Wpływ czynników makroekonomicznych i instytucjonalnych na wybrane wskaźniki finansowe jednostek gospodarczych : wyniki badań empirycznych

• Autorzy: Marcin Kędzior

Warianty tytułu

The Impact of Macroeconomic and Institutional Factors on Selected Financial Ratios of Business Entities : Results of Empirical Research

• Języki publikacji: PL

Abstrakty

Podstawowym celem artykułu jest analiza wpływu czynników makroekonomicznych i instytucjonalnych na wybrane wskaźniki finansowe spółek publicznych. Materiał badawczy liczący 131 664 zmiennych pochodził z następujących państw: Finlandii, Francji, Niemiec, Grecji, Włoch, Łotwy, Litwy, Holandii, Polski, Rumunii, Słowacji, Wielkiej Brytanii i obejmował lata 2000-2007. Na potrzeby analizy materiału empirycznego wykorzystano analizę korelacji i analizę wariancji jednoczynnikowej. Czynniki o charakterze instytucjonalnym (rozwój giełd papierów wartościowych, sektora bankowego, systemy prawne) wywierają większy wpływ na wskaźniki finansowe spółek giełdowych niż wskaźniki makroekonomiczne (wzrost gospodarczy, inflacja, stopa opodatkowania przedsiębiorstw). Największy łączny wpływ czynników makroekonomicznych i instytucjonalnych zaobserwowano kolejno dla wskaźników zadłużenia, struktury aktywów i wielkości firmy, w mniejszym stopniu w stosunku do wskaźnika ROA, a w najmniejszym stopniu w stosunku do wskaźnika możliwości rozwojowych. (abstrakt oryginalny)

EN

The primary objective of this study is to analyze the impact of macroeconomic and institutional factors on selected financial ratios of companies. The research material consists of 131 664 variables from the following countries: Finland, France, Germany, Greece, Italy, Latvia, Lithuania, Netherlands, Poland, Ro-mania, Slovakia and the United Kingdom, for the years 2000-2007. Correlation analysis and univariate analysis of variance were used for the purposes of empirical analysis. Institutional factors (development of stock exchanges, banking systems, legal systems) have a greater impact on the financial ratios of listed companies than macroeconomic factors (economic growth, inflation, the rate of corporate taxation). The greatest total impact of macroeconomic and institutional factors was observed for debt ratios, assets structure and company size; the impact was weaker for ROA, and the weakest in the case of growth opportunities index. (original abstract)

Słowa kluczowe

PL

Wskaźniki finansowe; Analiza finansowa; Analiza wskaźnikowa; Wskaźniki makroekonomiczne; Spółki giełdowe; Badania empiryczne

EN

Financial indicators; Financial analysis; Ratio analysis; Macroeconomic indicators; Stock market companies; Empirical researches

• Czasopismo: Zeszyty Teoretyczne Rachunkowości
• Rocznik: 2013
• Tom: 73
• Numer: nr 129
• Strony: 49--73

Twórcy

autor

Marcin Kędzior

• Uniwersytet Ekonomiczny w Krakowie

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