creator><creator>Gómez-Puig, Marta</creator><creator>Sosvilla-Rivero, Simón</creator><general>Routledge</general><general>Taylor & Francis Ltd</general><general>Taylor and Francis</general><scope>OQ6</scope><scope>AAYXX</scope><scope>CITATION</scope><scope>8BJ</scope><scope>FQK</scope><scope>JBE</scope><scope>XX2</scope><orcidid>https://orcid.org/0000-0003-2084-0640</orcidid><orcidid>https://orcid.org/0000-0001-8349-2829</orcidid></search><sort><creationdate>20190926</creationdate><title>Has the ECB's monetary policy prompted companies to invest, or pay dividends?</title><author>Cohen, Lior ; Gómez-Puig, Marta ; Sosvilla-Rivero, Simón</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c517t-524f8b51075bfdcefd4a4e895f7840f713ea9dfd7e10645020899b154889736e3</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2019</creationdate><topic>Capital</topic><topic>capital expenditure</topic><topic>Capital expenditures</topic><topic>capital structure</topic><topic>Central banks</topic><topic>Companies</topic><topic>dividend's policy</topic><topic>Dividends</topic><topic>ECB's monetary policy</topic><topic>Economic analysis</topic><topic>Economic theory</topic><topic>Euro</topic><topic>European Monetary Union</topic><topic>Expenditures</topic><topic>Leverage</topic><topic>Monetary policy</topic><topic>Monetary unions</topic><topic>Política monetària</topic><topic>quantitative easing</topic><topic>Resource allocation</topic><topic>shareholder yield</topic><topic>Stockholders</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Cohen, Lior</creatorcontrib><creatorcontrib>Gómez-Puig, Marta</creatorcontrib><creatorcontrib>Sosvilla-Rivero, Simón</creatorcontrib><collection>ECONIS</collection><collection>CrossRef</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>International Bibliography of the Social Sciences</collection><collection>International Bibliography of the Social Sciences</collection><collection>Recercat</collection><jtitle>Applied economics</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Cohen, Lior</au><au>Gómez-Puig, Marta</au><au>Sosvilla-Rivero, Simón</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Has the ECB's monetary policy prompted companies to invest, or pay dividends?</atitle><jtitle>Applied economics</jtitle><date>2019-09-26</date><risdate>2019</risdate><volume>51</volume><issue>45</issue><spage>4920</spage><epage>4938</epage><pages>4920-4938</pages><issn>0003-6846</issn><eissn>1466-4283</eissn><abstract>This paper focuses on the influence of the European Central Bank's (ECB) monetary policies on non-financial firms. It sheds light on non-financial firms' decisions regarding leverage, and on how the ECB's conventional and unconventional policies may have affected them. The paper also examines how these policies influenced non-financial firms' decisions on capital allocation - primarily capital spending and shareholder distribution (for example, dividends and share repurchases). We use an exhaustive and unique dataset comprised of income statements and balance sheets of leading non-financial firms operating in the European Economic and Monetary Union (EMU). The main results suggest that ECB's monetary policies have encouraged firms to raise their debt burden, especially after the global recession of 2008. 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| ispartof | Applied economics, 2019-09, Vol.51 (45), p.4920-4938 |
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| language | eng |
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| source | Recercat; Business Source Complete |
| subjects | Capital capital expenditure Capital expenditures capital structure Central banks Companies dividend's policy Dividends ECB's monetary policy Economic analysis Economic theory Euro European Monetary Union Expenditures Leverage Monetary policy Monetary unions Política monetària quantitative easing Resource allocation shareholder yield Stockholders |
| title | Has the ECB's monetary policy prompted companies to invest, or pay dividends? |
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