Determinants of Accounting and Market-based Performance Measures – Case of Croatian Non-financial Listed Companies
Research background: Profitability and the factors that determine it have always intrigued the scholars. Despite the large number of studies dealing with this topic at the international level, this paper sheds a new light on the issue since it deals with the listed companies in an emerging economy c...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
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EDP Sciences
2021-01-01
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| Series: | SHS Web of Conferences |
| Subjects: | |
| Online Access: | https://www.shs-conferences.org/articles/shsconf/pdf/2021/03/shsconf_glob20_02049.pdf |
| _version_ | 1819298828583436288 |
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| author | Pavic Kramaric Tomislava Miletic Marko Piplica Damir |
| author_facet | Pavic Kramaric Tomislava Miletic Marko Piplica Damir |
| author_sort | Pavic Kramaric Tomislava |
| collection | DOAJ |
| description | Research background: Profitability and the factors that determine it have always intrigued the scholars. Despite the large number of studies dealing with this topic at the international level, this paper sheds a new light on the issue since it deals with the listed companies in an emerging economy confronting two performance measures.
Purpose of the article: The aim of this paper is to provide evidence on the performance of Croatian non-financial firms listed on the Zagreb Stock Exchange (ZSE).
Methods: The analysis encompassed firms that operated in the 2015 – 2019 period. For this purpose, the authors confronted two performance measures, i.e. accounting-based performance measure represented with return on assets (ROA) whereas Tobin’s Q stands for the market-based measure of performance or firm value. Independent variables that served as potential determinants of listed companies’ performance include inventories management, productivity, liquidity measured with both current and quick ratio, and size calculated on the basis of total assets, and sales.
Findings & Value added: After employing static panel analysis, the results reveal statistically significant influence of size variable based on assets in both models though it takes negative sign in the model where performance is measured with Tobin’s Q, whereas its positive impact on performance is recorded in ROA model. Furthermore, size based on total sales also positively affects performance when measured with ROA. |
| first_indexed | 2024-12-24T05:36:06Z |
| format | Article |
| id | doaj.art-a8b0c8e4f8a6416babef003dc73db757 |
| institution | Directory Open Access Journal |
| issn | 2261-2424 |
| language | English |
| last_indexed | 2024-12-24T05:36:06Z |
| publishDate | 2021-01-01 |
| publisher | EDP Sciences |
| record_format | Article |
| series | SHS Web of Conferences |
| spelling | doaj.art-a8b0c8e4f8a6416babef003dc73db7572022-12-21T17:13:01ZengEDP SciencesSHS Web of Conferences2261-24242021-01-01920204910.1051/shsconf/20219202049shsconf_glob20_02049Determinants of Accounting and Market-based Performance Measures – Case of Croatian Non-financial Listed CompaniesPavic Kramaric Tomislava0Miletic Marko1Piplica Damir2University of Split, University Department of Forensic SciencesUniversity of Split, University Department of Professional StudiesUniversity of Split, University Department of Forensic SciencesResearch background: Profitability and the factors that determine it have always intrigued the scholars. Despite the large number of studies dealing with this topic at the international level, this paper sheds a new light on the issue since it deals with the listed companies in an emerging economy confronting two performance measures. Purpose of the article: The aim of this paper is to provide evidence on the performance of Croatian non-financial firms listed on the Zagreb Stock Exchange (ZSE). Methods: The analysis encompassed firms that operated in the 2015 – 2019 period. For this purpose, the authors confronted two performance measures, i.e. accounting-based performance measure represented with return on assets (ROA) whereas Tobin’s Q stands for the market-based measure of performance or firm value. Independent variables that served as potential determinants of listed companies’ performance include inventories management, productivity, liquidity measured with both current and quick ratio, and size calculated on the basis of total assets, and sales. Findings & Value added: After employing static panel analysis, the results reveal statistically significant influence of size variable based on assets in both models though it takes negative sign in the model where performance is measured with Tobin’s Q, whereas its positive impact on performance is recorded in ROA model. Furthermore, size based on total sales also positively affects performance when measured with ROA.https://www.shs-conferences.org/articles/shsconf/pdf/2021/03/shsconf_glob20_02049.pdfroatobin’s qlisted companiesperformance |
| spellingShingle | Pavic Kramaric Tomislava Miletic Marko Piplica Damir Determinants of Accounting and Market-based Performance Measures – Case of Croatian Non-financial Listed Companies SHS Web of Conferences roa tobin’s q listed companies performance |
| title | Determinants of Accounting and Market-based Performance Measures – Case of Croatian Non-financial Listed Companies |
| title_full | Determinants of Accounting and Market-based Performance Measures – Case of Croatian Non-financial Listed Companies |
| title_fullStr | Determinants of Accounting and Market-based Performance Measures – Case of Croatian Non-financial Listed Companies |
| title_full_unstemmed | Determinants of Accounting and Market-based Performance Measures – Case of Croatian Non-financial Listed Companies |
| title_short | Determinants of Accounting and Market-based Performance Measures – Case of Croatian Non-financial Listed Companies |
| title_sort | determinants of accounting and market based performance measures case of croatian non financial listed companies |
| topic | roa tobin’s q listed companies performance |
| url | https://www.shs-conferences.org/articles/shsconf/pdf/2021/03/shsconf_glob20_02049.pdf |
| work_keys_str_mv | AT pavickramarictomislava determinantsofaccountingandmarketbasedperformancemeasurescaseofcroatiannonfinanciallistedcompanies AT mileticmarko determinantsofaccountingandmarketbasedperformancemeasurescaseofcroatiannonfinanciallistedcompanies AT piplicadamir determinantsofaccountingandmarketbasedperformancemeasurescaseofcroatiannonfinanciallistedcompanies |