Resumen de Comparing the macroeconomic influence in the japanese and the german manufacturing profitability, acroding to the E.U. Database B.S.C.H. (1983-1996)
Ramon Tremosa i Balcells, Emili Valdero i Mora
The E.U. database B.A.C.H. ("Bank for the Accounts of Companies Harmonized") homologues the financial aggregated accounts of the enterprises of different countries collected yearly by the cooperators European Central Banks. Thus, it allows making comparisons between countries. Due to this information referred to the Net Operating Assets Profitability of the Japanese and the German manufacturing industry, which is disposable for fourteen years, it is tried to estimate the influence that some macroeconomic variables could have had over it. According to some proposals of Hakura (1998) and Van Ees (1997), in the theoretical model it has been considered as profitability's explanatory variables the manufacturing production, the industrial prices (the row materials ones), the interest rate and the exchange rate. The econometric equations have been estimated considering an initial multiplicative dummies variables model.
The results obtained allow establishing a positive relationship between industrial production and profitability (with a double impact in the German manufacturing than in the Japanese one). A neutral effect of industrial prices over both profitabilities. An influence of the raw materials prices for both countries. A negative relationship between interest rate and profitability (only significant in the German manufacturing) and, finally, no relationship between the exchange rate and the two considered profitabilities.
