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How Firm and Market Characteristics Affect Profitability: An Empirical Study

Author

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  • Ioannis Katsampoxakis

    (Department of Economics, University of Athens, Athens, Greece)

  • Haralampos Basdekis

    (Univesity of Athens, Athens, Greece and Ministry of Finance, Greece)

  • Konstantinos Anathreptakis

    (Alpha Bank, Athens, Greece)

Abstract

This study aims to assess the impact of specific corporate and market features on the profitability of firms. More precisely, the variables examined for the purposes of this study are firms' size, financial leverage, accruals, volatility of profitability, growth rate of the Greek economy, the 10-year Greek government bond yield, and the Greek sovereign debt crisis. The empirical results exhibit an average profitability of 10.71%, which varies significantly both between firms and during the time period examined. Another finding of this study is the verification of the theoretical relationship between the above variables and Greek firms' profitability between 2004 and 2012. Whereas variables such as firms' size, volatility of profitability and accruals do not seem to affect firms' profitability in a statistically significant way, the signs of the coefficients are consistent with those found the literature review.

Suggested Citation

  • Ioannis Katsampoxakis & Haralampos Basdekis & Konstantinos Anathreptakis, 2015. "How Firm and Market Characteristics Affect Profitability: An Empirical Study," International Journal of Corporate Finance and Accounting (IJCFA), IGI Global, vol. 2(1), pages 67-83, January.
    • Handle: RePEc:igg:jcfa00:v:2:y:2015:i:1:p:67-83
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    Cited by:

    1. Charalampos Basdekis & Apostolos Christopoulos & Alexandros Gkolfinopoulos & Ioannis Katsampoxakis, 2022. "VaR as a risk management framework for the spot and futures tanker markets," Operational Research, Springer, vol. 22(4), pages 4287-4352, September.
    2. Sakchai Naknok, 2022. "Firm Performance Indicators as a Fundamental Analysis of Stocks and a Determinant of a Firm’s Operation," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(1), pages 190-213.

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