Policy Note 10: Operational restructuring

The Policy Note No. 10 published here updates the analysis presented in 2014 on the topic of major corporate restructurings in Europe. It is based on data from the 'European Restructuring Monitor'. Major closures, insolvencies and relocations are examined. The timeliness and timeliness of the database enables the evaluation of the year 2014. While the years after 2008 were characterized by strong volatility, there has recently been a calming down for both Europe and Austria.Following a phase of increased geographical relocations, particularly to the neighboring European East in 2005 and 2006, as well as increased insolvencies and closures in the wake of the economic crisis in 2008 and 2009, the forms of corporate restructuring under consideration have recently decreased in frequency.

The temporal dynamics of these restructurings are also reflected in the motives. While location-relevant cost factors increase in importance during the relocation-intensive phase, the economic crisis itself is the main reason for restructuring after the outbreak of the crisis. The economic crisis remained significant until around 2012, but has recently become less important. However, the market and profit situation of companies remains important. An economic and corporate policy aimed at stimulating growth must therefore keep an eye on the institutional and regulatory environment and shape it with the competitiveness of Austrian companies in mind.