Determinants of agricultural companies’ financial performance: The experience of Poland, Slovakia and Ukraine
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...
| Main Authors: | , , , , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
LLC "CPC "Business Perspectives"
2023-02-01
|
| Series: | Investment Management & Financial Innovations |
| Subjects: | |
| Online Access: | https://www.businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/17681/IMFI_2023_01_Lehenchuk.pdf |
| _version_ | 1797810848462274560 |
|---|---|
| author | Serhii Lehenchuk Lyudmyla Chyzhevska Jitka Meluchová Nataliya Zdyrko Volodymyr Voskalo |
| author_facet | Serhii Lehenchuk Lyudmyla Chyzhevska Jitka Meluchová Nataliya Zdyrko Volodymyr Voskalo |
| author_sort | Serhii Lehenchuk |
| collection | DOAJ |
| description | 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. |
| first_indexed | 2024-03-13T07:13:54Z |
| format | Article |
| id | doaj.art-5fc5bbfc9d5d464bb34e8680c6310a1b |
| institution | Directory Open Access Journal |
| issn | 1810-4967 1812-9358 |
| language | English |
| last_indexed | 2024-03-13T07:13:54Z |
| publishDate | 2023-02-01 |
| publisher | LLC "CPC "Business Perspectives" |
| record_format | Article |
| series | Investment Management & Financial Innovations |
| spelling | doaj.art-5fc5bbfc9d5d464bb34e8680c6310a1b2023-06-05T10:34:04ZengLLC "CPC "Business Perspectives"Investment Management & Financial Innovations1810-49671812-93582023-02-012019911110.21511/imfi.20(1).2023.1017681Determinants of agricultural companies’ financial performance: The experience of Poland, Slovakia and UkraineSerhii Lehenchuk0https://orcid.org/0000-0002-3975-1210Lyudmyla Chyzhevska1https://orcid.org/0000-0002-0361-3529Jitka Meluchová2https://orcid.org/0000-0003-1280-3866Nataliya Zdyrko3https://orcid.org/0000-0001-5968-3502Volodymyr Voskalo4https://orcid.org/0000-0003-2303-5866Doctor of Economics, Professor, Head of the Department of Information Systems in Management and Accounting, Zhytomyr Polytechnic State UniversityDoctor of Economics, Professor, Professor of the Department of Information Systems in Management and Accounting, Zhytomyr Polytechnic State UniversityPh.D., Associate Professor of the Department of Accounting and Auditng, University of Economics in BratislavaDoctor of Economics, Professor, Dean of the Faculty of Accounting and Audit, Vinnytsia National Agrarian UniversityPh.D. in Economics, Associate Professor of the Department of Accounting and Analysis, Lviv Polytechnic National UniversityThe 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.https://www.businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/17681/IMFI_2023_01_Lehenchuk.pdfagriculturedetermianantsfinancial indicatorsfinancial performanceregression analysis |
| spellingShingle | Serhii Lehenchuk Lyudmyla Chyzhevska Jitka Meluchová Nataliya Zdyrko Volodymyr Voskalo Determinants of agricultural companies’ financial performance: The experience of Poland, Slovakia and Ukraine Investment Management & Financial Innovations agriculture determianants financial indicators financial performance regression analysis |
| title | Determinants of agricultural companies’ financial performance: The experience of Poland, Slovakia and Ukraine |
| title_full | Determinants of agricultural companies’ financial performance: The experience of Poland, Slovakia and Ukraine |
| title_fullStr | Determinants of agricultural companies’ financial performance: The experience of Poland, Slovakia and Ukraine |
| title_full_unstemmed | Determinants of agricultural companies’ financial performance: The experience of Poland, Slovakia and Ukraine |
| title_short | Determinants of agricultural companies’ financial performance: The experience of Poland, Slovakia and Ukraine |
| title_sort | determinants of agricultural companies financial performance the experience of poland slovakia and ukraine |
| topic | agriculture determianants financial indicators financial performance regression analysis |
| url | https://www.businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/17681/IMFI_2023_01_Lehenchuk.pdf |
| work_keys_str_mv | AT serhiilehenchuk determinantsofagriculturalcompaniesfinancialperformancetheexperienceofpolandslovakiaandukraine AT lyudmylachyzhevska determinantsofagriculturalcompaniesfinancialperformancetheexperienceofpolandslovakiaandukraine AT jitkameluchova determinantsofagriculturalcompaniesfinancialperformancetheexperienceofpolandslovakiaandukraine AT nataliyazdyrko determinantsofagriculturalcompaniesfinancialperformancetheexperienceofpolandslovakiaandukraine AT volodymyrvoskalo determinantsofagriculturalcompaniesfinancialperformancetheexperienceofpolandslovakiaandukraine |