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Financial Statement Analysis Working Group

The scope of the Financial Statement Analysis Working Group is common microeconomic research on specific topics of the economic and financial situation of non-financial entities in an international setting. Such research can include any field of financial statement analysis like profitability, equity endowment, liability structure or asset composition. Structural, cross-sectional and time-series analyses are mainly applied. When producing cross-country figures, the working group also investigates whether accounting or institutional characteristics can explain differences in the results.

Since its creation in 1993, the research of the Financial Statement Analysis Working Group (former Study Group) of the ECCBSO has been focused on the subject of profitability and capital structure of European corporations, the impact of the financial crisis on profitability and equity capitalization, and the study of accounts receivables and accounts payables, concentrating on determinants of these key balance sheet positions and explanations on observable differences between European countries. Research papers have been published, based on data sources containing financial statements of micro, small, medium-sized and large non-financial companies. The scope of these databases is usually far beyond what is available from public data sources.

The research papers of the Financial Statement Analysis Working Group can be downloaded in the Publications section.

Currently the Financial Statement Analysis Working Group is investigating the cost of debt indicator, concentrating on determinants of this key ratio and explaining observable differences between European countries.

For the new research topic, the group is composed by representatives from:

  • Banca d’Italia
  • Banco de España
  • Banco de Portugal
  • Bank of Greece
  • Banque de France
  • Banque Nationale de Belgique/Nationale Bank van België
  • Central Bank of the Republic of the Turkey
  • Cerved Group spa - Centrale dei Bilanci
  • Croatian National Bank
  • Danmarks Nationalbank
  • Deutsche Bundesbank
  • National Central Bank of Poland
  • Organisation for Economic Co-operation and Development