Corporate Performance A Ratio-Based Approach to Country and Industry

This book presents the comparative evaluation of international and industrial factors affecting the financial condition of enterprises. In the theoretical part, the results of previous research on the occurrence of the country and industry effect in

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Julia Koralun-Bereźnicka

Corporate Performance A Ratio-Based Approach to Country and Industry Analyses

Contributions to Management Science

For further volumes: http://www.springer.com/series/1505

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Julia Koralun-Berez´nicka

Corporate Performance A Ratio-Based Approach to Country and Industry Analyses

Julia Koralun-Berez´nicka University of Gdan´sk Faculty of Management Sopot Poland

ISSN 1431-1941 ISBN 978-3-319-00344-3 ISBN 978-3-319-00345-0 (eBook) DOI 10.1007/978-3-319-00345-0 Springer Cham Heidelberg New York Dordrecht London Library of Congress Control Number: 2013939779 # Springer International Publishing Switzerland 2013 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. Exempted from this legal reservation are brief excerpts in connection with reviews or scholarly analysis or material supplied specifically for the purpose of being entered and executed on a computer system, for exclusive use by the purchaser of the work. Duplication of this publication or parts thereof is permitted only under the provisions of the Copyright Law of the Publisher’s location, in its current version, and permission for use must always be obtained from Springer. Permissions for use may be obtained through RightsLink at the Copyright Clearance Center. Violations are liable to prosecution under the respective Copyright Law. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. While the advice and information in this book are believed to be true and accurate at the date of publication, neither the authors nor the editors nor the publisher can accept any legal responsibility for any errors or omissions that may be made. The publisher makes no warranty, express or implied, with respect to the material contained herein. Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)

Introduction

How to search for the factors determining corporate performance is a question asked by many researchers in the area of finance. The factors could be both external, e.g. macroeconomic, industrial, political or social conditions affecting an enterprise, as well as internal, i.e. controlled by an entity, such as the size or managerial competence of an enterprise. This study focuses on external aspects of corporate performance, specifically on the country and the industry in which a company operates. Both factors are believed to have a significant impact on corporate activ