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Determinants of Financial Performance: Case of Solar Panel Manufacturers in China

In: Global Economic Challenges

Author

Listed:
  • Gaukhar Dabylova

    (Bang College of Business (BCB), KIMEP University)

  • Alimshan Faizulayev

    (Bang College of Business (BCB), KIMEP University)

  • Zhanat Syzdykov

    (Bang College of Business (BCB), KIMEP University)

Abstract

This research has sought to investigate the effect of firm-specific and macroeconomic indicators on the financial performance of solar panel manufacturers in China. Return on equity (ROE) was used as an indicator of financial performance. The secondary data was retrieved from companies’ annual reports. The relationships between ROE and variables affecting it were evaluated with panel data. The sample size included 10 publicly listed manufacturing companies in China for the period from 2010 to 2020. The feasible generalized least square (FGLS) method was applied to reveal which indicators affect companies’ financial performance. The findings of this study indicated that management efficiency, dividend payout policy, capital adequacy, GDP growth, political stability, and tax rate have a significant impact on the ROE of companies in the sample. Capital structure, liquidity, and control of corruption affecting variables have an insignificant impact on ROE.

Suggested Citation

  • Gaukhar Dabylova & Alimshan Faizulayev & Zhanat Syzdykov, 2023. "Determinants of Financial Performance: Case of Solar Panel Manufacturers in China," Springer Proceedings in Business and Economics, in: Nesrin Özataç & Korhan K. Gökmenoğlu & Daniel Balsalobre Lorente & Nigar Taşpınar & Bezhan Rustamov (ed.), Global Economic Challenges, pages 141-155, Springer.
    • Handle: RePEc:spr:prbchp:978-3-031-23416-3_11
    DOI: 10.1007/978-3-031-23416-3_11
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