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Author
Koralun-Bereźnicka Julia (University of Gdansk, Poland)
Title
Industry and Size Effects in Corporate Financial Ratios: Evidence from the EU Countries
Efekt sektorowy i efekt wielkości podmiotu we wskaźnikach finansowych przedsiębiorstw w krajach Unii Europejskiej
Source
Nauki o Finansach / Uniwersytet Ekonomiczny we Wrocławiu, 2012, nr 4 (13), s. 29-51, rys., tab., bibliogr. 41 poz.
Financial Sciences / Uniwersytet Ekonomiczny we Wrocławiu
Keyword
Kondycja finansowa
Financial condition
Note
streszcz., summ.
Abstract
The paper deals with the problem of how firm size and industry impact on the corporate performance reflected in financial ratios. The main aim of the research is to establish the relative importance of the industry and size effect in their influence on corporate performance in the selected European Union countries. It has been shown in a number of studies from this area that small enterprises differ from large ones in many aspects. Corporate diversity has also been observed depending on the industry. However, the majority of the hitherto analyses focuses mainly on corporate results reflected only in their stock returns. This paper is one of the few attempts to compare the intensity with which the industry and size factors affect fundamental financial ratios. The study covers three groups of firms: small, medium and large ones in thirteen industries and in ten EU countries, including Poland in the 1999-2007 period. The variables, i.e. yearly financial ratios of profitability, liquidity and solvency, were computed with the use of the aggregated financial statements published in the European BACH database. The methods employed in the study involve one-way analysis of variance and cluster analysis. The findings provide empirical evidence that, in most of the countries analysed, the industry factors dominate over the size effect. This, in turn, implies that the diversification strategies based on cross-industry sections should prove more effective than those based on cross-size sections.(abstrakt oryginalny)

Tematyka artykułu dotyczy wpływu wielkości przedsiębiorstwa oraz sektora jego działalności na kondycję finansową odzwierciedloną we wskaźnikach finansowych. Głównym celem podjętego badania jest ustalenie relatywnej ważności wpływu efektu sektorowego i efektu wielkości przedsiębiorstwa na jego kondycję finansową w wybranych krajach Unii Europejskiej. W licznych badaniach z tego obszaru wielokrotnie wykazano, że małe przedsiębiorstwa różnią się od dużych pod licznymi względami. Zróżnicowanie takie zaobserwowano też w zależności od sektora. Jednakże większość dotychczasowych badań koncentruje się głównie na efektach działalności odzwierciedlonych w rynkowych stopach zwrotu. Niniejsze badanie stanowi natomiast jedną z mniej licznych prób porównania siły oddziaływania czynników sektorowych i rozmiaru przedsiębiorstwa na wskaźniki finansowe o charakterze fundamentalnym. Analiza obejmuje trzy grupy przedsiębiorstw:małe, średnie i duże, w trzynastu sektorach gospodarczych w dziesięciu krajach UE, w tym w Polsce, w latach 1999-2007. Zmienne w postaci rocznych wskaźników finansowych ren- towności, płynności i wypłacalności obliczono na podstawie zagregowanych sprawozdań finansowych publikowanych w ramach bazy danych BACH. Metodologia badawcza obej- muje jednoczynnikową analizę wariancji oraz analizę skupień. Uzyskane wyniki świadczą o przewadze czynników sektorowych nad rozmiarem przedsiębiorstw w większości krajów objętych badaniem, co z kolei implikuje wyższość strategii dywersyfikacji opartych na przekrojach sektorowych, a nie na rozmiarach podmiotów.(original abstract)
Accessibility
The Main Library of the Cracow University of Economics
The Library of Warsaw School of Economics
The Library of University of Economics in Katowice
The Main Library of Poznań University of Economics and Business
The Main Library of the Wroclaw University of Economics
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ISSN
2080-5993
Language
eng
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