贸易公司绩效决定因素:利益相关者视角

IF 4.4 1区 管理学 Q2 BUSINESS Journal of Competitiveness Pub Date : 2021-06-30 DOI:10.7441/joc.2021.02.09
Z. Toušek, Jana Hinke, Barbora Malinska, Martin Prokop
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引用次数: 8

摘要

本研究旨在提出一个模型,通过确定决定所选公司(各种规模的上市和非上市私营公司)盈利能力的因素,增加公司的竞争力。另一个目的是证明就可接受的财务杠杆而言,股权持有人和高级贷款人的动机之间存在二分法。这篇论文是创新的,它结合了影响企业盈利能力的几个不同因素(即企业特定效应:流动比率、劳动力成本比率、营运资金融资比率、长期融资比率、销售回报率、企业年龄;行业特定效应和其他宏观经济效应),并评估了与股东利益相关的决定因素以及其他利益相关者使用具有固定效果的面板回归分析。作者证明,当用ROA或ROE衡量捷克贸易公司的经营业绩时,其经营业绩的决定因素有很大差异。这清楚地表明了股权持有人最大化投资回报的利益与其他利益相关者的利益之间的差异。具体而言,作者发现,无论是在营运资本还是长期融资方面,杠杆都会对资产回报产生负面影响。另一方面,它对批发和零售子样本中的股权持有人的回报产生了积极影响。有趣的是,经营业绩的其他决定因素,如资本强度、劳动力成本比、历史盈利能力和宏观经济变量,具有可比意义,影响ROA和ROE分析。
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The Performance Determinants of Trading Companies: A Stakeholder Perspective
This research aims to propose a model adding to the competitiveness of companies by identifying factors that determine the profitability of the selected companies (both publicly traded and unquoted private companies of all sizes). Another aim is to prove a dichotomy between the motivation of equity holders and senior lenders as far as acceptable financial leverage is concerned. The paper is innovative based on its combination of several different factors influencing corporate profitability (i.e. firm-specific effects: current ratio, labor cost ratio, working capital financing ratio, long-term financing ratio, return on sales, age of the firm; industry-specific effects and other macroeconomic effects) and by assessing determinants concerning the interests of shareholders and other stakeholders using a panel regression analysis with fixed effects. The authors prove that the determinants of the operating performance of Czech trading companies differ substantially when the performance is measured by ROA or by ROE. This clearly shows discrepancies between the equity holder interest to maximize their returns on investment and the other stakeholder interests. Specifically, the authors have found that the leverage, both in terms of working capital and long-term financing, negatively impacts returns on assets. On the other hand, it positively impacts returns for equity holders both in the Wholesale and Retail sub-samples. Interestingly, other determinants of operating performance, such as capital intensity, labor cost ratio, historical profitability, and macroeconomic variables, are of comparable significance, impacting both the ROA and ROE analyses.
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来源期刊
CiteScore
11.30
自引率
2.70%
发文量
33
审稿时长
12 weeks
期刊介绍: The Journal of Competitiveness, a scientific periodical published by the Faculty of Management and Economics of Tomas Bata University in Zlín in collaboration with publishing partners, presents the findings of basic and applied economic research conducted by both domestic and international scholars in the English language. Focusing on economics, finance, and management, the Journal of Competitiveness is dedicated to publishing original scientific articles. Published four times a year in both print and electronic formats, the journal follows a rigorous peer-review process with each contribution reviewed by two independent reviewers. Only scientific articles are considered for publication, while other types of papers such as informative articles, editorial materials, corrections, abstracts, or résumés are not included.
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