Wpływ czynników makroekonomicznych i instytucjonalnych na wybrane wskaźniki finansowe jednostek gospodarczych. Wyniki badań empirycznych
The impact of macroeconomic and institutional factors on selected financial ratios of business entities. Results of empirical research

Summary/Abstract: 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, Romania, 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.

• Details
• Contents