Full-text resources of CEJSH and other databases are now available in the new Library of Science.
Visit https://bibliotekanauki.pl

Results found: 5

first rewind previous Page / 1 next fast forward last

Search results

Search:
in the keywords:  size effect
help Sort By:

help Limit search:
first rewind previous Page / 1 next fast forward last
1
Content available remote

Industry and size effects in corporate financial ratios: evidence from the EU countries

100%
Koralun-Bereźnicka J.
Nauki o Finansach
|
2012
|
issue 4(13)
29-51
EN
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.
2
Content available remote

Corporate Financing Strategies: Cross‑ ‑industry and Cross‑size Analysis of the EU Countries

100%
Koralun‑Bereźnicka, Julia
Journal of Management and Financial Sciences
|
2014
|
vol. 17(3)
107-128
EN
Corporate finance literature is rich in both theoretical discussion and empirical research concerning financing and the capital structure determinants. However, despite many studies conducted in this field, the impact of certain capital structure determinants is still unclear and the empirical evidence remains inconclusive. This article provides insights into the financing strategies in the European Union perspective from the point of view of two key factors affecting capital structure. One of them is an external factor, namely the industry where a company operates, whereas the other one is an internal factor, i.e. the firm size. The theoretical part of the paper contains a literature review reflecting the impact of the selected factors on capital structure. The empirical analysis covers corporate financing strategies characterised by 7 financial ratios in 3 size groups of firms across 13 industries in 9 EU countries during the period 2000–2010. The objects treated as countries, industries and industries in countries are categorised into three strategic groups (aggressive, neutral and conservative) according to the linear ranking method based on the aggregated taxonomic measure.
3
Publication available in full text mode
Content available

Importance of the Size of Local Government in Avoiding the Fiscal Distress - Empirical Evidence on Communes in Poland

100%
Galiński P.
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia
|
2022
|
vol. 56
|
issue 5
101-113
EN
Theoretical background: In the literature on finance there are findings which examine reasons for the fiscal distress of units of the public sector, including local governments. However, this distress might be differently defined. Therefore, it determines both the approach to identify this phenomenon and the types of explanatory variables. Nevertheless, in the field of the business sector in the econometric models concerning the financial distress the size of the unit is considered. In this case there are also some possibilities to apply the correct proxy variable. This results from the fact that the size of local government might determine its fiscal capability as well as the level and structure of expenditures, which affect fiscal distress. Purpose of the article: The aim of this paper is to examine the influence of the size of the local government on the probability of the decrease of the exposure to the fiscal distress. Research methods: The author reviewed the literature in the field of the fiscal distress and introduced a multi-criteria decision analysis as well as a logistic regression modelling to examine this. The research procedure also required the use of the linear ordering to construct the dependent variable of the fiscal distress in order to analyse the “size effect” on the fiscal distress. Main findings: Fiscal distress of local governments is a core issue, which should be constantly analysed. It depends on the financial, economic, social and even political aspects. To identify exposure to this distress the TOPSIS method can be used. However, the fiscal distress can be affected by the size of the unit, which influences lots of budgetary categories. Due to the specificity of dependent and independent variables in the econometric models the “size effect” might be represented through the level of the population or the assets. Using the ordinal logistic regression in the research, the authors should consider that this effect can differ between the units with the disparate exposure. So, the partial proportional odds models can be required. Thus, the growth of the size of the unit, measured by the population, increases the odds of reaching very low exposure to fiscal distress. Simultaneously, there are some other important issues which should be included in this type of research.
4
Publication available in full text mode
Content available

Strategie doboru państw do portfela inwestycyjnego

63%
Zaremba A., Konieczka P.
Nauki o Finansach
|
2015
|
issue 1(22)
101-119
EN
This study examines 16 country selection strategies based on inter-market value, size, momentum, quality and volatility effects. We investigate a sample of 78 countries for the period 1999-2014. Having considered country-specific dividend tax rates, market liquidity and openness for investment flows we can state that chosen strategy based on earnings to price ratio proves useful for investors. Momentum strategies should be approached with caution, as they appear effective only in small markets and may lead to loses in large markets. Selecting low leveraged and illiquid countries also proves beneficial. The relation between volatility displays different characteristics for open and closed economies.
5
Content available remote

Efekty wartości, wielkości i momentum a wycena aktywów na polskim rynku akcji

51%
Zaremba A.
FINANSE Czasopismo Komitetu Nauk o Finansach PAN
|
2015
|
issue 1(8)
111+143
EN
The study tests the performance of the CAPM, Fama-French three-factor and Carhart four-factor models on the Polish market. The computations base on listings of over 800 companies between April 2001 and January 2014. The paper documents strong evidence for the value and momentum effects, but only weak evidence for the size premium. I form portfolios double-sorted on size and book-to-market ratios, as well as on size and momentum, and I try to explain their returns with the above-mentioned asset pricing models. The CAPM model is rejected and the three-factor and four-factor models perform well for the size and B/M sorted portfolios, but fail to explain the returns on the size and momentum sorted portfolios. With the exception of the momentum factor, the local Polish factors are not correlated with their European and global counterparts, suggesting market segmentation. Finally, the international value, size and momentum factors perform poorly in explaining cross-sectional variation in stock returns on the Polish market.
first rewind previous Page / 1 next fast forward last
JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.