Determinants of agricultural companies’ financial performance: The experience of Poland, Slovakia and Ukraine
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Author(s)Serhii LehenchukLink to ORCID Index: http://orcid.org/0000-0002-3975-1210
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Lyudmyla ChyzhevskaLink to ORCID Index: https://orcid.org/0000-0002-0361-3529
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Jitka MeluchováLink to ORCID Index: https://orcid.org/0000-0003-1280-3866
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Nataliya ZdyrkoLink to ORCID Index: https://orcid.org/0000-0001-5968-3502
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Volodymyr VoskaloLink to ORCID Index: https://orcid.org/0000-0003-2303-5866
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DOIhttp://dx.doi.org/10.21511/imfi.20(1).2023.10
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Article InfoVolume 20 2023, Issue #1, pp. 99-111
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356 Downloads
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Creative Commons Attribution 4.0 International License
The purpose of the study is to conduct a comparative analysis of the determinants affecting the financial performance of agricultural enterprises in Poland, Slovakia and Ukraine. As the main research method, panel data regression analysis was used to analyze data from 34 Polish, 123 Slovak, and 305 Ukrainian agricultural companies for the period 2017–2020. To analyze the links between financial performance measures and its determinants, nine models were developed based on three selected dependent variables (Return on Assets, Return on Equity, Return on Sales) in each of the countries studied. Seven independent variables were used, such as Leverage, Long-Term Debt to Assets, Short-Term Debt to Assets, Debt to Equity, Current Ratio, Asset Tangibility, Capital Intensity, and two control variables such as Size and Dummy variable for legal form. The most significant impact on the financial performance of agricultural enterprises has: for Polish enterprises – Return on Assets – Leverage and Asset Tangibility, Return on Equity – Debt to Equity and Dummy variable for legal form, Return on Sales – Current Ratio, Capital Intensity, and Size; for Slovak enterprises – Return on Assets – Current Ratio, Return on Equity – Debt to Equity, Return on Sales – Current Ratio, and Capital Intensity; for Ukrainian enterprises – Return on Assets – Leverage and Size, Return on Equity – Debt to Equity, and Current Ratio, Return on Sales – Capital Intensity.
- Keywords
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JEL Classification (Paper profile tab)G17, Q12, Q14
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References49
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Tables4
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Figures0
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- Table 1. Variable definitions, calculation and abbreviations
- Table 2. Descriptive statistics (based on observations: 1:1 – 34:4 (Poland); 1:1 – 123:4 (Slovakia); 1:1 – 305:4 (Ukraine))
- Table 3. Results of panel data estimate parameter selection for each of the models used
- Table A1. Model 1-9 (ROA, ROE, ROS). OLS, FEM, REM, using the observations: 1-136 (Poland); 1-492 (Slovakia); 1-1220 (Ukraine)
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Anis Ali
doi: http://dx.doi.org/10.21511/ppm.18(2).2020.03
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Sarwar Uddin Ahmed ,
Samiul Parvez Ahmed ,
Ikramul Hasan
doi: http://dx.doi.org/10.21511/bbs.13(3).2018.07
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Reon Matemane ,
Rozane Wentzel
doi: http://dx.doi.org/10.21511/bbs.14(2).2019.11
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